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REGISTERED NUMBER: 07611457 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

Sterling UK Construction Ltd

Sterling UK Construction Ltd (Registered number: 07611457)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Sterling UK Construction Ltd

Company Information
for the Year Ended 30 April 2024







DIRECTORS: G Evans
S Thomas





SECRETARY:





REGISTERED OFFICE: Llys Y Barchud A2
Heol Parc Mawr
Crosshands Business Park
Llanelli
Carmarthenshire
SA14 6RX





REGISTERED NUMBER: 07611457 (England and Wales)





ACCOUNTANTS: Eagle Accountancy (UK) Limited
2 Coracle Offices
St Catherine Street
Carmarthen
Carmarthenshire
SA31 1RD

Sterling UK Construction Ltd (Registered number: 07611457)

Statement of Financial Position
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 407,826 229,163
407,826 229,163

CURRENT ASSETS
Stocks 6 3,297,910 2,513,103
Debtors 7 1,757,988 1,051,636
Cash at bank and in hand 195,160 206,890
5,251,058 3,771,629
CREDITORS
Amounts falling due within one year 8 3,057,224 2,227,232
NET CURRENT ASSETS 2,193,834 1,544,397
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,601,660

1,773,560

CREDITORS
Amounts falling due after more than one year 9 (543,926 ) (211,137 )

PROVISIONS FOR LIABILITIES (33,441 ) (33,441 )
NET ASSETS 2,024,293 1,528,982

CAPITAL AND RESERVES
Called up share capital 800 800
Retained earnings 2,023,493 1,528,182
SHAREHOLDERS' FUNDS 2,024,293 1,528,982

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

Sterling UK Construction Ltd (Registered number: 07611457)

Statement of Financial Position - continued
30 April 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 Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:




G Evans - Director



S Thomas - Director


Sterling UK Construction Ltd (Registered number: 07611457)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Sterling UK Construction Ltd 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of four years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance and 10% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 balance sheet. 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 UK Construction Ltd (Registered number: 07611457)

Notes to the Financial Statements - continued
for the Year Ended 30 April 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 55 (2023 - 39 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 105,302
AMORTISATION
At 1 May 2023
and 30 April 2024 105,302
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

5. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 May 2023 471,994 60,161 532,155
Additions 292,490 - 292,490
Disposals (58,150 ) - (58,150 )
At 30 April 2024 706,334 60,161 766,495
DEPRECIATION
At 1 May 2023 276,672 26,320 302,992
Charge for year 95,611 8,460 104,071
Eliminated on disposal (48,394 ) - (48,394 )
At 30 April 2024 323,889 34,780 358,669
NET BOOK VALUE
At 30 April 2024 382,445 25,381 407,826
At 30 April 2023 195,322 33,841 229,163

Sterling UK Construction Ltd (Registered number: 07611457)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 May 2023 225,000 60,161 285,161
Additions 259,000 - 259,000
At 30 April 2024 484,000 60,161 544,161
DEPRECIATION
At 1 May 2023 81,000 26,320 107,320
Charge for year 80,600 8,460 89,060
At 30 April 2024 161,600 34,780 196,380
NET BOOK VALUE
At 30 April 2024 322,400 25,381 347,781
At 30 April 2023 144,000 33,841 177,841

6. STOCKS
30.4.24 30.4.23
£    £   
Stocks 547,909 791,670
Work-in-progress 2,750,001 1,721,433
3,297,910 2,513,103

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 870,873 574,840
Other debtors 802,688 476,796
Prepayments 84,427 -
1,757,988 1,051,636

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 34,134 10,926
Other loans 216,840 120,577
Hire purchase contracts 103,974 50,890
Trade creditors 2,141,685 1,174,958
Tax 126,992 117,823
Social security and other taxes 185,554 41,461
Other creditors 209,855 678,359
Directors' current accounts 10,745 9,404
Accruals and deferred income 27,445 22,834
3,057,224 2,227,232

Sterling UK Construction Ltd (Registered number: 07611457)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans - 2-5 years 12,846 20,740
Other loans - 2-5 years 331,681 94,611
Hire purchase contracts 199,399 95,786
543,926 211,137

10. SECURED DEBTS

At the Balance Sheet date, the Company had the following charges outstanding:



1) As a result of a further £125,000 loan from the Development Bank of Wales in the year, security in the form of a Debenture has been issued to the Development Bank of Wales by the company.

2) On 7 May 2021 a fixed and floating charge over the Goodwill, Assets, Land, Property and associated undertakings was in place and was held by Gerallt Price Davies The charge also includes a negative pledge.

3) On 25 June 2020 Entitled to Gerallt Price Davies. Contains fixed/floating charge and negative pledge against all land, assets, goodwill and undertakings of the company.

4) As a result of a loan taken out by the Company to the sum of £125,000, on 4 May 2020, Dbw Investment (10) Limited registered a fixed and floating charge and a negative pledge against all other freehold and leasehold property now or in the future belonging to the company together with all buildings, trade and other fixtures, fixed plant and machinery of the Company. The security also includes the charge against all patents, copyrights, marks, service marks, designs and other intellectual property rights (including without limitation business names, know-how, formulae, inventions, confidential information, trade secrets, computer software, programs and systems), claims and all fees, royalties and other rights of every kind deriving from such intellectual property

5) On 10 November 2017, as part of the Company's debt facilities, Lloyds Bank Commercial Finance Ltd holds an All Asset Debenture with the Company.

6) On 11 December 2014., Barclays Bank plc registered a Fixed and Floating Charge (as well as a Floating Charge over the Property and undertakings) of the Company. Barclays Bank plc also holds a negative pledge under the same charge.