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REGISTERED NUMBER: 02160494 (England and Wales)















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: Mr F. Arnaldi
Mrs M. Arnaldi





REGISTERED OFFICE: Global House
303 Ballards Lane
London
N12 8NP





REGISTERED NUMBER: 02160494 (England and Wales)





ACCOUNTANTS: K J Pittalis and Partners LLP
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 4 205,118 229,111
Investments 5 742,850 742,850
Investment property 6 13,793,027 12,808,034
14,740,995 13,779,995

CURRENT ASSETS
Stocks 634,451 1,641,963
Debtors 7 3,535,170 2,183,939
Cash at bank 140,678 694,572
4,310,299 4,520,474
CREDITORS
Amounts falling due within one year 8 (912,086 ) (526,324 )
NET CURRENT ASSETS 3,398,213 3,994,150
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,139,208

17,774,145

CREDITORS
Amounts falling due after more than one
year

9

(6,234,106

)

(6,566,463

)

PROVISIONS FOR LIABILITIES 10 (726,990 ) (830,893 )
NET ASSETS 11,178,112 10,376,789

CAPITAL AND RESERVES
Called up share capital 11 10,100 10,100
Other reserves 4,310,126 4,310,126
Retained earnings 6,857,886 6,056,563
SHAREHOLDERS' FUNDS 11,178,112 10,376,789

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 DEVELOPMENTS (LONDON) LIMITED (REGISTERED NUMBER: 02160494)

Statement of Financial Position - continued
30 September 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 20 June 2025 and were signed on its behalf by:





Mr F. Arnaldi - Director


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 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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance

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 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 October 2023 200,000 96,868 35,490 332,358
Disposals - - (35,490 ) (35,490 )
At 30 September 2024 200,000 96,868 - 296,868
DEPRECIATION
At 1 October 2023 - 90,471 12,776 103,247
Charge for year - 1,279 - 1,279
Eliminated on disposal - - (12,776 ) (12,776 )
At 30 September 2024 - 91,750 - 91,750
NET BOOK VALUE
At 30 September 2024 200,000 5,118 - 205,118
At 30 September 2023 200,000 6,397 22,714 229,111

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 742,850
NET BOOK VALUE
At 30 September 2024 742,850
At 30 September 2023 742,850

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023 12,808,034
Additions 984,993
At 30 September 2024 13,793,027
NET BOOK VALUE
At 30 September 2024 13,793,027
At 30 September 2023 12,808,034

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 326,257 61,228
3,535,170 2,183,939

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 56,480 108,665
Hire purchase contracts - 2,155
Trade creditors 967 967
Taxation and social security 130,838 111,374
Other creditors 723,801 303,163
912,086 526,324

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 6,234,106 6,547,978
Hire purchase contracts - 18,485
6,234,106 6,566,463

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 1,280 7,180
Other timing differences 725,710 823,713
726,990 830,893

Deferred
tax
£   
Balance at 1 October 2023 830,893
Provided during year (103,903 )
Balance at 30 September 2024 726,990

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/9/24 30/9/23
value: £    £   
100 Ordinary shares 1 100 100
10,000 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.