Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-302022-07-01truefalseNo description of principal activity11falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05253158 2022-07-01 2023-06-30 05253158 2021-07-01 2022-06-30 05253158 2023-06-30 05253158 2022-06-30 05253158 2021-07-01 05253158 c:Director1 2022-07-01 2023-06-30 05253158 d:MotorVehicles 2022-07-01 2023-06-30 05253158 d:MotorVehicles 2023-06-30 05253158 d:MotorVehicles 2022-06-30 05253158 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 05253158 d:OfficeEquipment 2022-07-01 2023-06-30 05253158 d:OfficeEquipment 2023-06-30 05253158 d:OfficeEquipment 2022-06-30 05253158 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 05253158 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 05253158 d:CurrentFinancialInstruments 2023-06-30 05253158 d:CurrentFinancialInstruments 2022-06-30 05253158 d:Non-currentFinancialInstruments 2023-06-30 05253158 d:Non-currentFinancialInstruments 2022-06-30 05253158 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 05253158 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 05253158 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 05253158 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 05253158 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 05253158 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-06-30 05253158 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 05253158 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-06-30 05253158 d:ShareCapital 2023-06-30 05253158 d:ShareCapital 2022-06-30 05253158 d:RetainedEarningsAccumulatedLosses 2023-06-30 05253158 d:RetainedEarningsAccumulatedLosses 2022-06-30 05253158 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 05253158 d:AcceleratedTaxDepreciationDeferredTax 2022-06-30 05253158 c:OrdinaryShareClass1 2022-07-01 2023-06-30 05253158 c:OrdinaryShareClass1 2023-06-30 05253158 c:OrdinaryShareClass1 2022-06-30 05253158 c:FRS102 2022-07-01 2023-06-30 05253158 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 05253158 c:FullAccounts 2022-07-01 2023-06-30 05253158 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 05253158 2 2022-07-01 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05253158










STERLING CHASE ASSOCIATES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
STERLING CHASE ASSOCIATES LIMITED
REGISTERED NUMBER: 05253158

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
25,357
5,858

  
25,357
5,858

Current assets
  

Debtors: amounts falling due within one year
 5 
95,921
59,012

Cash at bank and in hand
 6 
383,450
412,629

  
479,371
471,641

Creditors: amounts falling due within one year
 7 
(104,072)
(127,058)

Net current assets
  
 
 
375,299
 
 
344,583

Total assets less current liabilities
  
400,656
350,441

Creditors: amounts falling due after more than one year
 8 
(24,767)
(34,168)

Provisions for liabilities
  

Deferred tax
 10 
(3,704)
(1,711)

  
 
 
(3,704)
 
 
(1,711)

Net assets
  
372,185
314,562


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
372,085
314,462

  
372,185
314,562


Page 1

 
STERLING CHASE ASSOCIATES LIMITED
REGISTERED NUMBER: 05253158
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 February 2024.




S A Eungblut
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
STERLING CHASE ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Sterling Chase Associates Limited is a company domiciled in England and Wales, registration number 05253158. The registered office address is Unit 8 Manor Courtyard, Aston Sandford, Aylesbury, Buckinghamshire, HP17 8JB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
STERLING CHASE ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25% straight line
Office equipment
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
STERLING CHASE ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 5

 
STERLING CHASE ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 July 2022
15,382
14,950
30,332


Additions
24,481
2,135
26,616


Disposals
(15,382)
-
(15,382)



At 30 June 2023

24,481
17,085
41,566



Depreciation


At 1 July 2022
10,896
13,579
24,475


Charge for the year on owned assets
4,604
591
5,195


Disposals
(13,460)
-
(13,460)



At 30 June 2023

2,040
14,170
16,210



Net book value



At 30 June 2023
22,441
2,915
25,356



At 30 June 2022
4,487
1,371
5,858


5.


Debtors

2023
2022
£
£


Trade debtors
62,802
27,762

Other debtors
32,520
31,250

Prepayments and accrued income
599
-

95,921
59,012


Page 6

 
STERLING CHASE ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
383,450
412,629

383,450
412,629



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Amounts owed to group undertakings
67,198
68,398

Corporation tax
15,870
40,291

Other taxation and social security
-
4,202

Other creditors
8,744
1,907

Accruals and deferred income
2,260
2,260

104,072
127,058



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
24,767
34,168

24,767
34,168


Page 7

 
STERLING CHASE ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 2-5 years

Bank loans
14,767
24,167


14,767
24,167


34,767
44,167



10.


Deferred taxation




2023
2022


£

£






At beginning of year
(1,711)
(1,711)


Charged to profit or loss
(1,994)
-



At end of year
(3,705)
(1,711)

2023
2022
£
£


Accelerated capital allowances
(3,705)
(1,711)

(3,705)
(1,711)

Page 8

 
STERLING CHASE ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10,000 (2022 - 10,000) Ordinary shares of £0.01 each
100
100



12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £140,000 (2022 - £Nil). 


13.


Related party transactions

The balance due to the parent company at the year end was £67,198 (2022: £69,398) and is included in creditors.


14.


Controlling party

The director considers that Fortexia Services Limited, a company registered in England and Wales, is
the ultimate parent company.
The company was controlled during the current and previous period by Fortexia Services Limited by
virtue of the fact that the company owns 100% of the ordinary share capital of the company.

 
Page 9