Sterling & Hunt Limited - Period Ending 2021-07-31
Sterling & Hunt Limited - Period Ending 2021-07-31
Registration number:
Sterling & Hunt Limited
for the Year Ended 31 July 2021
Sterling & Hunt Limited
(Registration number: 03286308)
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Sterling & Hunt Limited
(Registration number: 03286308)
Company Information
Directors |
R Marsh S Marsh PB Marsh S J Ball |
Registered office |
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Accountants |
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Sterling & Hunt Limited
(Registration number: 03286308)
Balance Sheet as at 31 July 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
- |
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Current assets |
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Stocks |
- |
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Debtors |
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Cash at bank and in hand |
- |
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Creditors: Amounts falling due within one year |
- |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
- |
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Total equity |
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For the financial year ending 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Sterling & Hunt Limited
(Registration number: 03286308)
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the company.
Going concern
On 1 August 2020 the trading assets of Sterling & Hunt Limited were transferred to Marsh Footwear Brands Limited (formerly Chatham Marine Limited). Therefore, the accounts for the current year have been prepared on a cessation basis. This has not, however, resulted in an amendment to the figures included in the accounts.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
The Coronavirus Job Retention Scheme grant has been credited to other income so as to match the grant to the underlying eligible furloughed staff expenditure to which it relates.
Sterling & Hunt Limited
(Registration number: 03286308)
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Foreign currency transactions and balances
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% reducing balance basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Sterling & Hunt Limited
(Registration number: 03286308)
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Financial instruments
presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Sterling & Hunt Limited
(Registration number: 03286308)
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Tangible assets |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 August 2020 |
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Disposals |
( |
( |
At 31 July 2021 |
- |
- |
Depreciation |
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At 1 August 2020 |
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Eliminated on disposal |
( |
( |
At 31 July 2021 |
- |
- |
Carrying amount |
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At 31 July 2021 |
- |
- |
At 31 July 2020 |
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Stocks |
2021 |
2020 |
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Finished goods and goods for resale |
- |
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Debtors |
Note |
2021 |
2020 |
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Trade debtors |
- |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
- |
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Total current trade and other debtors |
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Sterling & Hunt Limited
(Registration number: 03286308)
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Creditors |
Note |
2021 |
2020 |
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Due within one year |
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Trade creditors |
- |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
- |
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Taxation and social security |
- |
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Accrued expenses |
- |
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- |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Sterling & Hunt Limited
(Registration number: 03286308)
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from Hennock Court, Hennock Road East, Marsh Barton Trading Estate, Exeter, Devon, EX2 8RU.