Sterling Business Systems (Midlands) Ltd - Accounts to registrar (filleted) - small 18.2

STERLING BUSINESS SYSTEMS (MIDLANDS) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P. S. Atkins

REGISTERED OFFICE:

1 Goshawk Road

Quarry Hill Industrial Est.

Ilkeston

Derbyshire

DE7 4RG

REGISTERED NUMBER:

02113350 (England and Wales)

ACCOUNTANTS:

Sibbalds Limited

Chartered Accountants and Business Advisers

Oakhurst House

57 Ashbourne Road

Derby

Derbyshire

DE22 3FS

FIXED ASSETS

Tangible assets

4

2,599

3,465

CURRENT ASSETS

Stocks

4,331

3,988

Debtors

5

55,196

33,580

Cash at bank

82,587

80,093

142,114

117,661

CREDITORS

Amounts falling due within one year

6

63,561

69,516

NET CURRENT ASSETS

78,553

48,145

TOTAL ASSETS LESS CURRENT LIABILITIES

81,152

51,610

CAPITAL AND RESERVES

Called up share capital

8

5,998

5,998

Capital redemption reserve

731

731

Retained earnings

74,423

44,881

SHAREHOLDERS' FUNDS

81,152

51,610

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 February 2022 and were signed by:

P. S. Atkins - Director

1.	STATUTORY INFORMATION

Sterling Business Systems (Midlands) Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Covid-19

Since March 2020, the spread of COVID-19 has severely impacted many local economies around the globe. In many countries, businesses are being forced to cease or limit operations for long or indefinite periods of time. Measures taken to contain the spread of the virus including, travel bans, quarantines, social distancing and closure of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown. Governments and banks have responded with monetary and fiscal interventions to stabilise the current economic conditions.

The duration and impact of the COVID-19 pandemic currently remains unclear. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact the financial position and results of the company for future periods, however the director considers that the financial support from the government is sufficient to enable the company to continue for the foreseeable future and that there is no significant doubt about the company's ability to continue as a going concern.The director considers this to be a temporary downturn and that business is expected to return to previous levels once the pandemic is over.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 September 2020

and 31 August 2021

19,308

15,000

34,308

DEPRECIATION

At 1 September 2020

15,843

15,000

30,843

Charge for year

866

-

866

At 31 August 2021

16,709

15,000

31,709

NET BOOK VALUE

At 31 August 2021

2,599

-

2,599

At 31 August 2020

3,465

-

3,465

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

52,094

31,256

Other debtors

3,102

2,324

55,196

33,580

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

36,221

33,466

Taxation and social security

24,374

24,795

Other creditors

2,966

11,255

63,561

69,516

7.	DEFERRED TAX

£

Balance at 1 September 2020

(300

)

Balance at 31 August 2021

(300

)

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

23,989

Ordinary

£0.25

5,998

5,998