Company registration number 11897637 (England and Wales)
STERLING GP HOLDINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
STERLING GP HOLDINGS LTD
COMPANY INFORMATION
Director
Mr A James
Company number
11897637
Registered office
Unit 7 Burdon Way
Stokesley Business Park
Stokesley
TS9 5PY
Auditor
Benee Consulting Limited
48 Durrell Drive
Rugby
Warwickshire
CV22 7GW
Accountant
Oldfield Advisory LLP
1120 Elliott Court
Herald Avenue
Coventry Business Park
Coventry
CV5 6UB
STERLING GP HOLDINGS LTD
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Director's responsibilities statement
5
Independent auditor's report
6 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 39
STERLING GP HOLDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The director presents the strategic report for the year ended 31 December 2024.

Review of the business

Principal Activities
The group is engaged in the design, manufacture, and supply of vehicle body products, including beavertail truck bodies and concrete mixer units, serving the UK construction and logistics sectors. Through its subsidiaries Sterling GP Ltd and Sterling Mixers Ltd, the group offers a diverse and well-established product range supported by high standards of service and engineering.
Business Environment

The group operates within the construction and infrastructure supply chain, where demand is closely linked to overall activity in housing, transport, and commercial building projects. While the sector faced ongoing inflationary and market uncertainty during 2024, the group maintained a resilient supply chain with key UK-based suppliers and limited exposure to European imports.

The directors are pleased to report that no material disruptions were experienced in supply, logistics, or workforce availability during the period. The group continues to collaborate closely with suppliers to ensure continuity, supported by long-term partnerships and ongoing internal capacity-building initiatives.

Strategy.

The group’s strategy, outlined in its “Vision 2027” programme, focuses on growth through enhanced product offering, customer service, and operational efficiency. As a family-controlled business, the group adheres to a set of shared core values: Quality, Seamless Collaboration, Continuous Improvement, and Effective Communication.

Strategic priorities during the year included: Expanding production capability through in-house fabrication and painting; Investment in R&D for both established models (Supermix, Ultramix, Beavertail); Strengthening employee engagement through training, resource planning and a profit share initiative. The group aims to build on its strong brand reputation, aiming to be recognised as a benchmark in quality and reliability within its industry.

Principal risks and uncertainties

Risk management within the group is overseen through a structured framework of internal policies, procedures, and controls. These are regularly reviewed by the board of directors, senior management, and the company’s risk committee to ensure continued compliance with regulatory standards and industry best practice.

The primary business risk identified by the group is the potential contraction in the construction sector, which could impact demand for concrete mixer bodies. Volatility in raw material pricing, particularly for steel and components, is also a key risk. These risks are actively monitored and mitigated through agile pricing strategies and supplier management.

The group closely monitors working capital requirements through robust internal systems. Liquidity is managed effectively, supported by a stocking finance facility and stable banking relationships. Supply chain risk is addressed through the ongoing expansion of in-house fabrication and painting operations, reducing external dependency. Talent retention and recruitment remain a priority, with the business investing in workforce development and implementing a performance-based profit share scheme to retain critical skills.

All core business processes are supported by detailed operating procedures and technical drawings. The group is ISO 9001 certified, and senior management ensures that documented standards are consistently applied across all departments.

Development and performance

Trading conditions remained challenging in parts of the year due to cost pressures in materials and slower customer investment decisions. Despite this, the group retained healthy liquidity, strong supplier relationships, and positive customer feedback across all subsidiaries.

The group continues to monitor its KPIs regularly, which include gross margin, operating profit margin, current ratio, and working capital metrics. Operational performance across the group remained stable, supported by cost discipline and margin protection strategies.

STERLING GP HOLDINGS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators

The directors use a range of key performance indicators (KPIs) to assess the financial and operational health of the group. While trading performance varied across subsidiaries during the year, the group overall remained in line with expectations.
The operating profit margin for the year was 11.23% (2023 – 14.05%), reflecting continued profitability despite market pressures and investment in capacity. Gross margin improved slightly to 34.80% (2023 – 32.53%), indicating enhanced cost efficiency and effective pricing strategy.

At the year end, the group reported net assets of £3,882,583 (2023 – £3,061,908), demonstrating a strengthened financial position and continued growth in retained reserves. These KPIs are actively monitored by the board and senior management as part of ongoing performance review and decision-making processes.

Other information and explanations

Other Performance Indicators
Non-financial KPIs include health and safety performance, quality control metrics, and customer satisfaction scores. Formal customer feedback is sought after vehicle delivery, and findings are reviewed by the executive team.

A dedicated Health and Safety Executive and committee meet regularly to ensure proactive safety practices are in place.

Future Developments
The group will continue to invest in people, products, and infrastructure to deliver on its Vision 2027 strategy. Focus areas for 2025 include increasing the share of higher-margin products, improving production automation, and exploring export markets.

On behalf of the board

Mr A James
Director
29 September 2025
STERLING GP HOLDINGS LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 December 2024.

Principal activities

The group is engaged in the design, manufacture, and supply of vehicle body products, including beavertail truck bodies and concrete mixer units, serving the UK construction and logistics sectors. Through its subsidiaries Sterling GP Ltd and Sterling Mixers Ltd, the group offers a diverse and well-established product range supported by high standards of service and engineering.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £238,883. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr A James
Mrs L James
(Resigned 13 December 2024)
Financial instruments

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Future developments

Details of future developments are given in the Strategic Report.

Auditor

The auditor, , is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

STERLING GP HOLDINGS LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
Mr A James
Director
29 September 2025
STERLING GP HOLDINGS LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STERLING GP HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STERLING GP HOLDINGS LTD
- 6 -

Qualified Opinion on the financial statements

We have audited the financial statements of Sterling GP Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its for the period then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion except for the evidence relating to stock. We were not appointed as auditor of the group until after 31 December 2023 and thus did not observe the counting of physical stocks and we were unable to satisfy ourselves by alternative means, or by using other audit procedures, concerning the stock quantities held at 31 December 2023, valued at £2,438,021, and which are included in cost of sales during the year ended 31 December 2024. Consequently we were unable to determine whether any adjustment to this amount was necessary.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

STERLING GP HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STERLING GP HOLDINGS LTD
- 7 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the stock quantities of £2,438,021 held at 31 December 2023. We have concluded that where the other information refers to the stock balance or related balances such as cost of sales, it may be materially misstated for the same reason.

Qualified o pinions on other matters prescribed by the Companies Act 2006

We were not appointed as auditor of the company until after 31 December 2023 and thus did not observe the counting of physical stocks for the year ended 31 December 2023. We were unable to satisfy ourselves by alternative means concerning the stock quantities acquired at 31 December 2023 of £2,438,021 by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary. In addition, were any adjustment to this stock balance required, the strategic report would also need to be amended.

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the directors’ report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, in the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors’ report.

In respect solely of the limitation on our work relating to stock, described above:

- we have not obtained all of the information and explanations we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records had been maintained.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors’ remuneration specified by law are not made.

STERLING GP HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STERLING GP HOLDINGS LTD
- 8 -
Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

E xtent to which our procedures are capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of
  journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

STERLING GP HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STERLING GP HOLDINGS LTD
- 9 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Sarah Flint BSc FCA (Senior Statutory Auditor)
For and on behalf of Benee Consulting Limited
Chartered Accountant and Statutory Auditor
48 Durrell Drive
Rugby
Warwickshire
CV22 7GW
29 September 2025
STERLING GP HOLDINGS LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
13,547,997
15,611,433
Cost of sales
(8,833,935)
(10,532,446)
Gross profit
4,714,062
5,078,987
Administrative expenses
(3,193,175)
(2,886,278)
Other operating income
-
448
Operating profit
4
1,520,887
2,193,157
Interest receivable and similar income
7
13,895
12,175
Interest payable and similar expenses
8
(89,405)
(82,502)
Profit before taxation
1,445,377
2,122,830
Tax on profit
9
(385,819)
(469,281)
Profit for the financial year
26
1,059,558
1,653,549
Profit for the financial year is all attributable to the owners of the parent company.
STERLING GP HOLDINGS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
£
£
Profit for the year
1,059,558
1,653,549
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
1,059,558
1,653,549
Total comprehensive income for the year is all attributable to the owners of the parent company.
STERLING GP HOLDINGS LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
-
0
50,807
Other intangible assets
11
12,734
-
0
Total intangible assets
12,734
50,807
Tangible assets
12
3,095,207
1,899,493
3,107,941
1,950,300
Current assets
Stocks
15
1,998,103
2,438,021
Debtors
16
941,549
1,439,973
Cash at bank and in hand
1,434,613
764,951
4,374,265
4,642,945
Creditors: amounts falling due within one year
17
(1,804,806)
(2,877,133)
Net current assets
2,569,459
1,765,812
Total assets less current liabilities
5,677,400
3,716,112
Creditors: amounts falling due after more than one year
18
(1,623,857)
(493,584)
Provisions for liabilities
Provisions
21
11,617
11,617
Deferred tax liability
22
159,343
149,003
(170,960)
(160,620)
Net assets
3,882,583
3,061,908
Capital and reserves
Called up share capital
25
200
200
Profit and loss reserves
26
3,882,383
3,061,708
Total equity
3,882,583
3,061,908

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 29 September 2025 and are signed on its behalf by:
29 September 2025
Mr A James
Director
Company registration number 11897637 (England and Wales)
STERLING GP HOLDINGS LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12,734
-
0
Tangible assets
12
2,160,789
859,211
Investments
13
300
300
2,173,823
859,511
Current assets
Debtors
16
3,331
72,607
Cash at bank and in hand
759,587
1,245
762,918
73,852
Creditors: amounts falling due within one year
17
(1,596,131)
(948,799)
Net current liabilities
(833,213)
(874,947)
Total assets less current liabilities
1,340,610
(15,436)
Creditors: amounts falling due after more than one year
18
(1,350,000)
-
Net liabilities
(9,390)
(15,436)
Capital and reserves
Called up share capital
25
200
200
Profit and loss reserves
26
(9,590)
(15,636)
Total equity
(9,390)
(15,436)

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £244,929 (2023 - £238,244 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 29 September 2025 and are signed on its behalf by:
29 September 2025
Mr A James
Director
Company registration number 11897637 (England and Wales)
STERLING GP HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
200
1,662,039
1,662,239
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,653,549
1,653,549
Dividends
10
-
(253,880)
(253,880)
Balance at 31 December 2023
200
3,061,708
3,061,908
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,059,558
1,059,558
Dividends
10
-
(238,883)
(238,883)
Balance at 31 December 2024
200
3,882,383
3,882,583
STERLING GP HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
200
-
0
200
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
238,244
238,244
Dividends
10
-
(253,880)
(253,880)
Balance at 31 December 2023
200
(15,636)
(15,436)
Year ended 31 December 2024:
Profit and total comprehensive income
-
244,929
244,929
Dividends
10
-
(238,883)
(238,883)
Balance at 31 December 2024
200
(9,590)
(9,390)
STERLING GP HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
1,993,317
3,324,331
Interest paid
(89,405)
(82,502)
Income taxes paid
(603,648)
(59,656)
Net cash inflow from operating activities
1,300,264
3,182,173
Investing activities
Purchase of intangible assets
(27,587)
(1)
Purchase of tangible fixed assets
(123,781)
(1,337,046)
Proceeds from disposal of tangible fixed assets
15,794
17,407
Interest received
13,895
12,175
Net cash used in investing activities
(121,679)
(1,307,465)
Financing activities
Proceeds from issue of shares
(1,350,000)
-
Issue of preference shares
1,350,000
-
Repayment of borrowings
(204,486)
(1,195,619)
Repayment of bank loans
(38,563)
263,843
Payment of finance leases obligations
(26,991)
67,198
Dividends paid to equity shareholders
(238,883)
(253,880)
Net cash used in financing activities
(508,923)
(1,118,458)
Net increase in cash and cash equivalents
669,662
756,250
Cash and cash equivalents at beginning of year
764,951
8,701
Cash and cash equivalents at end of year
1,434,613
764,951
STERLING GP HOLDINGS LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
783,957
868,239
Investing activities
Purchase of intangible assets
(27,587)
-
0
Purchase of tangible fixed assets
-
0
(866,994)
Interest received
1,972
-
0
Dividends received
238,883
253,880
Net cash generated from/(used in) investing activities
213,268
(613,114)
Financing activities
Proceeds from issue of shares
(1,350,000)
-
Repayment of preference shares
1,350,000
-
Dividends paid to equity shareholders
(238,883)
(253,880)
Net cash used in financing activities
(238,883)
(253,880)
Net increase in cash and cash equivalents
758,342
1,245
Cash and cash equivalents at beginning of year
1,245
-
0
Cash and cash equivalents at end of year
759,587
1,245
STERLING GP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
1
Accounting policies
Company information

Sterling GP Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 7 Burdon Way, Stokesley Business Park, Stokesley, TS9 5PY.

The group consists of Sterling GP Holdings Ltd and all of its subsidiaries.
The principal activity of the group continued to be the manufacture of trailers and semi-trailers.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Sterling GP Holdings Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

STERLING GP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company’s major sources of revenue are as follows:

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

STERLING GP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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:

Other Intangibles
10% SL
1.9
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Freehold land and buildings
4% Straight Line
Leasehold land and buildings
4% Straight Line
Plant and equipment
15% Straight Line
Fixtures and fittings
33% Straight Line
Computers
10% Straight Line
Motor vehicles
25% Straight Line

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 recognised in the profit and loss account.

1.10
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

STERLING GP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

STERLING GP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.12
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

Stock is measured on a FIFO basis

1.13
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 current liabilities.

1.14
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

STERLING GP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 23 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

STERLING GP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 24 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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 group’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 if, and only if, there is 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.

1.17
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

STERLING GP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 25 -
1.18
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.19
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.20
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Manufacturing
13,547,997
15,611,433
STERLING GP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 26 -
2024
2023
£
£
Turnover analysed by geographical market
UK
13,329,233
15,611,433
Canada
218,764
-
13,547,997
15,611,433
2024
2023
£
£
Other revenue
Interest income
13,895
12,175
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Research and development costs
71,847
56,552
Fees payable to the group's auditor for the audit of the group's financial statements
1,500
-
Depreciation of owned tangible fixed assets
227,323
203,870
Depreciation of tangible fixed assets held under finance leases
12,450
-
Profit on disposal of tangible fixed assets
(8,500)
(17,407)
Amortisation of intangible assets
65,660
87,300
Operating lease charges
38,388
102,087
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
1,500
-
Audit of the financial statements of the company's subsidiaries
18,500
-
20,000
-
STERLING GP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
76
81
1
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,975,306
3,090,545
-
0
-
0
Social security costs
17,747
10,083
-
-
Pension costs
411,450
128,972
-
0
-
0
3,404,503
3,229,600
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
13,594
12,175
Other interest income
301
-
Total income
13,895
12,175
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
13,594
12,175
STERLING GP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
38,648
32,670
Other interest on financial liabilities
38,995
44,497
77,643
77,167
Other finance costs:
Interest on finance leases and hire purchase contracts
11,762
5,335
Total finance costs
89,405
82,502
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
373,549
385,379
Adjustments in respect of prior periods
1,930
-
0
Total current tax
375,479
385,379
Deferred tax
Origination and reversal of timing differences
10,340
83,902
Total tax charge
385,819
469,281
STERLING GP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 29 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,445,377
2,122,830
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
361,344
498,865
Tax effect of expenses that are not deductible in determining taxable profit
79,327
71,843
Gains not taxable
(66,731)
(64,787)
Adjustments in respect of prior years
-
0
(1,699)
Group relief
-
0
(90)
Permanent capital allowances in excess of depreciation
(29,121)
(90,238)
Research and development tax credit
25,107
(29,569)
Other non-reversing timing differences
-
0
83,902
Under/(over) provided in prior years
1,930
-
0
Deferred tax adjustments in respect of prior years
12,570
-
0
(2,230)
-
0
3,623
1,054
Taxation charge
385,819
469,281

Factors that may affect future tax charges
Future tax charges may be influenced by changes in UK corporation tax rates, the availability and utilisation of capital allowances on qualifying plant and property investments, and the treatment of revenue and capital expenditure incurred during the year. In addition, the group has claimed research and development (R&D) tax relief in the current year, which has reduced the overall tax charge. The availability and impact of such relief in future periods will depend on the continuation and qualifying nature of eligible projects.
At the reporting date, there are no material unrecognised deferred tax assets or liabilities, and no significant movements are anticipated outside the group’s normal trading activity.

10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
238,883
253,880
STERLING GP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
11
Intangible fixed assets
Group
Goodwill
Other Intangibles
Total
£
£
£
Cost
At 1 January 2024
873,001
23,750
896,751
Additions
-
0
27,587
27,587
At 31 December 2024
873,001
51,337
924,338
Amortisation and impairment
At 1 January 2024
822,194
23,750
845,944
Amortisation charged for the year
50,807
14,853
65,660
At 31 December 2024
873,001
38,603
911,604
Carrying amount
At 31 December 2024
-
0
12,734
12,734
At 31 December 2023
50,807
-
0
50,807
Company
Other Intangibles
£
Cost
At 1 January 2024
-
0
Additions
27,587
At 31 December 2024
27,587
Amortisation and impairment
At 1 January 2024
-
0
Amortisation charged for the year
14,853
At 31 December 2024
14,853
Carrying amount
At 31 December 2024
12,734
At 31 December 2023
-
0

No impairment losses have been recognised or reversed in the year.

STERLING GP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2024
866,994
324,451
862,619
278,820
23,000
175,359
2,531,243
Additions
1,319,000
14,934
75,195
31,811
1,841
-
0
1,442,781
Disposals
-
0
-
0
-
0
(530)
-
0
(30,212)
(30,742)
At 31 December 2024
2,185,994
339,385
937,814
310,101
24,841
145,147
3,943,282
Depreciation and impairment
At 1 January 2024
7,783
34,198
301,478
201,948
17,659
68,684
631,750
Depreciation charged in the year
17,422
13,112
114,298
55,602
2,520
36,819
239,773
Eliminated in respect of disposals
-
0
-
0
-
0
(160)
-
0
(23,288)
(23,448)
At 31 December 2024
25,205
47,310
415,776
257,390
20,179
82,215
848,075
Carrying amount
At 31 December 2024
2,160,789
292,075
522,038
52,711
4,662
62,932
3,095,207
At 31 December 2023
859,211
290,253
561,141
76,872
5,341
106,675
1,899,493
STERLING GP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
Company
Freehold land and buildings
£
Cost
At 1 January 2024
866,994
Additions
1,319,000
At 31 December 2024
2,185,994
Depreciation and impairment
At 1 January 2024
7,783
Depreciation charged in the year
17,422
At 31 December 2024
25,205
Carrying amount
At 31 December 2024
2,160,789
At 31 December 2023
859,211

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
100,494
-
0
-
0
-
0
Motor vehicles
61,569
-
0
-
0
-
0
162,063
-
-
-

I ncluded within tangible fixed assets are motor vehicles and plant and machinery with a net book value of £162,063 (2024), on which depreciation of £50,363 was charged during the year. These vehicles are depreciated on a straight-line basis over four years and are secured under finance lease and hire purchase agreements, with legal title passing to the group upon settlement of the final instalment. The plant and machinery are depreciated on a straight-line basis at a rate of 15% per annum.
During the year, a freehold property was introduced into the business as part of a wider group restructuring exercise by the director. The transaction was conducted at market value, as confirmed by an independent valuation agreed as part of the restructure. The property is jointly owned by the group, the directors' pension scheme, and a director in a personal capacity. The directors have confirmed that the transaction was conducted on fully commercial terms and falls within the scope of FRS 102 Section 33.

13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
300
300
STERLING GP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Fixed asset investments
(Continued)
- 33 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
300
Carrying amount
At 31 December 2024
300
At 31 December 2023
300
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Sterling GP Ltd
Unit 7 Burdon Way, Stokesley Business Park, Stokesley, North Yorkshire, United Kingdom, TS9 5PY
Ordinary Shares
100.00
Sterling Mixers Ltd
Unit 7 Burdon Way, Stokesley Business Park, Stokesley, North Yorkshire, United Kingdom, TS9 5PY
Ordinary Shares
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,335,723
1,505,252
-
-
Work in progress
662,380
932,769
-
-
1,998,103
2,438,021
-
-

Inventories recognised as an expense during the year amounted to £6,714,156 (2023: £8,243,594) and are included within cost of sales in the statement of profit and loss.

16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
602,575
994,606
-
0
-
0
Other debtors
4,520
264,243
1,820
72,607
Prepayments and accrued income
334,454
181,124
1,511
-
0
941,549
1,439,973
3,331
72,607
STERLING GP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
412,786
451,349
-
0
-
0
Obligations under finance leases
20
42,267
54,017
-
0
-
0
Trade creditors
408,779
868,074
3,283
2,368
Amounts owed to group undertakings
-
0
-
0
1,514,128
946,431
Corporation tax payable
157,210
385,379
-
0
-
0
Other taxation and social security
322,846
293,313
-
-
Other creditors
121,926
454,213
77,220
-
0
Accruals and deferred income
338,992
370,788
1,500
-
0
1,804,806
2,877,133
1,596,131
948,799
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
67,375
82,616
-
0
-
0
Other borrowings
19
1,556,482
410,968
1,350,000
-
0
1,623,857
493,584
1,350,000
-
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
412,786
451,349
-
0
-
0
Preference shares
1,350,000
-
0
1,350,000
-
0
Other loans
206,482
410,968
-
0
-
0
1,969,268
862,317
1,350,000
-
Payable within one year
412,786
451,349
-
0
-
0
Payable after one year
1,556,482
410,968
1,350,000
-
0
STERLING GP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19
Loans and overdrafts
(Continued)
- 35 -

At 31 December 2024, the company had total loans of £410,967 (2023: £606,586), comprising £204,485 payable within one year and £206,482 payable after more than one year. The balance includes a Funding Circle loan and a Coronavirus Business Interruption Loan Scheme (“CBILS”) facility. The Funding Circle loan was originally advanced for £500,000 with a term of 72 months and carries a fixed annual interest rate of 8.9% applied to the principal, with repayments made monthly. The CBILS loan was advanced for £500,000 with a 72-month term and bears interest at 3% above the Bank of England base rate. The CBILS loan is with the government providing a guarantee under the CBILS scheme. Both loans are measured at amortised cost, with interest expenses recognised in profit or loss on an accruals basis.
Another loan The bank loan bears interest at a variable rate equal to the Bank of England base rate plus eight Percentage points per annum and is secured by a fixed and floating charge over the company’s inventories. At 31 December 2024 the carrying amount of inventories pledged as security for this facility was £208,300 (2023: £255,730).

The loan from the fellow group undertaking is unsecured, interest-free, repayable with 12 months notice.
At 31 December 2024, the company had 135,000,000 redeemable preference shares of £0.01 each in issue, with a total nominal value of £1,350,000. In accordance with FRS 102, these shares are classified as financial liabilities and presented within borrowings, as they are redeemable at the option of the holders. The liability is repayable after more than twelve months from the reporting date.

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
42,267
54,017
-
0
-
0
In two to five years
67,375
82,616
-
0
-
0
109,642
136,633
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
11,617
11,617
-
-
Movements on provisions:
Group
£
Additional provisions in the year
11,617
STERLING GP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 36 -
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
159,343
149,003
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
149,003
-
Charge to profit or loss
10,340
-
Liability at 31 December 2024
159,343
-

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period. T he deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

23
Reserves

The company's only reserve, other than share capital, is the profit and loss account, which represents accumulated retained earnings available for distribution.

24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
411,450
128,972

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
200
200
200
200
26
Reserves
STERLING GP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 37 -
27
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
220,000
220,194
-
-
220,000
220,194
-
-
28
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
63,024
-
-
-

At 31 December 2024, the group had capital commitments of £31,512 (2023: £nil) relating to an agreement entered into with Autoline Automation Ltd for the supply of a robot welding facility. The commitment was due for settlement in 2025. Subsequent to the year end, the outstanding amount has been paid and the asset is now in use within the group.

29
Related party transactions

During the year, the company owed a total of £77,219 to a director, included within current liabilities, which is repayable on demand.
During the year the trade of Antony, Laura & James Partnership was transferred to Sterling GP Ltd, while the property was transferred to the partners’ pension scheme and the holding company. Sterling GP Ltd paid £109,480 in rent to the Partnership before the transfer. As part of the reorganisation, balances were reclassified to amounts due to related parties: trade creditors £163,400, rental deposit £170,000, and net trade debtors £4,418 which was cleared by transferring to parent companies. Transactions were between entities under common control, unsecured, interest-free and repayable on demand.
During the year, a freehold property was introduced into the business as part of a wider group restructuring exercise. The transaction was conducted at market value, as confirmed by an independent valuation agreed as part of the restructure. The property is jointly owned by Sterling GP Holdings Ltd, the directors' pension scheme, and a director in a personal capacity. Rent is charged to group companies on an arm’s length basis, reflecting commercial market terms. The directors have confirmed that the transaction was conducted on fully commercial terms and falls within the scope of FRS 102 Section 33.

STERLING GP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 38 -
30
Directors' transactions

At the balance sheet date, amounts totalling £77,220 (2023: £427,210) were owed to the directors across the group.

All balances are unsecured, interest-free and repayable on demand. No guarantees have been given or received in respect of these amounts, and no provisions have been made.

31
Ultimate Controlling party

The directors consider the ultimate controlling party to be the board of directors of Sterling GP Holdings Ltd, by virtue of their collective shareholdings and control over strategic decision-making.

32
Cash generated from group operations
2024
2023
£
£
Profit after taxation
1,059,558
1,653,549
Adjustments for:
Taxation charged
385,819
469,281
Finance costs
89,405
82,502
Investment income
(13,895)
(12,175)
Gain on disposal of tangible fixed assets
(8,500)
(17,407)
Amortisation and impairment of intangible assets
65,660
87,300
Depreciation and impairment of tangible fixed assets
239,773
203,870
Decrease in provisions
-
(2,443)
Movements in working capital:
Decrease/(increase) in stocks
439,918
(60,230)
Decrease in debtors
1,848,424
574,919
(Decrease)/increase in creditors
(2,112,845)
345,165
Cash generated from operations
1,993,317
3,324,331
STERLING GP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 39 -
33
Cash generated from operations - company
2024
2023
£
£
Profit after taxation
244,929
238,244
Adjustments for:
Investment income
(240,855)
(253,880)
Amortisation and impairment of intangible assets
14,853
-
Depreciation and impairment of tangible fixed assets
17,422
7,783
Movements in working capital:
Decrease/(increase) in debtors
1,419,276
(72,607)
(Decrease)/increase in creditors
(671,668)
948,699
Cash generated from operations
783,957
868,239
34
Analysis of changes in net debt - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
764,951
669,662
1,434,613
Borrowings excluding overdrafts
(862,317)
(1,106,951)
(1,969,268)
Obligations under finance leases
(136,633)
26,991
(109,642)
(233,999)
(410,298)
(644,297)
35
Analysis of changes in net funds/(debt) - company
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,245
758,342
759,587
Borrowings excluding overdrafts
-
(1,350,000)
(1,350,000)
1,245
(591,658)
(590,413)
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