Company Registration No. 3495208 (England and Wales)
Sterling Safetywear Limited
Unaudited accounts
for the year ended 31 October 2023
Sterling Safetywear Limited
Unaudited accounts
Contents
Sterling Safetywear Limited
Company Information
for the year ended 31 October 2023
Directors
RJ Denton
Mrs AJ Denton
RJ Campion
Mrs PM Campion
DL O'Dell
Mrs T Neal
Company Number
3495208 (England and Wales)
Registered Office
CROWN HOUSE
310 WELLINGBOROUGH ROAD
RUSHDEN
NORTHAMPTONSHIRE
NN10 6PP
Sterling Safetywear Limited
Statement of financial position
as at 31 October 2023
Tangible assets
663,940
521,000
Inventories
7,327,231
7,017,397
Debtors
15,979,707
12,556,389
Cash at bank and in hand
13,681,280
14,196,384
Creditors: amounts falling due within one year
(8,277,754)
(8,604,448)
Net current assets
28,710,464
25,165,722
Net assets
29,374,404
25,686,722
Called up share capital
20,000
20,000
Profit and loss account
29,354,404
25,666,722
Shareholders' funds
29,374,404
25,686,722
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 February 2024 and were signed on its behalf by
RJ Campion
Director
Company Registration No. 3495208
Sterling Safetywear Limited
Notes to the Accounts
for the year ended 31 October 2023
Sterling Safetywear Limited is a private company, limited by shares, registered in England and Wales, registration number 3495208. The registered office is CROWN HOUSE, 310 WELLINGBOROUGH ROAD, RUSHDEN, NORTHAMPTONSHIRE, NN10 6PP.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is the total amount receivable by the company for goods supplied and services provided, excluding VAT and trade discounts. Return to vendor turnover is recognised on sale to end user.
Fixed assets and depreciation policy
Depreciation is calculated at 25% to write down the cost of plant and machinery and motor vehicles by the reducing balance method over their estimated useful economic lives. Freehold buildings are depreciated over 25 years by the straight line method.
Stock is stated at the lower of cost and net realisable value. Cost means purchase price plus bank charges, duty and carriage in bringing goods to our warehouse.
The charge for taxation is based on the profit for the year and takes into account a full provision for taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes.
Sterling Safetywear Limited
Notes to the Accounts
for the year ended 31 October 2023
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 November 2022
937,839
98,411
116,888
1,153,138
Additions
-
-
268,920
268,920
Disposals
-
-
(104,888)
(104,888)
At 31 October 2023
937,839
98,411
280,920
1,317,170
At 1 November 2022
477,839
97,411
56,888
632,138
Charge for the year
-
1,000
67,980
68,980
On disposals
-
-
(47,888)
(47,888)
At 31 October 2023
477,839
98,411
76,980
653,230
At 31 October 2023
460,000
-
203,940
663,940
At 31 October 2022
460,000
1,000
60,000
521,000
Amounts falling due within one year
Trade debtors
15,961,230
12,556,389
Accrued income and prepayments
18,477
-
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
4,491,015
3,266,611
Taxes and social security
730,309
621,736
Loans from directors
2,539,149
4,716,101
Allotted, called up and fully paid:
8,500 Mr RJ Denton of £1 each
8,500
8,500
1,500 Mrs AJ Denton of £1 each
1,500
1,500
10,000 Baron Safety Ltd of £1 each
10,000
10,000
8
Transactions with related parties
The company earned £1,727,368 (2022: £1,578,783) from selling as agent the entire designed safetywear output of DCD Design Ltd.
Sterling Safetywear Limited
Notes to the Accounts
for the year ended 31 October 2023
The equal shareholders, Mr & Mrs R J Denton and Baron Safety Ltd, acting together
in agreement, are this company's controlling related parties.
10
Average number of employees
During the year the average number of employees was 39 (2022: 39).