Silverfin false false 31/01/2025 01/02/2024 31/01/2025 B C W Starling D I Starling Mrs J S Starling 14/04/2025 J D W Starling 30/12/1998 18 July 2025 The principal activity of the company is that of retail shops. 02501267 2025-01-31 02501267 bus:Director3 2025-01-31 02501267 bus:Director4 2025-01-31 02501267 2024-01-31 02501267 core:CurrentFinancialInstruments 2025-01-31 02501267 core:CurrentFinancialInstruments 2024-01-31 02501267 core:Non-currentFinancialInstruments 2025-01-31 02501267 core:Non-currentFinancialInstruments 2024-01-31 02501267 core:ShareCapital 2025-01-31 02501267 core:ShareCapital 2024-01-31 02501267 core:SharePremium 2025-01-31 02501267 core:SharePremium 2024-01-31 02501267 core:RevaluationReserve 2025-01-31 02501267 core:RevaluationReserve 2024-01-31 02501267 core:RetainedEarningsAccumulatedLosses 2025-01-31 02501267 core:RetainedEarningsAccumulatedLosses 2024-01-31 02501267 core:Goodwill 2024-01-31 02501267 core:Goodwill 2025-01-31 02501267 core:LandBuildings 2024-01-31 02501267 core:LeaseholdImprovements 2024-01-31 02501267 core:PlantMachinery 2024-01-31 02501267 core:Vehicles 2024-01-31 02501267 core:LandBuildings 2025-01-31 02501267 core:LeaseholdImprovements 2025-01-31 02501267 core:PlantMachinery 2025-01-31 02501267 core:Vehicles 2025-01-31 02501267 core:CostValuation 2024-01-31 02501267 core:CostValuation 2025-01-31 02501267 2023-01-31 02501267 core:AcceleratedTaxDepreciationDeferredTax 2025-01-31 02501267 core:AcceleratedTaxDepreciationDeferredTax 2024-01-31 02501267 core:RevaluationPropertyPlantEquipmentDeferredTax 2025-01-31 02501267 core:RevaluationPropertyPlantEquipmentDeferredTax 2024-01-31 02501267 core:OtherDeferredTax 2025-01-31 02501267 core:OtherDeferredTax 2024-01-31 02501267 bus:OrdinaryShareClass1 2025-01-31 02501267 bus:PreferenceShareClass1 bus:Non-cumulativeShares 2025-01-31 02501267 core:WithinOneYear 2025-01-31 02501267 core:WithinOneYear 2024-01-31 02501267 core:BetweenOneFiveYears 2025-01-31 02501267 core:BetweenOneFiveYears 2024-01-31 02501267 2024-02-01 2025-01-31 02501267 bus:FilletedAccounts 2024-02-01 2025-01-31 02501267 bus:SmallEntities 2024-02-01 2025-01-31 02501267 bus:AuditExemptWithAccountantsReport 2024-02-01 2025-01-31 02501267 bus:PrivateLimitedCompanyLtd 2024-02-01 2025-01-31 02501267 bus:Director1 2024-02-01 2025-01-31 02501267 bus:Director2 2024-02-01 2025-01-31 02501267 bus:Director3 2024-02-01 2025-01-31 02501267 bus:Director4 2024-02-01 2025-01-31 02501267 core:Goodwill core:TopRangeValue 2024-02-01 2025-01-31 02501267 core:LandBuildings core:TopRangeValue 2024-02-01 2025-01-31 02501267 core:PlantMachinery 2024-02-01 2025-01-31 02501267 core:Vehicles 2024-02-01 2025-01-31 02501267 2023-02-01 2024-01-31 02501267 core:LandBuildings 2024-02-01 2025-01-31 02501267 core:LeaseholdImprovements 2024-02-01 2025-01-31 02501267 core:Non-currentFinancialInstruments 2024-02-01 2025-01-31 02501267 bus:OrdinaryShareClass1 2024-02-01 2025-01-31 02501267 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 02501267 bus:PreferenceShareClass1 bus:Non-cumulativeShares 2024-02-01 2025-01-31 02501267 bus:PreferenceShareClass1 bus:Non-cumulativeShares 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 02501267 (England and Wales)

STARLINGS OF SHERINGHAM LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2025
Pages for filing with the registrar

STARLINGS OF SHERINGHAM LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2025

Contents

STARLINGS OF SHERINGHAM LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2025
STARLINGS OF SHERINGHAM LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 4 867,242 903,200
Investments 5 4,000 4,000
871,242 907,200
Current assets
Stocks 549,695 586,474
Debtors 6 142,824 116,668
Cash at bank and in hand 571,828 538,377
1,264,347 1,241,519
Creditors: amounts falling due within one year 7 ( 726,586) ( 549,925)
Net current assets 537,761 691,594
Total assets less current liabilities 1,409,003 1,598,794
Creditors: amounts falling due after more than one year 8 ( 216,681) ( 365,985)
Provision for liabilities 9 ( 107,815) ( 113,845)
Net assets 1,084,507 1,118,964
Capital and reserves
Called-up share capital 10 100,000 100,000
Share premium account 292,392 292,392
Revaluation reserve 429,030 435,405
Profit and loss account 263,085 291,167
Total shareholders' funds 1,084,507 1,118,964

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

Directors' responsibilities:

The financial statements of Starlings of Sheringham Limited (registered number: 02501267) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

J D W Starling
Director

18 July 2025

STARLINGS OF SHERINGHAM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2025
STARLINGS OF SHERINGHAM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 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

Starlings of Sheringham Limited (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 10 Wrights Walk, Dereham, Norfolk, NR19 1TR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 10 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:

Land and buildings 50 years straight line
Leasehold improvements depreciated over the life of the lease
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company 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 Statement of Financial Position 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).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 68 69

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 February 2024 132,242 132,242
At 31 January 2025 132,242 132,242
Accumulated amortisation
At 01 February 2024 132,242 132,242
At 31 January 2025 132,242 132,242
Net book value
At 31 January 2025 0 0
At 31 January 2024 0 0

4. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Total
£ £ £ £ £
Cost
At 01 February 2024 710,000 277,177 235,344 81,328 1,303,849
Additions 0 0 17,034 0 17,034
Disposals 0 0 0 ( 18,595) ( 18,595)
At 31 January 2025 710,000 277,177 252,378 62,733 1,302,288
Accumulated depreciation
At 01 February 2024 39,100 235,193 86,096 40,260 400,649
Charge for the financial year 9,775 5,248 24,394 9,256 48,673
Disposals 0 0 0 ( 14,275) ( 14,275)
At 31 January 2025 48,874 240,441 110,490 35,241 435,046
Net book value
At 31 January 2025 661,126 36,736 141,888 27,492 867,242
At 31 January 2024 670,900 41,984 149,248 41,068 903,200
Leased assets included above:
Net book value
At 31 January 2025 0 0 0 0 0
At 31 January 2024 0 0 0 8,989 8,989

Revaluation of tangible assets

The freehold land and building was professionally revalued by Arnolds Keys, an independent valuer, to market value in 2019.

2025 2024
£ £
Historical cost 273,022 273,022
Accumulated depreciation (69,039) (60,392)
Carrying value 203,983 212,630

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 February 2024 4,000 4,000
At 31 January 2025 4,000 4,000
Carrying value at 31 January 2025 4,000 4,000
Carrying value at 31 January 2024 4,000 4,000

6. Debtors

2025 2024
£ £
Trade debtors 36,559 29,742
Prepayments 106,265 86,926
142,824 116,668

7. Creditors: amounts falling due within one year

2025 2024
£ £
Bank loans 148,678 32,367
Trade creditors 366,693 270,547
Amounts owed to directors 487 1,597
Accruals 24,612 39,946
Corporation tax 484 5,308
Other taxation and social security 170,502 176,688
Obligations under finance leases and hire purchase contracts 0 1,079
Other creditors 15,130 22,393
726,586 549,925

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

2025 2024
£ £
Bank loans 66,681 215,985
Other creditors 150,000 150,000
216,681 365,985

The bank loans are mostly secured on the freehold property on the company as well as a debenture.

9. Deferred tax

2025 2024
£ £
At the beginning of financial year ( 113,845) ( 105,041)
Credited/(charged) to the Income Statement 6,030 ( 8,804)
At the end of financial year ( 107,815) ( 113,845)

The deferred taxation balance is made up as follows:

2025 2024
£ £
Accelerated capital allowances ( 44,028) ( 49,210)
Revaluation of tangible assets ( 64,849) ( 64,849)
Other timing differences 234 214
( 107,815) ( 113,845)

10. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
100,000 Ordinary shares of £ 1.00 each 100,000 100,000
150,000 Preference non-cumulative shares of £ 1.00 each 150,000 150,000
250,000 250,000

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2025 2024
£ £
within one year 156,167 229,385
between one and five years 160,000 316,167
316,167 545,552

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £40,464 (2024 - £34,124). Contributions totalling £2,427 (2024 - £2,092) were payable to the fund at the reporting date and are included in creditors.

12. Related party transactions

Transactions with the entity's directors

At the year end, the directors were owed £487 (2024 - £1,597) which is repayable on demand.

Within creditors falling due after more than one year is £150,000 (2024 - £150,000) in respect of redeemable preference shares, owned by the directors/family of the directors.