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Registration number: 04764764

Sterling Studios Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 June 2024

 

Sterling Studios Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Sterling Studios Ltd

Company Information

Directors

Fiona Sutcliffe

Francois Lavenir

Registered office

Unit D
Western Trading Estate
Trading Estate Road
London
NW10 7LU

Accountants

Mr Ronald Hugh Pollock
Chartered Accountant
AIMS
7 Ellison Road
London
SW13 0AD

 

Sterling Studios Ltd

(Registration number: 04764764)
Abridged Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

59,884

52,906

Current assets

 

Stocks

6

7,617

8,563

Debtors

7

408,113

102,215

Cash at bank and in hand

 

933,450

853,790

 

1,349,180

964,568

Prepayments and accrued income

 

(611,318)

(366,310)

Creditors: Amounts falling due within one year

(147,480)

(163,037)

Net current assets

 

590,382

435,221

Net assets

 

650,266

488,127

Capital and reserves

 

Called up share capital

8

141

141

Capital redemption reserve

(29,941)

(29,941)

Retained earnings

680,066

517,927

Shareholders' funds

 

650,266

488,127

For the financial year ending 30 June 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 October 2024 and signed on its behalf by:
 

 

Sterling Studios Ltd

(Registration number: 04764764)
Abridged Balance Sheet as at 30 June 2024

.........................................
Fiona Sutcliffe
Director

 

Sterling Studios Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

1

General information

The address of its registered office is:
Unit D
Western Trading Estate
Trading Estate Road
London
NW10 7LU

These financial statements were authorised for issue by the Board on 17 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Sterling Studios Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

33% reducing balance

10% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

5% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Sterling Studios Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 18).

 

Sterling Studios Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 July 2023

57,500

At 30 June 2024

57,500

Amortisation

At 1 July 2023

57,500

At 30 June 2024

57,500

Carrying amount

At 30 June 2024

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

170,456

201,415

31,205

403,076

Additions

-

32,954

-

32,954

At 30 June 2024

170,456

234,369

31,205

436,030

Depreciation

At 1 July 2023

165,433

171,189

13,548

350,170

Charge for the year

502

21,060

4,414

25,976

At 30 June 2024

165,935

192,249

17,962

376,146

Carrying amount

At 30 June 2024

4,521

42,120

13,243

59,884

At 30 June 2023

5,023

30,226

17,657

52,906

Included within the net book value of land and buildings above is £4,521 (2023 - £5,023) in respect of short leasehold land and buildings.
 

 

Sterling Studios Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

6

Stocks

2024
£

2023
£

Work in progress

7,617

8,563

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Share capital

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £1.00 per each Ordinary share

74,500

97,855

 

 

10

Related party transactions

 

Sterling Studios Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

-

18,880

Loans from related parties

2024

Key management
£

Total
£

At start of period

26,478

26,478

At end of period

26,478

26,478

2023

Key management
£

Total
£

At start of period

26,478

26,478

At end of period

26,478

26,478

Terms of loans from related parties

These represent the excess of dividends declared to directors over the drawings taken over the years.