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Registered Number: 05028074
England and Wales

 

 

 

STERLING LATIN AMERICA LTD


(Formerly Socrates Limited) Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 360,788    403,988 
Tangible fixed assets 4 5,316    12,677 
Investments 5 4,079,007   
4,445,111    416,665 
Current assets      
Debtors 6 418,166    541,313 
Cash at bank and in hand 258,300    98,588 
676,466    639,901 
Creditors: amount falling due within one year 7 (1,327,595)   (428,589)
Net current assets (651,129)   211,312 
 
Total assets less current liabilities 3,793,982    627,977 
Provisions for liabilities 8 (4,110)  
Net assets 3,789,872    627,977 
 

Capital and reserves
     
Called up share capital 9 1    1 
Share premium account 10 3,813,817   
Profit and loss account (23,946)   627,976 
Shareholders' funds 3,789,872    627,977 
 


For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 30 January 2025 and were signed on its behalf by:


-------------------------------
Steven Marks
Director
1
General Information
Sterling Latin America Ltd is a private company, limited by shares, registered in England and Wales, registration number 05028074, registration address Monkswell, Little Baldon, Oxford, OX44 9PU.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 compliance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors have noted the Company's financial position and operating results as of and for the year ended 31 December 2023.


On February 28, 2024, the parent company Sterling entered into an Agreement and Plan of Merger with First Advantage Corporation. On October 31, 2024, First Advantage Corporation completed the acquisition of Sterling Check Corp., which became an indirect wholly-owned subsidiary of First Advantage. First Advantage has assessed and ensured that the business of the Company continues to act as a limited risk distributor and there is no plan to cease trading or close the Company for a period of at the least 12 months from the date these financial statements are signed.
Furthermore, First Advantage has asserted that it will continue to provide financial support for the Company for the foreseeable future and that such support will not be withdrawn during a period of at least 12 months from the date these financial statements are signed.


As a result of the above, the Directors of the Company believe that the Company has access to adequate liquidity given the support provided by First Advantage and for this reason have determined that it is appropriate for the financial statements of the Company to be prepared on a going concern basis.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants are recognised only when there is reasonable assurance that (a) the entity will comply with any conditions attached to the grant and (b) the grant will be received. The grant received in the period was relating to the Covid-19 pandemic and obtained for immediate financial support and has therefore been recognised as income in the period in which it is receivable.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
The tax expense for the period comprises current tax. Tax is recognised in profit and loss, except that a change attributable to an item of income or expenses 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 law that been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Computer software development costs
Development costs of computer software are capitalised once a detailed program design has been established and are amortised on a straight line basis over 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Office Furniture 25% Straight Line
Computer Equipment 33% Straight Line
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees



Average number of employees during the year was 4 (2022 : 2).
3.

Intangible fixed assets

Cost Search Engine   Total
  £   £
At 01 January 2023 432,000    432,000 
Additions  
Disposals  
At 31 December 2023 432,000    432,000 
Amortisation
At 01 January 2023 28,012    28,012 
Charge for year 43,200    43,200 
On disposals  
At 31 December 2023 71,212    71,212 
Net book values
At 31 December 2023 360,788    360,788 
At 31 December 2022 403,988    403,988 


4.

Tangible fixed assets

Cost or valuation Office Furniture   Computer Equipment   Total
  £   £   £
At 01 January 2023 4,053    30,367    34,420 
Additions    
Disposals    
At 31 December 2023 4,053    30,367    34,420 
Depreciation
At 01 January 2023 3,135    18,608    21,743 
Charge for year 440    6,921    7,361 
On disposals    
At 31 December 2023 3,575    25,529    29,104 
Net book values
Closing balance as at 31 December 2023 478    4,838    5,316 
Opening balance as at 01 January 2023 918    11,759    12,677 


5.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 January 2023  
Additions 4,079,007    4,079,007 
Transfer to/from tangible fixed assets  
Disposals  
At 31 December 2023 4,079,007    4,079,007 

6.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 331,885    54,881 
Prepayments & Accrued Income 650    146,653 
Other Debtors   172,113 
Corporation Tax 85,631   
Directors' Current Accounts   150,104 
VAT   17,562 
418,166    541,313 

7.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 1,286,169    76,187 
Corporation Tax   85,631 
PAYE & Social Security 18,045    105 
Accrued Expenses   266,666 
Wages & Salaries Control Account 20,986   
VAT 2,395   
1,327,595    428,589 

8.

Provisions for liabilities

2023
£
  2022
£
Pension Provisions 4,110   
4,110   

9.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
12 Class A shares of £0.10 each  
 

10.

Share premium account

2023
£
  2022
£
Equity Share Premium - New Issue 3,813,817   
3,813,817   

11.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2023
£
 2022
£
 2023
£
 2022
£
Sterling Infosystems Brazil Ltda.(455,402)(213,814)(230,501)172,113 
Sterling Infosystems Mexico(1,089,494)(65,876)(735,759)
Sterling Infosystems Colombia SAS(244,198)(687,521)(209,541)(68,653)
Sterling EMEA Holdings UK Limited46,455 42,129 (32,984)11,378 
Sterling Infosystems Inc658,353 548,925 198,079 70,409 






EMEA Holdings Contribution on March 31, 2023
On January 4, 2023, Sterling EMEA Holdings UK Ltd. (a wholly owned subsidiary of Sterling Infosystems Inc.) consummated the acquisition of the ownership interests in various companies through two separate transactions. Pursuant to the first transaction, EMEA Holdings directly acquired 100% of the ownership interests in Sterling Latin America Ltd. (UK) (the UK Company), which owned: (i) 100% of the ownership interests in a Brazilian Company, currently known as Sterling Infosystems Brazil Ltda. and, (ii) 50% of a Mexican Company, currently known as Sterling Infosystems Mexico S.A. de C.V. Pursuant to the second transaction, EMEA Holdings directly acquired 100% of the ownership interests in a Columbian Company, currently known as Sterling Infosystems Columbia SAS, as well as the other 50% of the Mexican Company discussed above. Subsequently, on March 31, 2023, EMEA Holdings contributed its: (i) 100% direct ownership in the Columbian Company to the UK Company in exchange for the issuance of one ordinary share of the UK Company, and (ii) 99% of its 50% direct ownership of the Mexican Company to the UK Company in exchange for the issuance of one ordinary shares of the UK Company. As of March 31, 2023, the fair value to EMEA Holdings contributions of the Columbian Company and the Mexican Company were GBP 3,578,446 and GBP 235,371, respectively, and the stated value of each ordinary share was GBP 0.10. Accordingly, included in Additions in Note 9 Investments is the aggregate fair value of GBP 3,813,817 relating to the aforementioned contributions.

12.

Controlling Parties

The company's immediate parent undertaking is Sterling EMEA Holdings UK Limited.


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