20 15 Sterlings Ltd 01357789 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of Chartered Accountants. Digita Accounts Production Advanced 6.30.9574.0 true 01357789 2023-04-01 2024-03-31 01357789 2024-03-31 01357789 bus:OrdinaryShareClass1 2024-03-31 01357789 bus:OrdinaryShareClass2 2024-03-31 01357789 bus:OrdinaryShareClass3 2024-03-31 01357789 bus:OrdinaryShareClass4 2024-03-31 01357789 bus:OrdinaryShareClass5 2024-03-31 01357789 core:CurrentFinancialInstruments 2024-03-31 01357789 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 01357789 core:Non-currentFinancialInstruments 2024-03-31 01357789 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 01357789 core:Goodwill 2024-03-31 01357789 core:FurnitureFittingsToolsEquipment 2024-03-31 01357789 core:MotorVehicles 2024-03-31 01357789 bus:SmallEntities 2023-04-01 2024-03-31 01357789 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01357789 bus:FilletedAccounts 2023-04-01 2024-03-31 01357789 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01357789 bus:RegisteredOffice 2023-04-01 2024-03-31 01357789 bus:Director1 2023-04-01 2024-03-31 01357789 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 01357789 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 01357789 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 01357789 bus:OrdinaryShareClass4 2023-04-01 2024-03-31 01357789 bus:OrdinaryShareClass5 2023-04-01 2024-03-31 01357789 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01357789 core:Goodwill 2023-04-01 2024-03-31 01357789 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 01357789 core:MotorVehicles 2023-04-01 2024-03-31 01357789 countries:EnglandWales 2023-04-01 2024-03-31 01357789 2023-03-31 01357789 core:Goodwill 2023-03-31 01357789 core:FurnitureFittingsToolsEquipment 2023-03-31 01357789 core:MotorVehicles 2023-03-31 01357789 2022-04-01 2023-03-31 01357789 2023-03-31 01357789 bus:OrdinaryShareClass1 2023-03-31 01357789 bus:OrdinaryShareClass2 2023-03-31 01357789 bus:OrdinaryShareClass3 2023-03-31 01357789 bus:OrdinaryShareClass4 2023-03-31 01357789 bus:OrdinaryShareClass5 2023-03-31 01357789 core:CurrentFinancialInstruments 2023-03-31 01357789 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 01357789 core:CurrentFinancialInstruments core:PreviouslyStatedAmount 2023-03-31 01357789 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 01357789 core:Non-currentFinancialInstruments core:PreviouslyStatedAmount 2023-03-31 01357789 core:Goodwill 2023-03-31 01357789 core:FurnitureFittingsToolsEquipment 2023-03-31 01357789 core:MotorVehicles 2023-03-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 01357789

Sterlings Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Sterlings Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Sterlings Ltd

(Registration number: 01357789)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

375,442

450,530

Tangible assets

5

58,371

77,011

 

433,813

527,541

Current assets

 

Stocks

6

60,000

36,500

Debtors

7

437,142

480,362

Cash at bank and in hand

 

10,810

93,600

 

507,952

610,462

Creditors: Amounts falling due within one year

8

(598,445)

(583,843)

Net current (liabilities)/assets

 

(90,493)

26,619

Total assets less current liabilities

 

343,320

554,160

Creditors: Amounts falling due after more than one year

8

(36,400)

(92,178)

Provisions for liabilities

(11,091)

(14,632)

Net assets

 

295,829

447,350

Capital and reserves

 

Called up share capital

10

200

132

Profit and loss account

295,629

447,218

Shareholders' funds

 

295,829

447,350

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Sterlings Ltd

(Registration number: 01357789)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 3 February 2025 and signed on its behalf by:
 

.........................................
G J Moss
Director

 

Sterlings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lawford House
Albert Place
London
N3 1QA
United Kingdom

These financial statements were authorised for issue by the Board on 3 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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 accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£), which is also the company's functional currency. Monetary amounts in these financial statements are rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Sterlings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures fittings and equipment

25% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Sterlings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Sterlings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2023 - 15).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

750,884

750,884

At 31 March 2024

750,884

750,884

Amortisation

At 1 April 2023

300,354

300,354

Amortisation charge

75,088

75,088

At 31 March 2024

375,442

375,442

Carrying amount

At 31 March 2024

375,442

375,442

At 31 March 2023

450,530

450,530

 

Sterlings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

190,674

56,035

246,709

Additions

240

-

240

At 31 March 2024

190,914

56,035

246,949

Depreciation

At 1 April 2023

164,094

5,604

169,698

Charge for the year

8,794

10,086

18,880

At 31 March 2024

172,888

15,690

188,578

Carrying amount

At 31 March 2024

18,026

40,345

58,371

At 31 March 2023

26,580

50,431

77,011

6

Stocks

2024
£

2023
£

Work in progress

60,000

36,500

7

Debtors

Current

2024
£

2023
£

Trade debtors

266,281

282,258

Prepayments

30,505

22,513

Other debtors

140,356

175,591

 

437,142

480,362

 

Sterlings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

132,639

99,521

Trade creditors

 

55,341

6,217

Taxation and social security

 

357,328

387,679

Accruals and deferred income

 

36,529

31,188

Other creditors

 

16,608

59,238

 

598,445

583,843

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

36,400

92,178

9

Loans and borrowings

2024
 £

2023
 £

Non-current loans and borrowings

Bank borrowings

11,448

22,654

HP and finance lease liabilities

24,952

34,126

Other borrowings

-

35,398

36,400

92,178

2024
 £

2023
 £

Current loans and borrowings

Bank borrowings

11,160

10,803

HP and finance lease liabilities

9,174

8,746

Other borrowings

112,305

79,972

132,639

99,521

 

Sterlings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A shares of £1 each

50

50

33

33

B shares of £1 each

-

-

33

33

C shares of £1 each

50

50

33

33

D shares of £1 each

50

50

33

33

E shares of £1 each

50

50

-

-

200

200

132

132

During the year, the company redesignated the 33 B shares to 11 A shares, 11 C shares and 11 D shares. The company also issued six new A shares, six new C shares, six new D and 50 new E shares at par value, for a total of £68 cash consideration.

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases totalling £117,250 (2023 - £184,250).

12

Related party transactions

At the balance sheet date an amount of £93,161 (2023: £419,537) was owed to the company by its directors. This balance is provided interest-free and there are no formal terms and conditions regarding repayment of the balance. During the year, a brought forward provision of £287,729 against the debtor was reversed.

Included in other debtors is an amount of £19,206 (2023: £16,520) owed to the company by a limited liability partnership under common control. During the year, fees of £27,721 (2023: £20,560) were charged by the company to the limited liability partnership.

Included in other creditors is an amount of £4,440 (2023: £181) owed by the company to its directors. This amount is interest-free and unsecured. There are no formal terms and conditions regarding repayment of the balance.