Sterling Trust Professional Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04526641 (England and Wales)

Sterling Trust Professional Limited

Unaudited Financial Statements for the Year Ended 31st March 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J Grantham

P J Goulding

REGISTERED OFFICE:

10-11 Austin Friars

London

EC2N 2HG

REGISTERED NUMBER:

04526641 (England and Wales)

ACCOUNTANTS:

Smailes Goldie

Chartered Accountants

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

FIXED ASSETS

Intangible assets

4

292,500

334,500

Tangible assets

5

139,744

151,444

432,244

485,944

CURRENT ASSETS

Debtors

6

3,390,385

1,995,954

Cash at bank

522,799

637,555

3,913,184

2,633,509

CREDITORS

Amounts falling due within one year

7

930,432

464,625

NET CURRENT ASSETS

2,982,752

2,168,884

TOTAL ASSETS LESS CURRENT LIABILITIES

3,414,996

2,654,828

PROVISIONS FOR LIABILITIES

31,144

33,840

NET ASSETS

3,383,852

2,620,988

CAPITAL AND RESERVES

Called up share capital

8

10,000

10,000

Retained earnings

3,373,852

2,610,988

SHAREHOLDERS' FUNDS

3,383,852

2,620,988

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29th September 2020 and were signed on its behalf by:

J Grantham - Director

1.	STATUTORY INFORMATION

Sterling Trust Professional Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover represents commissions and fees receivable.

Income is recognised on a day book basis and the commission is accounted for once the policy commences.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of businesses is being written off evenly over its estimated useful life of 10 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

10% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Pension costs and other post-retirement benefits

The company makes contributions to certain employees' personal defined contributions schemes. Contributions payable for the year are charged in the profit and loss account.

Indemnity commission policy

The director has estimated that indemnity commission income in any one year is likely to be repaid over the four years following receipt. Provision has therefore been made on this basis.

Leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2019 - 26 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2019

and 31st March 2020

797,707

AMORTISATION

At 1st April 2019

463,207

Charge for year

42,000

At 31st March 2020

505,207

NET BOOK VALUE

At 31st March 2020

292,500

At 31st March 2019

334,500

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2019

193,647

Additions

6,873

At 31st March 2020

200,520

DEPRECIATION

At 1st April 2019

42,203

Charge for year

18,573

At 31st March 2020

60,776

NET BOOK VALUE

At 31st March 2020

139,744

At 31st March 2019

151,444

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

208,875

140,946

Amounts owed by group undertakings

1,337,837

1,354,557

Other debtors

1,843,673

500,451

3,390,385

1,995,954

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

151,215

135,785

Amounts owed to group undertakings

426,542

60,713

Taxation and social security

255,955

182,309

Other creditors

96,720

85,818

930,432

464,625

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

10,000

Ordinary

£1

10,000

10,000

9.	CONTINGENT LIABILITIES

There were no contingent liabilities at 31st March 2020 or at 31st March 2019.

10.	OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the sheet amount to £146,667 (2019: £379,381).

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At 31st March 2020 there was an amount due from a director, J Grantham, of £1,834,053 (2019 £364,633).

12.	CONTROL RELATIONSHIP

The parent company Sterling Trust Financial Consulting Limited was controlled by J Grantham at 31st March 2020 through his ownership of 80% of the shares. The entire share capital of the company was acquired by Kingswood Holdings Limited on 23rd June 2020.