STERLING_GROUP_HOLDINGS_L - Accounts
STERLING_GROUP_HOLDINGS_L - Accounts
Sterling Group Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Number One, Vicarage Lane, Stratford, London, England, E15 4HF.
The financial statements are prepared under the historical cost convention.
As at 31 December 2018, the company's liabilities exceeded its assets by £5,025. The company is therefore dependent on the continued financial support of the holding company.
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends upon the continued financial support of the holding company and creditors. The holding company and creditors are not legally committed to continue to provide financial support. However the directors believe that continued support will be provided and certain creditors have confirmed they will not seek repayment until funds are available. The financial statements do not include any adjustments that might result if financial support is not provided by the holding company.
On this basis the directors believe it is appropriate for the financial statements to be prepared on a going concern basis
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group qualifies as a small-sized group. The financial statements present information about the company as an individual entity and not about its group.
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. 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 company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
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 method 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.
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.
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 payments 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.
Equity instruments issued by the company 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 company.
C J Emson is a director of Sterling Group Holdings Limited.
He is also a director of Sterling Corporate Services Limited and Robert Fraser Asset Management Limited.
As at 31 December 2018, the following amounts were owed by Sterling Group Holdings Limited to group and related parties:
Sterling Corporate Services Limited - £100 (2017: £100)
Robert Fraser Asset Management Limited - £98,757 (2017: £98,757)
The immediate parent undertaking is Robert Fraser Group Limited, a company registered in England and Wales. The ultimate overseas parent undertaking is Egerton Holdings Limited, a company registered in The Bahamas.
The financial statements of Robert Fraser Group Limited will be available from 1 Vicarage Lane, Stratford, London E15 4HF and Companies House.