REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 September 2024 |
for |
STERLING DEVELOPMENTS (LONDON) LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 September 2024 |
for |
STERLING DEVELOPMENTS (LONDON) LIMITED |
STERLING DEVELOPMENTS (LONDON) LIMITED (REGISTERED NUMBER: 02160494) |
Contents of the Financial Statements |
for the year ended 30 September 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
STERLING DEVELOPMENTS (LONDON) LIMITED |
Company Information |
for the year ended 30 September 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Global House |
303 Ballards Lane |
London |
N12 8NP |
STERLING DEVELOPMENTS (LONDON) LIMITED (REGISTERED NUMBER: 02160494) |
Statement of Financial Position |
30 September 2024 |
30/9/24 | 30/9/23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 DEVELOPMENTS (LONDON) LIMITED (REGISTERED NUMBER: 02160494) |
Statement of Financial Position - continued |
30 September 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
STERLING DEVELOPMENTS (LONDON) LIMITED (REGISTERED NUMBER: 02160494) |
Notes to the Financial Statements |
for the year ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Sterling Developments (London) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business. |
Revenue represents amounts received from sale of properties net of VAT and rents receivable from the investment properties owned by company. |
The company recognises rental income based on the rental invoices raised. The income from sale of properties is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the properties. |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Land and building held and used in the Company's own activities for production and supply of goods or for administration purposes are stated in the statement of financial position at their revalued amounts. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position. |
Any revaluation increase or decrease on land and buildings is reflected in the property revaluation reserve. |
Once the property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised. |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
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. |
Stocks |
Stock represents the initial cost and associated development costs of land and property acquired for resale. The directors' valuation is based on the lower of cost and net realisable value. |
STERLING DEVELOPMENTS (LONDON) LIMITED (REGISTERED NUMBER: 02160494) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2023 |
Disposals | ( |
) | ( |
) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
STERLING DEVELOPMENTS (LONDON) LIMITED (REGISTERED NUMBER: 02160494) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2024 |
5. | FIXED ASSET INVESTMENTS |
Interest |
in |
associate |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2023 |
Additions |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
The fair value of the property at September 2024 has been arrived on the basis of a valuation carried out at the date by Mr Arnaldi, a director of the company who is not a professionally qualified valuer. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in its location and takes into account the rental income in the area where the properties are situated. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/9/24 | 30/9/23 |
£ | £ |
Amounts owed by related companies | 3,208,913 | 2,122,711 |
Other debtors |
Amounts owed by related companies includes amounts of £3,208,913 (2023 - £2,122,711) is payable on demand and therefore treated as current assets of the business. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/9/24 | 30/9/23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
STERLING DEVELOPMENTS (LONDON) LIMITED (REGISTERED NUMBER: 02160494) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30/9/24 | 30/9/23 |
£ | £ |
Bank loans |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans over 5 years by instalments | 5,838,745 | 6,095,268 |
The bank loans are secured against the properties of the company. |
10. | PROVISIONS FOR LIABILITIES |
30/9/24 | 30/9/23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Other timing differences | 725,710 | 823,713 |
726,990 | 830,893 |
Deferred |
tax |
£ |
Balance at 1 October 2023 |
Provided during year | ( |
) |
Balance at 30 September 2024 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/9/24 | 30/9/23 |
value: | £ | £ |
Ordinary shares | 1 | 100 | 100 |
Ordinary A shares | 1 | 10,000 | 10,000 |
10,100 | 10,100 |
12. | RELATED PARTY DISCLOSURES |
An amount of £551,408 (2023 - £57,364) included in creditors is owed to the directors. |