STERLING TRUCKS LIMITED

STERLING TRUCKS LIMITED

STERLING TRUCKS LIMITED - Company Information

Print Friendly Version

STERLING TRUCKS LIMITED

Company Registration Number:
SC197651 (Scotland)

Unaudited abridged accounts for the year ended 30 June 2020

Period of accounts

Start date: 01 July 2019

End date: 30 June 2020

STERLING TRUCKS LIMITED

Contents of the Financial Statements

for the Period Ended 30 June 2020

Balance sheet
Notes

STERLING TRUCKS LIMITED

Balance sheet

As at 30 June 2020


Notes
2020
2019


£
£
Fixed assets
Tangible assets: 3 2,562,792 1,416,645
Total fixed assets: 2,562,792 1,416,645
Current assets
Debtors:   144,779 110,731
Cash at bank and in hand: 41,852 4,340
Total current assets: 186,631 115,071
Creditors: amounts falling due within one year: 4 (760,073) (470,968)
Net current assets (liabilities): (573,442) (355,897)
Total assets less current liabilities: 1,989,350 1,060,748
Creditors: amounts falling due after more than one year: 5 (1,738,966) (927,244)
Total net assets (liabilities): 250,384 133,504
Capital and reserves
Called up share capital: 2 2
Profit and loss account: 250,382 133,502
Shareholders funds: 250,384 133,504

The notes form part of these financial statements

STERLING TRUCKS LIMITED

Balance sheet statements

For the year ending 30 June 2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 02 September 2020
and signed on behalf of the board by:

Name: ANDREW DUFF
Status: Director

The notes form part of these financial statements

STERLING TRUCKS LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2020

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover represents the value of all contract hire/rental services during the year at selling price exclusive of VAT and is generated all within the UK

Tangible fixed assets and depreciation policy

Tangible fixed assets are stated at cost,depreciation is calculated to write off the cost of the asset,net of anticipated residual value over the useful economic life of the asset as followsLorries/Vans 1-5 years straight line basis

Other accounting policies

Assets held under Hire Purchase Contracts are capitalised in the Balance Sheet as Tangible Fixed Assets and depreciated in line with the Accounting Policy for Tangible Fixed Assets and the corresponding liability included in Creditors,monthly repayments are allocated to Capital as repayment of Creditor and interest charged to the Profit And Loss Account.

STERLING TRUCKS LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2020

2. Employees

2020 2019
Average number of employees during the period 1 1

STERLING TRUCKS LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2020

3. Tangible Assets

Total
Cost £
At 01 July 2019 2,160,921
Additions 1,507,522
Disposals (12,000)
At 30 June 2020 3,656,443
Depreciation
At 01 July 2019 744,276
Charge for year 361,375
On disposals (12,000)
At 30 June 2020 1,093,651
Net book value
At 30 June 2020 2,562,792
At 30 June 2019 1,416,645

STERLING TRUCKS LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2020

4. Creditors: amounts falling due within one year note

The company has given security on assets specific to all outstanding hire purchase creditors.The company has given security on any bank overdraft drawn

STERLING TRUCKS LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2020

5. Creditors: amounts falling due after more than one year note

The company has given security on assets specific to all outstanding hire purchase contracts