Sterling & Wells Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Sterling & Wells Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11519378 . The registered office is 809 Salisbury House, 29 Finsbury Circus, London, EC2M 7AQ.

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:

Rendering of services

Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Interest income

Revenue is recognised as interest accrues using the effective interest method.

Dividends income

Revenue is recognised when the right to receive payment is established.

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:

Furniture, fixtures and equipment

25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

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Sterling & Wells Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.4. Financial Instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

2.5. Foreign Currencies

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated

using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair

value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary

assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other

comprehensive income as qualifying cash flow hedges.

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Sterling & Wells Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

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: 3 (2023: 3)

4. Tangible Assets

	Furniture, fixtures and equipment
	£
Cost
As at 1 January 2024	10,331
Additions	1,247
Disposals	(4,574 )

As at 31 December 2024	7,004

Depreciation
As at 1 January 2024	2,112
Provided during the period	911

As at 31 December 2024	3,023

Net Book Value
As at 31 December 2024	3,981

As at 1 January 2024	8,219

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Sterling & Wells Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

The investment properties are valued, at balance sheet date, by directors of the company based on the assessment of available market information and property condition. The directors believe the their valuation would not be materially different from the professional valuation.

5. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	13,727	2,413
Amounts owed by group undertakings	4,883	7,999
Other debtors	2,980	6,191

	21,590	16,603

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	35,213	42,391
Other creditors	13,998	-

	49,211	42,391

7. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Other creditors	32,264	38,204

8. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	100	100

9. Related Party Transactions

Included in debtors due within one year is an amount of £4,883 (2023: £7,999) owed by the group undertakings. The amount is interest free and repayable on demand.

10. Ultimate Controlling Party

The company's immediate parent is UKPA Global Ltd and ultimate parent undertaking is Gargan Holdings Ltd. The ultimate controlling party is Mr Raju Gajurel by virtue of his shareholding in the ultimate parent undertaking.

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		3,981		8,219

			3,981		8,219
CURRENT ASSETS
Debtors	5	21,590		16,603
Cash at bank and in hand		2,597		1,645

		24,187		18,248
Creditors: Amounts Falling Due Within One Year	6	(49,211 )		(42,391 )

NET CURRENT ASSETS (LIABILITIES)			(25,024 )		(24,143 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(21,043 )		(15,924 )

Creditors: Amounts Falling Due After More Than One Year	7		(32,264 )		(38,204 )

NET LIABILITIES			(53,307 )		(54,128 )

CAPITAL AND RESERVES
Called up share capital	8		100		100
Profit and Loss Account			(53,407 )		(54,228 )

SHAREHOLDERS' FUNDS			(53,307)		(54,128)