Sterling Investments (Bournemouth) Ltd 08509712 false 2023-04-06 2024-04-05 2024-04-05 The principal activity of the company is property investment Digita Accounts Production Advanced 6.30.9574.0 true true 08509712 2023-04-06 2024-04-05 08509712 2024-04-05 08509712 core:CurrentFinancialInstruments 2024-04-05 08509712 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-05 08509712 core:Non-currentFinancialInstruments 2024-04-05 08509712 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-05 08509712 core:FurnitureFittingsToolsEquipment 2024-04-05 08509712 bus:SmallEntities 2023-04-06 2024-04-05 08509712 bus:AuditExemptWithAccountantsReport 2023-04-06 2024-04-05 08509712 bus:FullAccounts 2023-04-06 2024-04-05 08509712 bus:SmallCompaniesRegimeForAccounts 2023-04-06 2024-04-05 08509712 bus:RegisteredOffice 2023-04-06 2024-04-05 08509712 bus:Director1 2023-04-06 2024-04-05 08509712 bus:Director2 2023-04-06 2024-04-05 08509712 bus:Director3 2023-04-06 2024-04-05 08509712 bus:Director4 2023-04-06 2024-04-05 08509712 bus:PrivateLimitedCompanyLtd 2023-04-06 2024-04-05 08509712 core:ComputerEquipment 2023-04-06 2024-04-05 08509712 core:FurnitureFittingsToolsEquipment 2023-04-06 2024-04-05 08509712 4 2023-04-06 2024-04-05 08509712 countries:England 2023-04-06 2024-04-05 08509712 2023-04-05 08509712 core:FurnitureFittingsToolsEquipment 2023-04-05 08509712 2022-04-06 2023-04-05 08509712 2023-04-05 08509712 core:CurrentFinancialInstruments 2023-04-05 08509712 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-05 08509712 core:Non-currentFinancialInstruments 2023-04-05 08509712 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-05 08509712 core:FurnitureFittingsToolsEquipment 2023-04-05 iso4217:GBP xbrli:pure

Registration number: 08509712

Sterling Investments (Bournemouth) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 5 April 2024

 

Sterling Investments (Bournemouth) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Sterling Investments (Bournemouth) Ltd

Company Information

Directors

M Charlwood

J M Charlwood

C S Charlwood

E K Charlwood

Registered office

35 Seamoor Road
Bournemouth
Dorset
BH4 9AE

Accountants

Wilkinsons Accountants Limited
Chartered Certified Accountants
The Old Exchange
521 Wimborne Road East
Ferndown
Dorset
BH22 9NH

 

Sterling Investments (Bournemouth) Ltd

(Registration number: 08509712)
Balance Sheet as at 5 April 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

1,631

2,461

Investment property

5

1,497,000

1,497,000

 

1,498,631

1,499,461

Current assets

 

Debtors

6

50,637

49,159

Investments

7

281,336

237,535

Cash at bank and in hand

 

349,227

399,920

 

681,200

686,614

Creditors: Amounts falling due within one year

8

(629,654)

(749,336)

Net current assets/(liabilities)

 

51,546

(62,722)

Total assets less current liabilities

 

1,550,177

1,436,739

Creditors: Amounts falling due after more than one year

8

(26,427)

(31,667)

Provisions for liabilities

(161,540)

(161,807)

Net assets

 

1,362,210

1,243,265

Capital and reserves

 

Called up share capital

104

104

Profit and loss account non-distributable

514,919

514,919

Profit and loss account distributable

847,187

728,242

Shareholders' funds

 

1,362,210

1,243,265

For the financial year ending 5 April 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.

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 30 September 2024 and signed on its behalf by:
 

 

Sterling Investments (Bournemouth) Ltd

(Registration number: 08509712)
Balance Sheet as at 5 April 2024

.........................................
M Charlwood
Director

 

Sterling Investments (Bournemouth) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
35 Seamoor Road
Bournemouth
Dorset
BH4 9AE

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 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 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.

The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £1.

Going concern

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

Reserves restatement

The profit and loss account reserves on the balance sheet have been restated to separately distinguish between distributable and non-distributable reserves.

Revenue recognition

Turnover represents property management fees, rents and contributions to maintenance receivable by the company.

Tax

The tax expense for the period comprises current and deferred 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.

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.

 

Sterling Investments (Bournemouth) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Furniture and equipment

25% reducing balance

Computer equipment

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Sterling Investments (Bournemouth) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Tangible assets

Furniture fittings and equipment
 £

Total
£

Cost or valuation

At 6 April 2023

12,665

12,665

At 5 April 2024

12,665

12,665

Depreciation

At 6 April 2023

10,204

10,204

Charge for the year

830

830

At 5 April 2024

11,034

11,034

Carrying amount

At 5 April 2024

1,631

1,631

At 5 April 2023

2,461

2,461

5

Investment properties

2024
£

At 6 April

1,497,000

At 5 April

1,497,000

Investment properties have been measured at fair value by the director and not an independent valuer. Fair values are determined from market based evidence.

6

Debtors

2024
£

(As restated)

2023
£

Trade debtors

2,541

9,380

Other debtors

48,096

39,779

50,637

49,159

 

Sterling Investments (Bournemouth) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

7

Current asset investments

2024
£

2023
£

Other investments

281,336

237,535

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Due within one year

 

Loans and borrowings

9

150,000

150,000

Directors' loan

 

382,144

433,508

Taxation and social security

 

34,744

84,904

Accruals and deferred income

 

1,500

5,160

Other creditors

 

61,266

75,764

 

629,654

749,336

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

26,427

31,667

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

26,427

31,667

2024
£

2023
£

Current loans and borrowings

Other borrowings

150,000

150,000