Sterling Accreditation Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06864378 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

STERLING ACCREDITATION LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J F F Campbell

A Stafilopatis

REGISTERED OFFICE:

Heywood Hall

Bolton Road

Pendlebury

MANCHESTER

Lancashire

M27 8UX

REGISTERED NUMBER:

06864378 (England and Wales)

ACCOUNTANTS:

Wells Associates

10 Lonsdale Gardens

Tunbridge Wells

Kent

TN1 1NU

FIXED ASSETS

Tangible assets

4

296

458

CURRENT ASSETS

Debtors

5

33,343

48,724

Cash at bank

46,120

23,062

79,463

71,786

CREDITORS

Amounts falling due within one year

6

44,491

62,485

NET CURRENT ASSETS

34,972

9,301

TOTAL ASSETS LESS CURRENT LIABILITIES

35,268

9,759

CREDITORS

Amounts falling due after more than one year

7

(944,012

)

(944,012

)

PROVISIONS FOR LIABILITIES

(56

)

(87

)

NET LIABILITIES

(908,800

)

(934,340

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(909,800

)

(935,340

)

SHAREHOLDERS' FUNDS

(908,800

)

(934,340

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 July 2021 and were signed on its behalf by:

J F F Campbell - Director

1.	STATUTORY INFORMATION

Sterling Accreditation 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.

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.

Plant and machinery

-

33.33% on cost

Fixtures and fittings

-

33.33% on cost

Computer equipment

-

33.33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Going concern

Accounting standards require the directors to consider the appropriateness of the going concern basis when preparing the financial statements. The directors confirm that they consider that the going concern basis remains appropriate. The company has long term loans owing solely to major shareholders and reflect historic debt. The company continues to trade at a minimal loss/modest profit on a month by month basis and the shareholders have stated that they have no intention of demanding debt repayment from the company as this would be completely against their interests as shareholders. The directors therefore believe that the company has sufficient resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2020

and 31 March 2021

670

2,407

30,799

33,876

DEPRECIATION

At 1 April 2020

670

2,407

30,341

33,418

Charge for year

-

-

162

162

At 31 March 2021

670

2,407

30,503

33,580

NET BOOK VALUE

At 31 March 2021

-

-

296

296

At 31 March 2020

-

-

458

458

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

25,048

28,901

Prepayments

8,295

19,823

33,343

48,724

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

25,878

38,387

Tax

-

1

Social security and other taxes

1,736

1,747

VAT

8,194

6,603

Other creditors

146

146

Accrued expenses

8,537

15,601

44,491

62,485

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Other loans - 2-5 years

944,012

944,012

8.	RELATED PARTY DISCLOSURES

As at 31 March 2021, the company owed £525,693 (2020: £525,693) to Argyll Shipping Limited, a company in which Mr J Campbell is also a director.

As at 31 March 2021, the company owed £405,000 (2020: £405,000) to Mystique Sea Ventures, a company in which Mr A Stafilopatis is also a director.

As at 31 March 2021, the company owed £13,319 (2020: £13,319) to the estate of Mr S Barnes a former director of the company.