Registration number:
Sterling Investments (Bournemouth) Ltd
for the Year Ended 5 April 2024
Sterling Investments (Bournemouth) Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Sterling Investments (Bournemouth) Ltd
Company Information
Directors |
M Charlwood J M Charlwood C S Charlwood E K Charlwood |
Registered office |
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Accountants |
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Sterling Investments (Bournemouth) Ltd
(Registration number: 08509712)
Balance Sheet as at 5 April 2024
Note |
2024 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Investments |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
104 |
104 |
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Profit and loss account non-distributable |
514,919 |
514,919 |
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Profit and loss account distributable |
847,187 |
728,242 |
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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:
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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
Sterling Investments (Bournemouth) Ltd
(Registration number: 08509712)
Balance Sheet as at 5 April 2024
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Sterling Investments (Bournemouth) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
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
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
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
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Furniture fittings and equipment |
Total |
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Cost or valuation |
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At 6 April 2023 |
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At 5 April 2024 |
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Depreciation |
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At 6 April 2023 |
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Charge for the year |
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At 5 April 2024 |
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Carrying amount |
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At 5 April 2024 |
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At 5 April 2023 |
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Investment properties |
2024 |
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At 6 April |
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At 5 April |
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Investment properties have been measured at fair value by the director and not an independent valuer. Fair values are determined from market based evidence.
Debtors |
2024 |
(As restated) |
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Trade debtors |
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Other debtors |
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Sterling Investments (Bournemouth) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024
Current asset investments |
2024 |
2023 |
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Other investments |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
(As restated) |
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Due within one year |
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Loans and borrowings |
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Directors' loan |
382,144 |
433,508 |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2024 |
2023 |
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Non-current loans and borrowings |
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Bank borrowings |
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2024 |
2023 |
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Current loans and borrowings |
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Other borrowings |
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