Company registration number 02076612 (England and Wales)
STERLING ITI LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
STERLING ITI LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
STERLING ITI LTD
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF STERLING ITI LTD
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sterling ITI Ltd for the year ended 30 November 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of Sterling ITI Ltd, as a body, in accordance with the terms of our engagement letter dated 6 March 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Sterling ITI Ltd and state those matters that we have agreed to state to the board of directors of Sterling ITI Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sterling ITI Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Sterling ITI Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sterling ITI Ltd. You consider that Sterling ITI Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Sterling ITI Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
BK Plus Limited
Chartered Certified Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA
United Kingdom
31 July 2025
STERLING ITI LTD
BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
20,000
25,000
Tangible assets
4
18,069
12,821
38,069
37,821
Current assets
Stocks
448,250
209,103
Debtors
387,091
294,118
Cash at bank and in hand
96,915
1,023
932,256
504,244
Creditors: amounts falling due within one year
(687,275)
(256,074)
Net current assets
244,981
248,170
Total assets less current liabilities
283,050
285,991
Creditors: amounts falling due after more than one year
(6,917)
(17,197)
Provisions for liabilities
(1,914)
(3,205)
Net assets
274,219
265,589
Capital and reserves
Called up share capital
100
100
Capital redemption reserve
100,000
100,000
Profit and loss reserves
174,119
165,489
Total equity
274,219
265,589
STERLING ITI LTD
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2024
30 November 2024
- 3 -
For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These 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, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 31 July 2025 and are signed on its behalf by:
Mr J W Murray
Director
Company registration number 02076612 (England and Wales)
STERLING ITI LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
1
Accounting policies
Company information
Sterling ITI Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 12, Hawksley Industrial Estate, Hawksley Street, Oldham, Greater Manchester, United Kingdom, OL8 4PQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises the fair value of the sale of goods and services net of value added tax, returns, rebates and discounts. Sale of goods are recognised when the company has delivered the goods to the customer.
1.3
Intangible fixed assets other than goodwill
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & licences
Straight line over 20 years
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold property improvements
10% straight line
Motor vehicles
25% reducing balance
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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
STERLING ITI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Government grants
Grants are credited to deferred revenue. Grants towards revenue expenditure are released to the profit and loss as the related expenditure is incurred.
1.9
Foreign exchange
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reported period date. Non-monetary items are carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value in re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
1.10
Research and development expenditure is written off in the period in which it is incurred.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
22
8
STERLING ITI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
3
Intangible fixed assets
Total
£
Cost
At 1 December 2023 and 30 November 2024
126,420
Amortisation and impairment
At 1 December 2023
101,420
Amortisation charged for the year
5,000
At 30 November 2024
106,420
Carrying amount
At 30 November 2024
20,000
At 30 November 2023
25,000
4
Tangible fixed assets
Total
£
Cost
At 1 December 2023
128,641
Transfers
23,656
At 30 November 2024
152,297
Depreciation and impairment
At 1 December 2023
115,820
Depreciation charged in the year
7,453
Transfers
10,955
At 30 November 2024
134,228
Carrying amount
At 30 November 2024
18,069
At 30 November 2023
12,821
5
Creditors
Creditors include overdrafts which are secured of £118,139 ( 2023 - £112,523 ).
The bank overdraft is secured by a fixed and floating charge over the company's assets.
6
Financial commitments, guarantees and contingent liabilities
The total amount of financial commitments not included in the balance sheet is £64,600 ( 2023 - £nil ). This relates to non-cancellable operating leases.
STERLING ITI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
7
Parent company
The company's immediate parent is Precision 21 Limited, incorporated in England and Wales.