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COMPANY REGISTRATION NUMBER: 03134779
B. STERNBERG & SONS LIMITED
Filleted Unaudited Financial Statements
31 December 2023
B. STERNBERG & SONS LIMITED
Financial Statements
Year ended 31st December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
B. STERNBERG & SONS LIMITED
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
4
2,350,947
2,313,947
Investments
5
187,929
187,929
------------
------------
2,538,876
2,501,876
Current assets
Debtors
6
59,730
127,397
Cash at bank and in hand
203,650
257,885
---------
---------
263,380
385,282
Creditors: amounts falling due within one year
7
857,759
919,059
---------
---------
Net current liabilities
594,379
533,777
------------
------------
Total assets less current liabilities
1,944,497
1,968,099
------------
------------
Net assets
1,944,497
1,968,099
------------
------------
Capital and reserves
Called up share capital
120,950
120,950
Share premium account
434,510
434,510
Profit and loss account
1,389,037
1,412,639
------------
------------
Shareholders funds
1,944,497
1,968,099
------------
------------
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 31st December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
B. STERNBERG & SONS LIMITED
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
H. J. Sternberg
Director
Company registration number: 03134779
B. STERNBERG & SONS LIMITED
Notes to the Financial Statements
Year ended 31st December 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 Benstern House, Elizabeth Street, Manchester, Lancashire, M8 8BB.
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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
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.
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.
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:
Fixtures and Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
4. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1st January 2023
2,313,947
226,675
29,702
2,570,324
Additions
37,000
37,000
------------
---------
--------
------------
At 31st December 2023
2,350,947
226,675
29,702
2,607,324
------------
---------
--------
------------
Depreciation
At 1st January 2023 and 31st December 2023
226,675
29,702
256,377
------------
---------
--------
------------
Carrying amount
At 31st December 2023
2,350,947
2,350,947
------------
---------
--------
------------
At 31st December 2022
2,313,947
2,313,947
------------
---------
--------
------------
5. Investments
Other investments other than loans
£
Cost
At 1st January 2023 and 31st December 2023
187,929
---------
Impairment
At 1st January 2023 and 31st December 2023
---------
Carrying amount
At 31st December 2023
187,929
---------
At 31st December 2022
187,929
---------
6. Debtors
2023
2022
£
£
Other debtors
59,730
127,397
--------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
826,019
826,018
Social security and other taxes
25,771
22,186
Other creditors
5,969
70,855
---------
---------
857,759
919,059
---------
---------
8. Related party transactions
The company was under the control of H.J. Sternberg throughout the current and previous year. H.J. Sternberg is the managing director and majority shareholder.