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REGISTERED NUMBER: 09723383 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 August 2024

for

STERLING CHANCE LETTINGS LIMITED

STERLING CHANCE LETTINGS LIMITED (REGISTERED NUMBER: 09723383)






Contents of the Financial Statements
for the year ended 31 August 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


STERLING CHANCE LETTINGS LIMITED

Company Information
for the year ended 31 August 2024







DIRECTORS: D Isichei
R Isichei





REGISTERED OFFICE: International House
36-38 Cornhill
London
EC3V 3NG





REGISTERED NUMBER: 09723383 (England and Wales)





ACCOUNTANTS: K J Pittalis and Partners LLP
Chartered Certified Accountants
Global House
303 Ballards Lane
London
N12 8NP

STERLING CHANCE LETTINGS LIMITED (REGISTERED NUMBER: 09723383)

Statement of Financial Position
31 August 2024

31/8/24 31/8/23
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,116 1,397
Investment property 5 774,727 679,727
775,843 681,124

CURRENT ASSETS
Debtors 6 3,414 4,395
Cash at bank 73,388 139,768
76,802 144,163
CREDITORS
Amounts falling due within one year 7 (98,028 ) (175,338 )
NET CURRENT LIABILITIES (21,226 ) (31,175 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

754,617

649,949

CREDITORS
Amounts falling due after more than one
year

8

(532,430

)

(527,080

)

PROVISIONS FOR LIABILITIES 10 (42,587 ) (18,890 )
NET ASSETS 179,600 103,979

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 127,125 55,875
Retained earnings 52,474 48,103
SHAREHOLDERS' FUNDS 179,600 103,979

STERLING CHANCE LETTINGS LIMITED (REGISTERED NUMBER: 09723383)

Statement of Financial Position - continued
31 August 2024


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 14 March 2025 and were signed on its behalf by:





D Isichei - Director


STERLING CHANCE LETTINGS LIMITED (REGISTERED NUMBER: 09723383)

Notes to the Financial Statements
for the year ended 31 August 2024

1. STATUTORY INFORMATION

Sterling Chance Lettings 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 as modified by the revaluation of certain assets.

Turnover
Turnover comprises revenue recognised by the company in respect of rents received and services supplied during the year. Rents are recognised up to the year end date.

The total turnover of the company for the year has been derived from its principal activity wholly undertaken within the UK.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

STERLING CHANCE LETTINGS LIMITED (REGISTERED NUMBER: 09723383)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Going concern
These accounts have been prepared on a going concern basis on the grounds that the directors of the company will not withdraw support until such a time as the company has funds available to meet its debts and liabilities as and when they fall due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 September 2023 1,863
Additions 184
Disposals (124 )
At 31 August 2024 1,923
DEPRECIATION
At 1 September 2023 466
Charge for year 372
Eliminated on disposal (31 )
At 31 August 2024 807
NET BOOK VALUE
At 31 August 2024 1,116
At 31 August 2023 1,397

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023 679,727
Revaluations 95,000
At 31 August 2024 774,727
NET BOOK VALUE
At 31 August 2024 774,727
At 31 August 2023 679,727

The fair value of the properties at August 2024 has been arrived at on the basis of a valuation carried out on 31 August 2024 by the directors of the company who are not professionally qualified valuers.The directors believe the values shown in the accounts reflect the market value at the reporting date. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in the location and takes into account the yield from rentals in the area where the property is situated.

STERLING CHANCE LETTINGS LIMITED (REGISTERED NUMBER: 09723383)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

5. INVESTMENT PROPERTY - continued

Fair value at 31 August 2024 is represented by:
£   
Valuation in 2019 64,500
Valuation in 2020 10,000
Valuation in 2024 95,000
Cost 605,227
774,727

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/8/24 31/8/23
£    £   
Trade debtors 1,375 -
Amounts owed by associates 440 440
Other debtors 1,599 3,955
3,414 4,395

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/8/24 31/8/23
£    £   
Bank loans and overdrafts (see note 9) 3,224 3,061
Trade creditors 643 -
Amounts owed to associates 57,534 64,613
Taxation and social security 1,079 5,179
Other creditors 35,548 102,485
98,028 175,338

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/8/24 31/8/23
£    £   
Bank loans (see note 9) 532,430 527,080

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 529,823 521,087

9. LOANS

An analysis of the maturity of loans is given below:

31/8/24 31/8/23
£    £   
Amounts falling due within one year or on demand:
Bank loans 3,224 3,061

STERLING CHANCE LETTINGS LIMITED (REGISTERED NUMBER: 09723383)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

9. LOANS - continued
31/8/24 31/8/23
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 2,607 5,993

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 529,823 521,087

The above loan is guaranteed by the UK Government under BBLS (the BBLS Guarantee) . There are no capital or interest repayments for the first 12 months after the date of draw down after which the total amount payable must be repaid by way of 60 consecutive monthly repayments (consisting of capital and interest). Interest is charged at a rate of 2.5% on the outstanding principle amount.

Loans repayable other than by installments are secured by charges over the properties owned by the company.

10. PROVISIONS FOR LIABILITIES
31/8/24 31/8/23
£    £   
Deferred tax
Accelerated capital allowances 212 265
Other timing differences 42,375 18,625
42,587 18,890

Deferred
tax
£   
Balance at 1 September 2023 18,890
Provided during year 23,697
Balance at 31 August 2024 42,587