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Company No: 08835012 (England and Wales)

SOUTHGATE & STERLING LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH THE REGISTRAR

SOUTHGATE & STERLING LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

Contents

SOUTHGATE & STERLING LTD

BALANCE SHEET

AS AT 31 MARCH 2025
SOUTHGATE & STERLING LTD

BALANCE SHEET (continued)

AS AT 31 MARCH 2025
Note 2025 2024
£ £
Fixed assets
Intangible assets 3 24,500 38,500
Tangible assets 4 1,799 2,636
26,299 41,136
Current assets
Stocks 218,025 186,703
Debtors 5 165,527 163,936
383,552 350,639
Creditors: amounts falling due within one year 6 ( 253,083) ( 310,123)
Net current assets 130,469 40,516
Total assets less current liabilities 156,768 81,652
Creditors: amounts falling due after more than one year 7 ( 25,027) ( 30,833)
Provision for liabilities ( 450) ( 325)
Net assets 131,291 50,494
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 131,191 50,394
Total shareholder's funds 131,291 50,494

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Southgate & Sterling Ltd (registered number: 08835012) were approved and authorised for issue by the Director on 26 June 2025. They were signed on its behalf by:

Andrew John Royle
Director
SOUTHGATE & STERLING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
SOUTHGATE & STERLING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Southgate & Sterling Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Fleming Court Leigh Road, Eastleigh, Southampton, SO50 9PD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance
3 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Provisions

Provisions are recognised when the has a present obligation (legal or constructive) as a result of a past event, it is probable that the will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including the director 6 5

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2024 145,000 145,000
At 31 March 2025 145,000 145,000
Accumulated amortisation
At 01 April 2024 106,500 106,500
Charge for the financial year 14,000 14,000
At 31 March 2025 120,500 120,500
Net book value
At 31 March 2025 24,500 24,500
At 31 March 2024 38,500 38,500

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2024 6,829 6,829
At 31 March 2025 6,829 6,829
Accumulated depreciation
At 01 April 2024 4,193 4,193
Charge for the financial year 837 837
At 31 March 2025 5,030 5,030
Net book value
At 31 March 2025 1,799 1,799
At 31 March 2024 2,636 2,636

5. Debtors

2025 2024
£ £
Trade debtors 154,646 153,774
Prepayments 10,881 10,162
165,527 163,936

6. Creditors: amounts falling due within one year

2025 2024
£ £
Bank loans and overdrafts 49,142 50,448
Trade creditors 51,525 144,753
Amounts owed to director 92,411 81,755
Accruals 3,445 3,445
Taxation and social security 56,560 28,877
Other creditors 0 845
253,083 310,123

7. Creditors: amounts falling due after more than one year

2025 2024
£ £
Bank loans 25,027 30,833

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100