1 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 30,657 30,657 xbrli:pure xbrli:shares iso4217:GBP 08167447 2023-01-01 2023-12-31 08167447 2023-12-31 08167447 2022-12-31 08167447 2022-01-01 2022-12-31 08167447 2022-12-31 08167447 2021-12-31 08167447 core:MotorVehicles 2023-01-01 2023-12-31 08167447 bus:Director1 2023-01-01 2023-12-31 08167447 core:WithinOneYear 2023-12-31 08167447 core:WithinOneYear 2022-12-31 08167447 core:MotorVehicles 2023-12-31 08167447 core:AfterOneYear 2023-12-31 08167447 core:AfterOneYear 2022-12-31 08167447 core:ShareCapital 2023-12-31 08167447 core:ShareCapital 2022-12-31 08167447 core:RetainedEarningsAccumulatedLosses 2023-12-31 08167447 core:RetainedEarningsAccumulatedLosses 2022-12-31 08167447 bus:SmallEntities 2023-01-01 2023-12-31 08167447 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08167447 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08167447 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08167447 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 08167447
Sterling House Holdings Ltd
Filleted Unaudited Financial Statements
31 December 2023
Sterling House Holdings Ltd
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Sterling House Holdings Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Current assets
Debtors
6
190
Cash at bank and in hand
312
429
----
----
502
429
Creditors: amounts falling due within one year
7
403,137
414,605
----------
----------
Net current liabilities
402,635
414,176
----------
----------
Total assets less current liabilities
( 402,635)
( 414,176)
Creditors: amounts falling due after more than one year
8
16,460
18,586
----------
----------
Net liabilities
( 419,095)
( 432,762)
----------
----------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 419,195)
( 432,862)
----------
----------
Shareholder deficit
( 419,095)
( 432,762)
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sterling House Holdings Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 22 December 2024 , and are signed on behalf of the board by:
Mr. P. J. Young
Director
Company registration number: 08167447
Sterling House Holdings Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Printing House, 66 Lower Road, Harrow, HA2 0DH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The going concern basis has been used. Of the company's liabilities £363,593 is owed to the director and it has been agreed that repayment will not be demanded whilst such action would adversely affect the company's operations. The director expects the major creditors, because of the nature of their relationship with the company, to continue with their support for at least twelve months from the date of approval of the financial statements. If the going concern basis were not appropriate, adjustments would have to be made to restate fixed assets as current assets, reduce the value of the assets to their recoverable amount and to provide for any further liabilities that might arise.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Motor vehicles
Total
£
£
Cost
At 1 January 2023 and 31 December 2023
30,657
30,657
--------
--------
Depreciation
At 1 January 2023 and 31 December 2023
30,657
30,657
--------
--------
Carrying amount
At 31 December 2023
--------
--------
At 31 December 2022
--------
--------
6. Debtors
2023
2022
£
£
Other debtors
190
----
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,126
2,126
Trade creditors
4,103
180
Accruals and deferred income
1,500
1,500
Social security and other taxes
2,833
Obligations under finance leases and hire purchase contracts
299
Director loan accounts
363,593
375,852
Other creditors
31,815
31,815
----------
----------
403,137
414,605
----------
----------
The bank loans and overdrafts amount relates to a Bounce Back loan which is secured by a government guarantee.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,383
5,509
Obligations under finance leases and hire purchase contracts
13,077
13,077
--------
--------
16,460
18,586
--------
--------
The bank loans and overdrafts amount relates to a Bounce Back loan which is secured by a government guarantee.