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Sterling Property Portfolio Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03690853
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,553,952 5,435,795
5,553,952 5,435,795
CURRENT ASSETS
Debtors 5 86,645 78,610
Cash at bank and in hand 30,982 164,661
117,627 243,271
Creditors: Amounts Falling Due Within One Year 6 (192,496 ) (179,931 )
NET CURRENT ASSETS (LIABILITIES) (74,869 ) 63,340
TOTAL ASSETS LESS CURRENT LIABILITIES 5,479,083 5,499,135
Creditors: Amounts Falling Due After More Than One Year 7 (3,870,437 ) (3,870,437 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (378,538 ) (378,538 )
NET ASSETS 1,230,108 1,250,160
CAPITAL AND RESERVES
Called up share capital 8 52,871 52,871
Revaluation reserve 9 1,992,311 1,992,311
Profit and Loss Account (815,074 ) (795,022 )
SHAREHOLDERS' FUNDS 1,230,108 1,250,160
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mark Greenwell
Director
13/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Sterling Property Portfolio Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03690853 . The registered office is Clayton House, Walbottle Road, Newcastle Upon Tyne, NE15 9RU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No Depn
Fixtures & Fittings 25% Reducing Balance
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
Page 3
Page 4
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 January 2023 5,426,381 21,474 5,447,855
Additions 120,510 - 120,510
As at 31 December 2023 5,546,891 21,474 5,568,365
Depreciation
As at 1 January 2023 - 12,060 12,060
Provided during the period - 2,353 2,353
As at 31 December 2023 - 14,413 14,413
Net Book Value
As at 31 December 2023 5,546,891 7,061 5,553,952
As at 1 January 2023 5,426,381 9,414 5,435,795
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 1,180 145
Prepayments and accrued income 7,715 7,715
Other debtors 47,750 40,750
Intercompany loan 30,000 30,000
86,645 78,610
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 78,821 70,766
Corporation tax - 16,446
Other creditors 80,331 80,331
Accruals and deferred income 7,081 9,561
Director's loan account 26,263 2,827
192,496 179,931
Page 4
Page 5
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Paragon Mortgage 3,870,437 3,870,437
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 52,871 52,871
9. Reserves
Revaluation Reserve
£
As at 1 January 2023 1,992,311
As at 31 December 2023 1,992,311
Page 5