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COMPANY REGISTRATION NUMBER: 02914995
Sterling I.C.U. Ltd
Filleted Unaudited Financial Statements
29 February 2024
Sterling I.C.U. Ltd
Financial Statements
Year ended 29th February 2024
Contents
Page
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Sterling I.C.U. Ltd
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Sterling I.C.U. Ltd
Year ended 29th February 2024
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 I.C.U. Ltd for the year ended 29th February 2024, which comprise the statement of financial position 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Sterling I.C.U. Ltd. Our work has been undertaken solely to prepare for your approval the financial statements of Sterling I.C.U. Ltd and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sterling I.C.U. Ltd and its director for our work or for this report.
It is your duty to ensure that Sterling I.C.U. Ltd 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 loss of Sterling I.C.U. Ltd. You consider that Sterling I.C.U. Ltd 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 I.C.U. Ltd. 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.
WALTER HUNTER & CO LIMITED Chartered accountants
24 Bridge Street Newport South Wales NP20 4SF
5 August 2024
Sterling I.C.U. Ltd
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Investments
4
220,000
437,764
Current assets
Debtors
5
874
773
Cash at bank and in hand
296,038
286,740
---------
---------
296,912
287,513
Creditors: amounts falling due within one year
6
11,351
11,947
---------
---------
Net current assets
285,561
275,566
---------
---------
Total assets less current liabilities
505,561
713,330
Provisions
Taxation including deferred tax
12,676
69,753
---------
---------
Net assets
492,885
643,577
---------
---------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
32,779
193,466
Profit and loss account
460,006
450,011
---------
---------
Shareholders funds
492,885
643,577
---------
---------
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 comprehensive income has not been delivered.
For the year ending 29th February 2024 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 I.C.U. Ltd
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 5 August 2024 , and are signed on behalf of the board by:
JR Farrow
Director
Company registration number: 02914995
Sterling I.C.U. Ltd
Notes to the Financial Statements
Year ended 29th February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24 Bridge Street, Newport, South Wales, NP20 4SF.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investments
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
The investment property was valued as at 29 February 2024 by Lydia Crane BA(Hons) MA MRICS of Swift Property Services Limited on an existing use basis.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investments
Investment property
£
Cost
At 1st March 2023
437,764
Revaluations
( 217,764)
---------
At 29th February 2024
220,000
---------
Impairment
At 1st March 2023 and 29th February 2024
---------
Carrying amount
At 29th February 2024
220,000
---------
At 28th February 2023
437,764
---------
The investment property was valued as at 29 February 2024 by Lydia Crane BA(Hons) MA MRICS of Swift Property Services Limited on an existing use basis.
5. Debtors
2024
2023
£
£
Other debtors
874
773
----
----
As at 29 February 2024, the company was owed cumulative rent and insurance contributions by its commercial tenant totalling £80,494. As the tenant is in the process of a formal liquidation the director has taken the prudent view to provide against this debt in full.
6. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
2,344
1,214
Other creditors
9,007
10,733
--------
--------
11,351
11,947
--------
--------
7. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.