Registered number
05424444
Sterling Estates Management Limited
Filleted Accounts
29 February 2024
Sterling Estates Management Limited
Registered number: 05424444
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 50,627 4,946
Current assets
Debtors 4 112,744 37,888
Cash at bank and in hand 7,379,533 7,134,422
7,492,277 7,172,310
Creditors: amounts falling due within one year 5 (7,414,323) (6,946,527)
Net current assets 77,954 225,783
Total assets less current liabilities 128,581 230,729
Creditors: amounts falling due after more than one year 6 (19,718) (29,351)
Net assets 108,863 201,378
Capital and reserves
Called up share capital 2,500 2,500
Profit and loss account 106,363 198,878
Shareholders' funds 108,863 201,378
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Shalim Ahmed
Director
Approved by the board on 30 November 2024
Sterling Estates Management Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Clients' monies
Clients' monies are held in a bank account that is completely distinguishable and operated independently of the company's primary account used for its trading. As clients' monies are not considered as an asset belonging to the company as per the International Financial Reporting Standards, they have been omitted from the financial statements.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 23 20
3 Tangible fixed assets
Computer equipment Fixtures, fittings, tools and equipment Total
£ £ £
Cost
At 1 March 2023 - 70,556 70,556
Additions 55,000 7,557 62,557
At 29 February 2024 55,000 78,113 133,113
Depreciation
At 1 March 2023 - 65,610 65,610
Charge for the year 13,750 3,126 16,876
At 29 February 2024 13,750 68,736 82,486
Net book value
At 29 February 2024 41,250 9,377 50,627
At 28 February 2023 - 4,946 4,946
4 Debtors 2024 2023
£ £
Trade debtors 112,744 37,888
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,648 10,648
Trade creditors 51,522 32,562
Taxation and social security costs 61,454 100,673
Other creditors 7,290,699 6,802,644
7,414,323 6,946,527
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 19,718 29,351
7 Other information
Sterling Estates Management Limited is a private company limited by shares and incorporated in England. Its registered office is:
Compton House, 1st Floor
23-33 Church Road
Stanmore
Middlesex
HA7 4AR
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