Sterling (2000) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sterling House, 810 Mandarin Court, Centre Park, Warrington, Cheshire, WA1 1GG.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Sterling 2000 Group Limited. These consolidated financial statements are available from its registered office, Sterling House, 810 Mandarin Court, Centre Park, Warrington, WA1 1GG.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The investment disposal is in relation to the subsidiary Cheshire Business Insurance Limited, for which a loss on disposal of £83,672 was made in the year.
Details of the company's subsidiaries at 30 September 2024 are as follows:
Registered office addresses (all UK unless otherwise indicated):
Windward Insurance PCC Limited is incorporated in Guernsey, all other companies are incorporated in England and Wales.
Sterling Techserv Limited, Centre Park Resources Limited, Sterling Professional Consultancy Limited and Sterling Norway Limited are companies that are entitled to and have taken advantage of the exemption from audit available under Section 479A of the Company Act 2006 relating to subsidiary companies. In order for the subsidiary to claim this exemption the parent company must guarantee all outstanding liabilities that the subsidiary is subject to at the year end under Section 479C. Accordingly on 10 February 2025, Sterling 2000 Group Limited guaranteed all outstanding liabilities that these companies were subject to at 30 September 2024.
The company's voting rights in respect of each subsidiary undertaking are held in the same proportion as the company's share of the ordinary share capital of each subsidiary.
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The directors have confirmed that there were no contingent liabilities which should be disclosed at 30 September 2024 and 30 September 2023.
The company is party to an unlimited intercompany guarantee, with the bank, with the following companies in the group.
Sterling 2000 Group Limited
Sterling 2000 (Holdings) Limited
Centre Park Resources Limited
Sterling (CIS) Limited
Sterling Solutions Umbrella Limited
Sterling Techserv Limited
Sterling Professional Consultancy Limited
Sterling Norway Limited
Sterling Solutions Rail Limited
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
As a wholly owned subsidiary of Sterling 2000 Group Limited, the company is exempt from the requirements to disclose transactions with other wholly owned members of the group.
Sterling (2000) Limited is related to AGP Accountancy and Tax Solutions Limited (AGP), by virtue of the fact Mr I Black is a director of Sterling (2000) Limited and AGP.
During the period Sterling (2000) Limited was charged £61,000 (2023: £64,470) by AGP for accountancy and management services.
Sterling (2000) Limited, in turn charged AGP £26,383 (2023: £26,358) for the provision of various services.
Included within trade creditors at the period end is £12,000 (2023: £6,480) owed to AGP.
Included within trade debtors at the period end is £5,272 (2023: £2,636) owed by AGP.
Sterling (2000) Limited is related to Soteria (UK) Limited by virtue of the fact that Mr I Black is a director of both companies.
During the period Sterling (2000) Limited charged £1,576 (2023: £4,482) to Soteria (UK) Limited for various services.
Included in debtors is £93 (2023: £93) that is owed to Sterling 2000 Limited.
During the period Sterling (2000) Limited was charged £9,000 (2023: £12,000) by Soteria (UK) Limited for health and safety services.
Included in creditors is £1,800 (2023: £2,400) that is owed to Soteria (UK) Limited.
Sterling (2000) Limited is related to Faraday Mortgage Associates Limited by virtue of the fact that Mr I Black is a director of both companies.
During the period Sterling (2000) Limited received £nil (2023: charged £264) from Faraday Mortgage Associates Limited for various services.
Included in trade debtors is £nil (2023: £257) that is owed to Sterling (2000) Limited.
During the period Sterling (2000) Limited was charged £12,000 (2023: £nil) by Faraday Mortgage Associates Limited.
Included in creditors is £2,000 (2023: £nil) that is owed to Faraday Mortgage Associates Limited.
Sterling (2000) Limited is related to Spire HR Solutions Limited by virtue of the fact that Mrs J Rudge is a director of both companies.
During the period Sterling (2000) Limited charged £1,242 (2023: £878) to Spire HR Solutions Limited for various services.
Included in trade debtors is £66 (2023: £117) that is owed to Sterling (2000) Limited.