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Registration number: 09864643

Sterling Grove Accountants Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Sterling Grove Accountants Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Sterling Grove Accountants Limited

Company Information

Directors

Mr GP Amasanti

Mr GP Amasanti

Mr P Amasanti

Registered office

Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

Sterling Grove Accountants Limited

(Registration number: 09864643)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

261,200

184,800

Tangible assets

5

47,835

66,790

 

309,035

251,590

Current assets

 

Debtors

6

1,572,626

1,404,507

Cash at bank and in hand

 

366,349

435,040

 

1,938,975

1,839,547

Creditors: Amounts falling due within one year

7

(327,676)

(424,419)

Net current assets

 

1,611,299

1,415,128

Total assets less current liabilities

 

1,920,334

1,666,718

Creditors: Amounts falling due after more than one year

7

(50,000)

-

Net assets

 

1,870,334

1,666,718

Capital and reserves

 

Called up share capital

10,260

10,260

Retained earnings

1,860,074

1,656,458

Shareholders' funds

 

1,870,334

1,666,718

For the financial year ending 31 July 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 5 November 2024 and signed on its behalf by:
 

 

Sterling Grove Accountants Limited

(Registration number: 09864643)
Balance Sheet as at 31 July 2024

.........................................
Mr GP Amasanti
Director

.........................................
Mr GP Amasanti
Director

.........................................
Mr P Amasanti
Director

 

Sterling Grove Accountants Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

1

General information

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

The address of its registered office is:
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD
England

These financial statements were authorised for issue by the Board on 5 November 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 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.

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.

In respect of contracts for on-going services, turnover represents the value of work done in the period,including estimates of amounts not invoiced and payments received on account.

Turnover in respect of contracts for on-going services is recognised by reference to the stage of completion.

 

Sterling Grove Accountants Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

Government grants

Government grants are recognised under the accrual model of grant recognition. This model requires the grant to be classified as either a revenue-based grant or a capital-based grant.

Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

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.

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

Furniture, fittings and equipment

20% Straight Line

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

Goodwill

10% 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.

 

Sterling Grove Accountants Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 24 (2023 - 24).

 

Sterling Grove Accountants Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

396,000

396,000

Additions

120,000

120,000

At 31 July 2024

516,000

516,000

Amortisation

At 1 August 2023

211,200

211,200

Amortisation charge

43,600

43,600

At 31 July 2024

254,800

254,800

Carrying amount

At 31 July 2024

261,200

261,200

At 31 July 2023

184,800

184,800

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

171,444

171,444

Additions

4,183

4,183

At 31 July 2024

175,627

175,627

Depreciation

At 1 August 2023

104,654

104,654

Charge for the year

23,138

23,138

At 31 July 2024

127,792

127,792

Carrying amount

At 31 July 2024

47,835

47,835

At 31 July 2023

66,790

66,790

 

Sterling Grove Accountants Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

196,273

172,777

Amounts owed by related company

1,265,000

1,115,000

Prepayments

 

15,736

11,000

Amounts recoverable on contracts

 

95,617

105,730

   

1,572,626

1,404,507

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

13,853

16,952

Taxation and social security

256,364

284,009

Other creditors

57,459

123,458

327,676

424,419

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Other non-current financial liabilities

50,000

-