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REGISTERED NUMBER: 00530688 (England and Wales)
























FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

STERLING SPRINGS LIMITED

STERLING SPRINGS LIMITED (REGISTERED NUMBER: 00530688)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


STERLING SPRINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: C Y Ferguson





REGISTERED OFFICE: Linkside Business Centre
Summit Road
Cranborne Road
Potters Bar
Hertfordshire
EN6 3JL





REGISTERED NUMBER: 00530688 (England and Wales)





AUDITORS: TC Group
1 Rushmills
Bedford Road
Northampton
Northamptonshire
NN4 7YB

STERLING SPRINGS LIMITED (REGISTERED NUMBER: 00530688)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 21,504 23,497

CURRENT ASSETS
Stocks 5 239,064 243,603
Debtors 6 94,066 109,747
Cash at bank 238,162 517,686
571,292 871,036
CREDITORS
Amounts falling due within one year 7 62,451 298,063
NET CURRENT ASSETS 508,841 572,973
TOTAL ASSETS LESS CURRENT
LIABILITIES

530,345

596,470

PROVISIONS FOR LIABILITIES 8 4,232 5,484
NET ASSETS 526,113 590,986

CAPITAL AND RESERVES
Called up share capital 9 2,500 2,500
Retained earnings 523,613 588,486
SHAREHOLDERS' FUNDS 526,113 590,986

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 January 2025 and were signed by:





C Y Ferguson - Director


STERLING SPRINGS LIMITED (REGISTERED NUMBER: 00530688)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Sterling Springs Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

Presentational and functional currency
The functional and presentational currency is Great British Pounds.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover represents the value, net of value added tax, of goods and services supplied to customers during the year. Turnover is recognised when the goods are physically delivered to the customer and when the services are provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 33% on cost and 10% on cost
Fixtures and fittings - 15% on cost
Computer equipment - 33% on cost

Tangible fixed assets are initially recorded at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a specific identification method, after making due allowance for obsolete and slow moving items. Cost is calculated using average cost.

Stocks are assessed for impairment on a perpetual basis. Impaired stock identified is reduced to its selling price less costs to complete and the impairment loss is recognised immediately within the cost of sales.

STERLING SPRINGS LIMITED (REGISTERED NUMBER: 00530688)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other payables, and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

STERLING SPRINGS LIMITED (REGISTERED NUMBER: 00530688)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
As at the point of authorising the accounts, and for the foreseeable future, the director considers the going concern assumption to still be appropriate. The director acknowledges that given the rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the director to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

The company is able to receive financial support from its parent entity Knight Group Limited.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2023 235,564 14,980 7,106 257,650
Additions 796 216 329 1,341
Disposals (86,196 ) (1,950 ) (2,669 ) (90,815 )
At 31 March 2024 150,164 13,246 4,766 168,176
DEPRECIATION
At 1 April 2023 216,641 12,994 4,518 234,153
Charge for year 2,101 339 894 3,334
Eliminated on disposal (86,196 ) (1,950 ) (2,669 ) (90,815 )
At 31 March 2024 132,546 11,383 2,743 146,672
NET BOOK VALUE
At 31 March 2024 17,618 1,863 2,023 21,504
At 31 March 2023 18,923 1,986 2,588 23,497

5. STOCKS
2024 2023
£    £   
Stocks 239,064 243,603

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 90,756 108,730
Prepayments and accrued income 3,310 1,017
94,066 109,747

STERLING SPRINGS LIMITED (REGISTERED NUMBER: 00530688)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 27,190 215,307
Amounts owed to group undertakings 16,704 21,257
Corporation tax - 16,527
Social security and other taxes 5,190 4,906
VAT 8,055 12,856
Other creditors - 2,305
Accrued expenses 5,312 24,905
62,451 298,063

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 4,232 5,484

Deferred
tax
£   
Balance at 1 April 2023 5,484
Credit to Income Statement during year (1,252 )
Balance at 31 March 2024 4,232

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2,500 Ordinary £1 2,500 2,500

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Benjamin Young FCA (Senior Statutory Auditor)
for and on behalf of TC Group

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Knight Group Limited. There is no ultimate controlling party of Knight Group Limited.