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REGISTERED NUMBER: 10425509 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Sterling DCS Limited

Sterling DCS Limited (Registered number: 10425509)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Sterling DCS Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: S A Brunning
Sir F H C Newman





REGISTERED OFFICE: Kenmore House
Navigation Road
Chelmsford
Essex
CM2 6HX





REGISTERED NUMBER: 10425509 (England and Wales)





ACCOUNTANTS: Fisher Michael
The Old Grange
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT

Sterling DCS Limited (Registered number: 10425509)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,060,292 2,424,101
Tangible assets 5 12,308 22,025
3,072,600 2,446,126

CURRENT ASSETS
Debtors 6 598,820 679,327
Cash at bank 45,741 22,792
644,561 702,119
CREDITORS
Amounts falling due within one year 7 469,323 455,842
NET CURRENT ASSETS 175,238 246,277
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,247,838

2,692,403

CREDITORS
Amounts falling due after more than one
year

8

292,701

81,414
NET ASSETS 2,955,137 2,610,989

CAPITAL AND RESERVES
Called up share capital 170 158
Share premium 2,998,660 2,102,902
Retained earnings (43,693 ) 507,929
SHAREHOLDERS' FUNDS 2,955,137 2,610,989

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 DCS Limited (Registered number: 10425509)

Balance Sheet - continued
31 December 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 Income Statement has not been delivered.

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





S A Brunning - Director


Sterling DCS Limited (Registered number: 10425509)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Sterling DCS Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The comparative information covers a 9 month period, therefore, the figures are not directly comparable.

The company is not a member of a group.

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.

The financial statements have been prepared on a going concern basis, on the understanding that the shareholders will continue to support the company during the development phase of its specialist software product.

Significant judgements and estimates
No significant judgements or estimates have been applied in the preparation of the financial statements.

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

Revenue includes amounts invoiced during the period, exclusive of VAT, plus contract assets invoiced after date, but relating to work carried out in the period.

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

Software development is being amortised evenly over its estimated life of 10 years from 1 August 2020.

Tangible fixed assets
Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates, in order to write off each asset over its estimated useful life:

Plant and machinery etc - 25% and 20% on reducing balance and 3 years straight line.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.


Sterling DCS Limited (Registered number: 10425509)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Research and development
In the research phase of an internal project, if it is not possible to demonstrate that the project will generate future economic benefits, all expenditure on research is recognised as an expense when it is incurred.

Intangible assets are recognised from the development phase of a project when it is expected the asset will generate future economic benefits and its costs can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic life.

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.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at transaction price.

Other financial liabilities, including bank and other loans are also measured at transaction price since the difference between this basis and the amortised cost basis is not material.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

Sterling DCS Limited (Registered number: 10425509)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023 2,694,479
Additions 1,039,138
At 31 December 2023 3,733,617
AMORTISATION
At 1 January 2023 270,378
Charge for year 402,947
At 31 December 2023 673,325
NET BOOK VALUE
At 31 December 2023 3,060,292
At 31 December 2022 2,424,101

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 56,894
Additions 2,342
Disposals (14,312 )
At 31 December 2023 44,924
DEPRECIATION
At 1 January 2023 34,869
Charge for year 12,059
Eliminated on disposal (14,312 )
At 31 December 2023 32,616
NET BOOK VALUE
At 31 December 2023 12,308
At 31 December 2022 22,025

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 110,959 38,541
Contract assets 110,680 104,808
Other debtors 377,181 535,978
598,820 679,327

Sterling DCS Limited (Registered number: 10425509)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 53,638 42,761
Trade creditors 166,641 234,097
Taxation and social security 162,276 172,672
Other creditors 86,768 6,312
469,323 455,842

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 45,333 81,414
Other creditors 247,368 -
292,701 81,414

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other loans 302,250 -

Other loans are secured by a fixed and floating charge on the assets of the company.

10. OTHER FINANCIAL COMMITMENTS

At the balance sheet date the company has financial commitments of £21,587 in relation to non cancellable lease agreement in respect of the company premises and a motor vehicle.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 December 2023 and the period ended 31 December 2022:

2023 2022
£    £   
S A Brunning
Balance outstanding at start of year 55,845 39,048
Amounts advanced 34,438 16,797
Amounts repaid (90,283 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 55,845

The loan to the director had no attached terms and interest was charged at HMRC approved rates.