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Registered number: 03843671
Sterling Developments (UK) Limited
Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03843671
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 14,079 18,254
Investments 5 100 100
14,179 18,354
CURRENT ASSETS
Stocks 6 805,000 420,000
Debtors 7 216,970 180,025
Cash at bank and in hand - 140,522
1,021,970 740,547
Creditors: Amounts Falling Due Within One Year 8 (1,020,025 ) (735,177 )
NET CURRENT ASSETS (LIABILITIES) 1,945 5,370
TOTAL ASSETS LESS CURRENT LIABILITIES 16,124 23,724
Creditors: Amounts Falling Due After More Than One Year 9 (5,981 ) (12,837 )
NET ASSETS 10,143 10,887
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 10,043 10,787
SHAREHOLDERS' FUNDS 10,143 10,887
Page 1
Page 2
For the year ending 31 August 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
C Allen
Director
25 August 2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Sterling Developments (UK) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03843671 . The registered office is Leonard House, 5-7 Newman Road, Bromley, Kent, BR1 1RJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised:
Sale of trading properties
Turnover from the sale of trading properties is recognised in the income statement when the significant risks and rewards of ownership have been transferred to the buyer, which is usually at the completion.
Interest income
Revenue is recognised as interest accrues using the effective interest method.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. No depreciation is provided in the year of acquisition. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% on reducing balance and 15% on cost
Furniture, fixtures and equipment 25% on reducing balance and 15% on cost
Computer Equipment 25% on reducing balance and 15% on cost
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Motor Vehicles Furniture, fixtures and equipment Computer Equipment Total
£ £ £ £
Cost
As at 1 September 2023 60,069 8,939 358 69,366
Additions - - 500 500
As at 31 August 2024 60,069 8,939 858 69,866
Depreciation
As at 1 September 2023 42,040 8,857 215 51,112
Provided during the period 4,507 39 129 4,675
As at 31 August 2024 46,547 8,896 344 55,787
Net Book Value
As at 31 August 2024 13,522 43 514 14,079
As at 1 September 2023 18,029 82 143 18,254
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5. Investments
Subsidiaries
£
Cost
As at 1 September 2023 100
As at 31 August 2024 100
Provision
As at 1 September 2023 -
As at 31 August 2024 -
Net Book Value
As at 31 August 2024 100
As at 1 September 2023 100
6. Stocks
2024 2023
£ £
Stock - Properties under development 805,000 420,000
7. Debtors
2024 2023
£ £
Due within one year
Amounts owed by group undertakings 178,644 157,732
Other debtors 38,326 22,293
216,970 180,025
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 5,835 4,814
Bank loans and overdrafts 30,624 -
Other loans 862,015 666,583
Other creditors 114,604 61,069
Taxation and social security 6,947 2,711
1,020,025 735,177
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 5,981 12,837
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 5,835 4,814
Later than one year and not later than five years 5,981 12,837
11,816 17,651
11,816 17,651
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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