0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-11-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,711 702 428 1,130 581 1,009 xbrli:pure xbrli:shares iso4217:GBP 12276631 2022-11-01 2023-10-31 12276631 2023-10-31 12276631 2022-10-31 12276631 2021-11-01 2022-10-31 12276631 2022-10-31 12276631 2021-10-31 12276631 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 12276631 bus:Director1 2022-11-01 2023-10-31 12276631 core:WithinOneYear 2023-10-31 12276631 core:WithinOneYear 2022-10-31 12276631 core:ShareCapital 2023-10-31 12276631 core:ShareCapital 2022-10-31 12276631 core:RetainedEarningsAccumulatedLosses 2023-10-31 12276631 core:RetainedEarningsAccumulatedLosses 2022-10-31 12276631 bus:SmallEntities 2022-11-01 2023-10-31 12276631 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 12276631 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 12276631 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 12276631 bus:FullAccounts 2022-11-01 2023-10-31 12276631 bus:OrdinaryShareClass1 2023-10-31 12276631 bus:OrdinaryShareClass1 2022-10-31 12276631 core:ComputerEquipment 2022-11-01 2023-10-31 12276631 core:ComputerEquipment 2023-10-31 12276631 core:ComputerEquipment 2022-10-31 12276631 bus:Director1 1 2022-11-01 2023-10-31
COMPANY REGISTRATION NUMBER: 12276631
Sterling Financial Consultancy Limited
Filleted Unaudited Financial Statements
31 October 2023
Sterling Financial Consultancy Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
581
1,009
Current assets
Debtors
6
14,701
2,049
Cash at bank and in hand
7,791
19,635
--------
--------
22,492
21,684
Creditors: amounts falling due within one year
7
22,911
21,926
--------
--------
Net current liabilities
419
242
----
-------
Total assets less current liabilities
162
767
----
----
Net assets
162
767
----
----
Capital and reserves
Called up share capital
8
1
1
Profit and loss account
161
766
----
----
Shareholders funds
162
767
----
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sterling Financial Consultancy Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 23 February 2024 , and are signed on behalf of the board by:
K W J Harvey
Director
Company registration number: 12276631
Sterling Financial Consultancy Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 38 Haltwhilste Road, South Woodham Ferrers, Essex, CM3 5ZF, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Average number of employees
During the year the average number of employees was 1 (2022: 1) which consisted of the director only.
5. Tangible assets
Equipment
£
Cost
At 1 November 2022 and 31 October 2023
1,711
-------
Depreciation
At 1 November 2022
702
Charge for the year
428
-------
At 31 October 2023
1,130
-------
Carrying amount
At 31 October 2023
581
-------
At 31 October 2022
1,009
-------
6. Debtors
2023
2022
£
£
Prepayments and accrued income
2,049
Director's loan account
14,701
--------
-------
14,701
2,049
--------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,317
Accruals and deferred income
5,520
11,065
Corporation tax
15,074
9,893
Director loan accounts
968
--------
--------
22,911
21,926
--------
--------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
9. Director's advances, credits and guarantees
At the year end the director owed the company £14,701 (2022: £968 was owed to the director) in the form of a directors loan account. The maximum outstanding during the year was £15,387. The directors loan, which is shown amongst debtors, had interest charged on it at the base rate and is repayable on demand.