First Sterling Investments Limited - Period Ending 2019-06-30
First Sterling Investments Limited - Period Ending 2019-06-30
Year Ended
Registration number:
First Sterling Investments Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
First Sterling Investments Limited
Balance Sheet
30 June 2019
Note |
2019 |
2018 |
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Fixed assets |
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Investment property |
- |
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Current assets |
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Stocks |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
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First Sterling Investments Limited
Balance Sheet
30 June 2019
For the financial year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 05822021
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First Sterling Investments Limited
Notes to the Financial Statements
Year Ended 30 June 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.
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 functional and presentational currency is pounds sterling.
Going concern
The company is dependent on the continuing support of its bankers and mortgage lenders. On the basis that this support will continue for the foreseeable future the financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of rents received or receivable from tenants in the ordinary course of the company’s activities, and is shown net of value added tax.
The company recognises revenue when it can be reliably measured and it is probable that future economic benefits will flow to the entity.
Investment property
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First Sterling Investments Limited
Notes to the Financial Statements
Year Ended 30 June 2019
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Financial instruments
Classification
• Short term other creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
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First Sterling Investments Limited
Notes to the Financial Statements
Year Ended 30 June 2019
Investment properties |
2019 |
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At 1 July 2018 and 30 June 2019 |
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Disposals |
( |
At 30 June 2019 |
- |
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Loans and borrowings |
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Other creditors |
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Accrued expenses |
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Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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First Sterling Investments Limited
Notes to the Financial Statements
Year Ended 30 June 2019
Loans and borrowings |
2019 |
2018 |
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Loans and borrowings due after one year |
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Bank borrowings |
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2019 |
2018 |
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Current loans and borrowings |
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Bank borrowings |
- |
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Bank overdrafts |
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- |
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Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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500 |
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500 |
Financial commitments, guarantees and contingencies |
Amounts disclosed in the balance sheet
Included in the balance sheet are financial commitments of £1,292,002 (2018 - £2,144,629). The company's building society mortgage liabilities are secured on the company's trading stock.
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