Kingsbridge Sterling Ltd

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 6

Kingsbridge Sterling Ltd

(Registration number: 14315631)
Statement of Financial Position as at 30 August 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	2,242	2,932
Current assets
Debtors	5	7,396	7,972
Cash at bank and in hand		167	647
		7,563	8,619
Creditors: Amounts falling due within one year	6	(136,932)	(139,117)
Net current liabilities		(129,369)	(130,498)
Net liabilities		(127,127)	(127,566)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(127,227)	(127,666)
Shareholders' deficit		(127,127)	(127,566)

For the financial year ending 30 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 17 December 2025
 

Mr A B Birch Director

Kingsbridge Sterling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 August 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Office Borringdon Park
55 Plymbridge Park
Plymouth
Devon
PL7 4QG
United Kingdom

Principal activity

The principal activity of the company is the provision of insurance services.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Disclosure of long or short period

The comparative figures represent the first period of the entity from 24 August 2022 to 30 August 2023. The current year figures are for one year ended 30 August 2024.

Going concern

The financial statements have been prepared on a going concern basis. Whilst the balance sheet has remained overdrawn during the year, the director is willing to continue to support the company with a loan of funds until such time as the business becomes profitable. The director has therefore concluded that the going concern basis remains appropriate.

Kingsbridge Sterling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 August 2024 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer equipment	Straight Line 20%

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Kingsbridge Sterling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 August 2024 (continued)

2	Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 4).

Kingsbridge Sterling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 August 2024 (continued)

4	Tangible assets

	Office equipment £	Total £
Cost or valuation
At 31 August 2023	3,450	3,450
At 30 August 2024	3,450	3,450
Depreciation
At 31 August 2023	518	518
Charge for the year	690	690
At 30 August 2024	1,208	1,208
Carrying amount
At 30 August 2024	2,242	2,242
At 30 August 2023	2,932	2,932

5

Debtors

	2024 £	2023 £
Trade debtors	6,701	6,701
Other debtors	605	605
Prepayments	90	666
	7,396	7,972

Kingsbridge Sterling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 August 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Trade creditors	44,492	69,585
Taxation and social security	11,674	23,834
Accruals and deferred income	2,400	1,250
Other creditors	78,366	44,448
	136,932	139,117

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2024 £	2023 £
Not later than one year	-	13,932
Later than one year and not later than five years	-	1,161
	-	15,093

The amount of non-cancellable operating lease payments recognised as an expense during the year was £9,625 (2023 - £14,836).

9	Related party transactions

Summary of transactions with other related parties

Included within other creditors is a loan from Oakleaf Group Limited of £76,280 (2023 £33,763). The retiring directors hold influential holdings within this entity.