Sterling I.C.U. Ltd Filleted accounts for Companies House (small and micro)

STERLING I.C.U. LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02914995

Sterling I.C.U. Ltd

Filleted Unaudited Financial Statements

28 February 2019

Sterling I.C.U. Ltd

Financial Statements

Year ended 28th February 2019

Contents	Page

Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Sterling I.C.U. Ltd

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Sterling I.C.U. Ltd

Year ended 28th February 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sterling I.C.U. Ltd for the year ended 28th February 2019, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.

WALTER HUNTER & CO LIMITED Chartered accountants

24 Bridge Street Newport South Wales NP20 4SF

9 April 2019

Sterling I.C.U. Ltd

Statement of Financial Position

28 February 2019

	2019		2018
Note	£	£	£

Fixed assets

Investments	4		417,764	417,764

Current assets

Debtors	5	28,388	91,446
Cash at bank and in hand		243,536	211,299
		---------	---------
		271,924	302,745

Creditors: amounts falling due within one year	6	21,621		19,648
		---------		---------
Net current assets			250,303	283,097
			---------	---------
Total assets less current liabilities			668,067	700,861

Provisions

Taxation including deferred tax	20,986	20,986
	---------	---------
Net assets	647,081	679,875
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	646,981	679,775
	---------	---------
Shareholders funds	647,081	679,875
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 28th February 2019 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Sterling I.C.U. Ltd

Statement of Financial Position (continued)

28 February 2019

These financial statements were approved by the board of directors and authorised for issue on 9 April 2019 , and are signed on behalf of the board by:

E.J. Blease
Director

Company registration number: 02914995

Sterling I.C.U. Ltd

Notes to the Financial Statements

Year ended 28th February 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24 Bridge Street, Newport, South Wales, NP20 4SF.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investments

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. The fair value as at 28 February 2018 is a Director's valuation.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a 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. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Investments

	Investment property
	£
Cost
At 1st March 2018 and 28th February 2019	417,764
	---------
Impairment
At 1st March 2018 and 28th February 2019	–
	---------

Carrying amount
At 28th February 2019	417,764
	---------
At 28th February 2018	417,764
	---------

The investment property has been valued, by the Director, at its fair value as at 28 February 2019.

5. Debtors

	2019	2018
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	24,000	89,000
Other debtors	4,388	2,446
	--------	--------
	28,388	91,446
	--------	--------

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	12,119	6,707
Corporation tax	–	3,363
Other creditors	9,502	9,578
	--------	--------
	21,621	19,648
	--------	--------

7. Related party transactions

FBD Properties Limited is a related company of Sterling ICU Limited by way of common shareholding of a director. Sterling ICU Limited has made a loan to FBD Properties Limited in a previous year and the total amount outstanding at the year end is £24,000 (2018: £89,000). The loan is repayable on demand and given on an interest free basis. Other than the above, no transactions with related parties were undertaken such as are required to be disclosed under FRS 102.