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REGISTERED NUMBER: 02190138 (England and Wales)















STERLING SUPPLIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024






STERLING SUPPLIES LIMITED (REGISTERED NUMBER: 02190138)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


STERLING SUPPLIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2024







DIRECTORS: L S Wathes
R D Wathes





SECRETARY: G E Wathes





REGISTERED OFFICE: Castle Farm
Main Street
Kirby Muxloe
Leicester
LE9 2AP





REGISTERED NUMBER: 02190138 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
14 London Road
Newark
Nottinghamshire
NG24 1TW

STERLING SUPPLIES LIMITED (REGISTERED NUMBER: 02190138)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 99,570 109,227
99,570 109,227

CURRENT ASSETS
Debtors 6 16,944 2,858
Cash at bank 46,598 7,905
63,542 10,763
CREDITORS
Amounts falling due within one year 7 217,487 212,641
NET CURRENT LIABILITIES (153,945 ) (201,878 )
TOTAL ASSETS LESS CURRENT LIABILITIES (54,375 ) (92,651 )

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings (54,475 ) (92,751 )
SHAREHOLDERS' FUNDS (54,375 ) (92,651 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 18 March 2025 and were signed on its behalf by:





L S Wathes - Director


STERLING SUPPLIES LIMITED (REGISTERED NUMBER: 02190138)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1. STATUTORY INFORMATION

Sterling Supplies 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.

Revenue
Revenue represents net invoiced sales of produce excluding value added tax.

Sales of produce are recognised upon despatch.

Intangible assets
Entitlements are being amortised evenly over their estimated useful life of 5 years.

Intangible assets consist of entitlements to the basic payment. The entitlements are recognised at fair value and written off on a straight line basis over the period to 31 December 2019 when the scheme ends.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 5% on cost
Plant and machinery etc - 20% on reducing balance and 5% on cost

Tangible fixed assets are 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.

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.

Basic payment
The Basic Payment is recognised in the financial statements in accordance with current H. M. Revenue & Customs guidance.

Going concern
During the year to 30 November 2024 the company made a profit of £38,276 (2023: £13,889) and at that date its liabilities exceeded its assets by £54,375 (2023: £92,651). The company is reliant upon the ongoing support of its director. The director considers the going concern basis of accounting to be appropriate for the business and in these financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

STERLING SUPPLIES LIMITED (REGISTERED NUMBER: 02190138)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 December 2023
and 30 November 2024 4,470
AMORTISATION
At 1 December 2023
and 30 November 2024 4,470
NET BOOK VALUE
At 30 November 2024 -
At 30 November 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 December 2023 40,115 222,696 262,811
Additions - 4,426 4,426
At 30 November 2024 40,115 227,122 267,237
DEPRECIATION
At 1 December 2023 40,115 113,469 153,584
Charge for year - 14,083 14,083
At 30 November 2024 40,115 127,552 167,667
NET BOOK VALUE
At 30 November 2024 - 99,570 99,570
At 30 November 2023 - 109,227 109,227

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 15,361 832
Prepayments 1,583 2,026
16,944 2,858

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 508 636
Other taxes and social security 362 390
VAT 3,083 1,516
Other creditors 165,170 165,170
Directors' current accounts 24,840 30,891
Accruals and deferred income 23,524 14,038
217,487 212,641

STERLING SUPPLIES LIMITED (REGISTERED NUMBER: 02190138)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 1 100 100