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 2021

Sterling I.C.U. Ltd

Financial Statements

Year ended 28th February 2021

Contents	Page

Chartered accountant's report to the board of directors 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 Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Sterling I.C.U. Ltd

Year ended 28th February 2021

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 2021, 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. This report is made solely to the Board of Directors of Sterling I.C.U. Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Sterling I.C.U. Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sterling I.C.U. Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Sterling I.C.U. Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sterling I.C.U. Ltd. You consider that Sterling I.C.U. Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Sterling I.C.U. Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

WALTER HUNTER & CO LIMITED Chartered accountants

24 Bridge Street Newport South Wales NP20 4SF

17 June 2021

Sterling I.C.U. Ltd

Statement of Financial Position

28 February 2021

	2021		2020
Note	£	£	£

Fixed assets

Investments	4		437,764	417,764

Current assets

Debtors	5	1,537	7,752
Cash at bank and in hand		273,240	260,354
		---------	---------
		274,777	268,106

Creditors: amounts falling due within one year	6	10,400		10,176
		---------		---------
Net current assets			264,377	257,930
			---------	---------
Total assets less current liabilities			702,141	675,694

Provisions

Taxation including deferred tax	27,255	23,455
	---------	---------
Net assets	674,886	652,239
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	674,786	652,139
	---------	---------
Shareholders funds	674,886	652,239
	---------	---------

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 Section 1A of 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 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 2021

These financial statements were approved by the board of directors and authorised for issue on 17 June 2021 , and are signed on behalf of the board by:

Mr JR Farrow

Director

Company registration number: 02914995

Sterling I.C.U. Ltd

Notes to the Financial Statements

Year ended 28th February 2021

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. Since March 2020 the Covid-19 pandemic has seriously affected the UK generally. As a company we have taken all necessary steps to combat the effects of the virus and to ensure that the company is able to continue to operate.

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 2021 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 2020	417,764
Revaluations	20,000
	---------
At 28th February 2021	437,764
	---------
Impairment
At 1st March 2020 and 28th February 2021	–
	---------

Carrying amount
At 28th February 2021	437,764
	---------
At 29th February 2020	417,764
	---------

The investment property has been valued, by the Director, at its fair value as at 28 February 2021.

5. Debtors

	2021	2020
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	6,000
Other debtors	1,537	1,752
	-------	-------
	1,537	7,752
	-------	-------

6. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	–	650
Other creditors	10,400	9,526
	--------	--------
	10,400	10,176
	--------	--------

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 £nil (2020: £6,000). The loan was 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.