Company No: 02501267 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	4	856,307		867,242
Investments	5	4,000		4,000
		860,307		871,242
Current assets
Stocks		633,754		549,695
Debtors	6	160,625		142,824
Cash at bank and in hand		452,092		571,828
		1,246,471		1,264,347
Creditors: amounts falling due within one year	7	( 558,914)		( 726,586)
Net current assets		687,557		537,761
Total assets less current liabilities		1,547,864		1,409,003
Creditors: amounts falling due after more than one year	8	( 307,900)		( 216,681)
Provision for liabilities	9	( 103,365)		( 107,815)
Net assets		1,136,599		1,084,507
Capital and reserves
Called-up share capital	10	100,000		100,000
Share premium account		292,392		292,392
Revaluation reserve		422,655		429,030
Profit and loss account		321,552		263,085
Total shareholders' funds		1,136,599		1,084,507

For the financial year ending 31 January 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Income Statement has not been delivered.

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

J D W Starling Director

30 July 2026

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Starlings of Sheringham Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 10 Wrights Walk, Dereham, Norfolk, NR19 1TR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

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

Interest income

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

Finance costs

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

Taxation

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

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

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

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

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

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

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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

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

Borrowing costs

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

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

Leases

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

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

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

Cash and cash equivalents

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

Trade and other creditors

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

Financial instruments

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

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

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

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

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

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	68		68

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 February 2025	132,242		132,242
At 31 January 2026	132,242		132,242
Accumulated amortisation
At 01 February 2025	132,242		132,242
At 31 January 2026	132,242		132,242
Net book value
At 31 January 2026	0		0
At 31 January 2025	0		0

4. Tangible assets

	Land and buildings		Leasehold improve- ments		Plant and machinery		Vehicles		Total
	£		£		£		£		£
Cost
At 01 February 2025	710,000		277,177		252,378		62,733		1,302,288
Additions	0		18,009		36,902		0		54,911
Disposals	0		0		( 59,615)		0		( 59,615)
At 31 January 2026	710,000		295,186		229,665		62,733		1,297,584
Accumulated depreciation
At 01 February 2025	48,874		240,441		110,490		35,241		435,046
Charge for the financial year	9,775		6,926		24,580		6,873		48,154
Disposals	0		0		( 41,923)		0		( 41,923)
At 31 January 2026	58,649		247,367		93,147		42,114		441,277
Net book value
At 31 January 2026	651,351		47,819		136,518		20,619		856,307
At 31 January 2025	661,126		36,736		141,888		27,492		867,242

Revaluation of tangible assets

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

	2026		2025
	£		£
Historical cost	266,632		266,632
Accumulated depreciation	(102,785)		(99,385)
Carrying value	163,847		167,247

5. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 February 2025	4,000		4,000
At 31 January 2026	4,000		4,000
Carrying value at 31 January 2026	4,000		4,000
Carrying value at 31 January 2025	4,000		4,000

6. Debtors

	2026		2025
	£		£
Trade debtors	70,837		36,559
Amounts owed by directors	4,122		0
Prepayments	85,666		106,265
	160,625		142,824

7. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans	33,100		148,678
Trade creditors	285,214		366,693
Amounts owed to directors	0		487
Accruals	23,262		24,612
Corporation tax	21,198		484
Other taxation and social security	164,279		170,502
Other creditors	31,861		15,130
	558,914		726,586

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

	2026		2025
	£		£
Bank loans	157,900		66,681
Other creditors	150,000		150,000
	307,900		216,681

The bank loan is secured on the freehold property of the company as well as by a debenture.

9. Deferred tax

	2026		2025
	£		£
At the beginning of financial year	( 107,815)		( 113,845)
Credited to the Income Statement	4,450		6,030
At the end of financial year	( 103,365)		( 107,815)

The deferred taxation balance is made up as follows:

	2026		2025
	£		£
Accelerated capital allowances	( 38,802)		( 43,200)
Revaluation of tangible assets	( 64,849)		( 64,849)
Other timing differences	286		234
	( 103,365)		( 107,815)

10. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
100,000 Ordinary shares of £ 1.00 each	100,000		100,000
150,000 Preference non-cumulative shares of £ 1.00 each	150,000		150,000
	250,000		250,000

11. Financial commitments

Commitments

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

	2026		2025
	£		£
Within one year	182,000		156,167
Between one and five years	288,000		160,000
	470,000		316,167

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £61,740 (2025 - £40,464). Contributions totalling £2,778 (2025 - £2,427) were payable to the fund at the reporting date and are included in creditors.

12. Related party transactions

Transactions with the entity's directors

At the year end, the company was owed £4,122 (2025 - Directors were owed £487) which is repayable on demand.

Within creditors falling due after more than one year is £150,000 (2025 - £150,000) in respect of redeemable preference shares, owned by the directors/family of the directors.