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REGISTERED NUMBER: 06369989 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

STERLING POWER TOOLS & FIXINGS LIMITED

STERLING POWER TOOLS & FIXINGS LIMITED (REGISTERED NUMBER: 06369989)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 8

STERLING POWER TOOLS & FIXINGS LIMITED (REGISTERED NUMBER: 06369989)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 379,368 362,671
Investments 6 1 1
379,369 362,672

CURRENT ASSETS
Stocks 71,963 67,304
Debtors 7 529,964 406,718
Prepayments and accrued income 1,663 6,576
Cash at bank and in hand 1,067,524 1,200,914
1,671,114 1,681,512
CREDITORS
Amounts falling due within one year 8 378,409 448,743
NET CURRENT ASSETS 1,292,705 1,232,769
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,672,074

1,595,441

CREDITORS
Amounts falling due after more than one year 9 (3,225 ) (8,058 )

PROVISIONS FOR LIABILITIES (9,367 ) (5,120 )
NET ASSETS 1,659,482 1,582,263

CAPITAL AND RESERVES
Called up share capital 1,004 1,004
Retained earnings 1,658,478 1,581,259
SHAREHOLDERS' FUNDS 1,659,482 1,582,263

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

STERLING POWER TOOLS & FIXINGS LIMITED (REGISTERED NUMBER: 06369989)

BALANCE SHEET - continued
31 OCTOBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





Marc M Rudd - Director


STERLING POWER TOOLS & FIXINGS LIMITED (REGISTERED NUMBER: 06369989)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

Sterling Power Tools & Fixings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 06369989

Registered office: Sovereign House
22 Shelley Road
WORTHING
West Sussex
BN11 1TU

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 10 ) .

STERLING POWER TOOLS & FIXINGS LIMITED (REGISTERED NUMBER: 06369989)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 9,200
AMORTISATION
At 1 November 2022
and 31 October 2023 9,200
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

5. TANGIBLE FIXED ASSETS
Improvements
Long to Plant and
leasehold property machinery
£    £    £   
COST
At 1 November 2022 340,575 44,530 42,998
Additions - - -
Disposals - - -
At 31 October 2023 340,575 44,530 42,998
DEPRECIATION
At 1 November 2022 - 44,530 37,445
Charge for year - - 4,459
Eliminated on disposal - - -
At 31 October 2023 - 44,530 41,904
NET BOOK VALUE
At 31 October 2023 340,575 - 1,094
At 31 October 2022 340,575 - 5,553

STERLING POWER TOOLS & FIXINGS LIMITED (REGISTERED NUMBER: 06369989)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 November 2022 53,132 16,955 10,256 508,446
Additions - - 38,709 38,709
Disposals (48,277 ) - (2,157 ) (50,434 )
At 31 October 2023 4,855 16,955 46,808 496,721
DEPRECIATION
At 1 November 2022 48,725 7,417 7,658 145,775
Charge for year 3,425 3,391 8,933 20,208
Eliminated on disposal (47,295 ) - (1,335 ) (48,630 )
At 31 October 2023 4,855 10,808 15,256 117,353
NET BOOK VALUE
At 31 October 2023 - 6,147 31,552 379,368
At 31 October 2022 4,407 9,538 2,598 362,671

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 November 2022
and 31 October 2023 1
NET BOOK VALUE
At 31 October 2023 1
At 31 October 2022 1

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 274,328 233,971
Other debtors 255,636 172,747
529,964 406,718

STERLING POWER TOOLS & FIXINGS LIMITED (REGISTERED NUMBER: 06369989)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 246,291 327,734
Taxation and social security 119,490 111,016
Other creditors 12,628 9,993
378,409 448,743

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 3,225 8,058

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
Marc M Rudd
Balance outstanding at start of year 99,861 115,984
Amounts advanced 52,217 25,877
Amounts repaid - (42,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 152,078 99,861

Linda A Rudd
Balance outstanding at start of year 69 7,719
Amounts advanced 40,718 69
Amounts repaid - (7,719 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 40,787 69

Luke A Rudd
Balance outstanding at start of year 3,152 14,338
Amounts advanced - 3,152
Amounts repaid (3,152 ) (14,338 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 3,152

STERLING POWER TOOLS & FIXINGS LIMITED (REGISTERED NUMBER: 06369989)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mathew A Rudd
Balance outstanding at start of year 18,659 26,894
Amounts advanced - 18,659
Amounts repaid (18,659 ) (26,894 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 18,659

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
STERLING POWER TOOLS & FIXINGS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sterling Power Tools & Fixings Limited for the year ended 31 October 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Sterling Power Tools & Fixings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sterling Power Tools & Fixings Limited and state those matters that we have agreed to state to the Board of Directors of Sterling Power Tools & Fixings Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Sterling Power Tools & Fixings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sterling Power Tools & Fixings Limited. You consider that Sterling Power Tools & Fixings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Sterling Power Tools & Fixings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Monetaire Accountants
Sovereign House
22 Shelley Road
Worthing
West Sussex
BN11 1TU


30 July 2024