IRIS Accounts Production v24.3.2.46 03924901 director 1.6.23 31.5.24 31.5.24 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh039249012023-05-31039249012024-05-31039249012023-06-012024-05-31039249012022-05-31039249012022-06-012023-05-31039249012023-05-3103924901ns15:EnglandWales2023-06-012024-05-3103924901ns14:PoundSterling2023-06-012024-05-3103924901ns10:Director12023-06-012024-05-3103924901ns10:PrivateLimitedCompanyLtd2023-06-012024-05-3103924901ns10:SmallEntities2023-06-012024-05-3103924901ns10:AuditExempt-NoAccountantsReport2023-06-012024-05-3103924901ns10:SmallCompaniesRegimeForDirectorsReport2023-06-012024-05-3103924901ns10:SmallCompaniesRegimeForAccounts2023-06-012024-05-3103924901ns10:FullAccounts2023-06-012024-05-310392490112023-06-012024-05-3103924901ns10:OrdinaryShareClass12023-06-012024-05-3103924901ns10:CompanySecretary12023-06-012024-05-3103924901ns10:RegisteredOffice2023-06-012024-05-3103924901ns5:CurrentFinancialInstruments2024-05-3103924901ns5:CurrentFinancialInstruments2023-05-3103924901ns5:Non-currentFinancialInstruments2024-05-3103924901ns5:Non-currentFinancialInstruments2023-05-3103924901ns5:ShareCapital2024-05-3103924901ns5:ShareCapital2023-05-3103924901ns5:SharePremium2024-05-3103924901ns5:SharePremium2023-05-3103924901ns5:RetainedEarningsAccumulatedLosses2024-05-3103924901ns5:RetainedEarningsAccumulatedLosses2023-05-3103924901ns5:ComputerSoftware2023-06-012024-05-3103924901ns5:PlantMachinery2023-06-012024-05-3103924901ns5:ComputerSoftware2023-05-3103924901ns5:ComputerSoftware2024-05-3103924901ns5:ComputerSoftware2023-05-3103924901ns5:PlantMachinery2023-05-3103924901ns5:PlantMachinery2024-05-3103924901ns5:PlantMachinery2023-05-3103924901ns5:WithinOneYearns5:CurrentFinancialInstruments2024-05-3103924901ns5:WithinOneYearns5:CurrentFinancialInstruments2023-05-3103924901ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-05-3103924901ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-05-3103924901ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-05-3103924901ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-05-3103924901ns10:OrdinaryShareClass12024-05-31
REGISTERED NUMBER: 03924901 (England and Wales)















STERLING PRODUCTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






STERLING PRODUCTS LIMITED (REGISTERED NUMBER: 03924901)






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




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 6


STERLING PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: Mrs S K Willetts





SECRETARY: Mrs S K Willetts





REGISTERED OFFICE: 26 Park Road
Melton Mowbray
Leicestershire
LE13 1TT





REGISTERED NUMBER: 03924901 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
26 Park Road
Melton Mowbray
Leicestershire
LE13 1TT

STERLING PRODUCTS LIMITED (REGISTERED NUMBER: 03924901)

STATEMENT OF FINANCIAL POSITION
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 72,023 100,181
72,023 100,181

CURRENT ASSETS
Inventories 112,940 125,404
Debtors 6 169,458 158,926
Cash at bank and in hand 16,537 39,220
298,935 323,550
CREDITORS
Amounts falling due within one year 7 181,432 172,766
NET CURRENT ASSETS 117,503 150,784
TOTAL ASSETS LESS CURRENT LIABILITIES 189,526 250,965

CREDITORS
Amounts falling due after more than one year 8 (54,079 ) (102,086 )

PROVISIONS FOR LIABILITIES (10,367 ) (12,803 )
NET ASSETS 125,080 136,076

CAPITAL AND RESERVES
Called up share capital 10 578 578
Share premium 23,422 23,422
Retained earnings 101,080 112,076
SHAREHOLDERS' FUNDS 125,080 136,076

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

STERLING PRODUCTS LIMITED (REGISTERED NUMBER: 03924901)

STATEMENT OF FINANCIAL POSITION - continued
31 MAY 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 February 2025 and were signed by:





Mrs S K Willetts - Director


STERLING PRODUCTS LIMITED (REGISTERED NUMBER: 03924901)

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

1. STATUTORY INFORMATION

Sterling Products 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
The website cost has been amortised evenly over its estimated useful life of four years.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and Nil

Property, plant and equipment is stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Inventories
Inventories are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

STERLING PRODUCTS LIMITED (REGISTERED NUMBER: 03924901)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Website
£   
COST
At 1 June 2023
and 31 May 2024 18,795
AMORTISATION
At 1 June 2023
and 31 May 2024 18,795
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 June 2023 179,412
Additions 1,238
Disposals (21,481 )
At 31 May 2024 159,169
DEPRECIATION
At 1 June 2023 79,231
Charge for year 23,525
Eliminated on disposal (15,610 )
At 31 May 2024 87,146
NET BOOK VALUE
At 31 May 2024 72,023
At 31 May 2023 100,181

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 133,583 123,280
Other debtors 18,000 18,000
Prepayments 17,875 17,646
169,458 158,926

STERLING PRODUCTS LIMITED (REGISTERED NUMBER: 03924901)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 14,546 14,546
Hire purchase contracts 28,461 32,028
Trade creditors 57,075 51,409
Other taxes and social security 9,893 4,816
Other creditors 10,400 7,660
Directors' current accounts 56,457 57,827
Accrued expenses 4,600 4,480
181,432 172,766

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 14,545 14,546
Bank loans - 2-5 years - 14,545
Hire purchase contracts 39,534 72,995
54,079 102,086

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 67,995 105,023

Hire purchase creditors are secured over the assets to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
578 Ordinary £1 578 578

11. OTHER FINANCIAL COMMITMENTS

The company has commitments due as follows:

20242023
££
Due in less than one year36,00035,336
Due between one and five years12,00048,000
Due in over five years--
48,00083,336