Sterling House Estates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02275011 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Sterling House Estates Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D R B Dorman

Mrs L M Dorman

SECRETARY:

Mrs L M Dorman

REGISTERED OFFICE:

The Beeches

Cliffords Mesne

Newent

Gloucestershire

GL18 1JW

REGISTERED NUMBER:

02275011 (England and Wales)

ACCOUNTANTS:

Thorne & Co.

Accountants

1 St Mary's Street

Ross-on-Wye

Herefordshire

HR9 5HT

FIXED ASSETS

Tangible assets

4

1,329

12,192

Investment property

5

10,047,500

10,596,000

10,048,829

10,608,192

CURRENT ASSETS

Debtors

6

220,802

366,795

Cash at bank and in hand

823,516

704,178

1,044,318

1,070,973

CREDITORS

Amounts falling due within one year

7

583,631

646,549

NET CURRENT ASSETS

460,687

424,424

TOTAL ASSETS LESS CURRENT LIABILITIES

10,509,516

11,032,616

CREDITORS

Amounts falling due after more than one year

8

(5,494,081

)

(5,751,610

)

PROVISIONS FOR LIABILITIES

(122,003

)

(120,895

)

NET ASSETS

4,893,432

5,160,111

CAPITAL AND RESERVES

Called up share capital

500

500

Retained earnings

10

4,892,932

5,159,611

4,893,432

5,160,111

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 23 December 2021 and were signed on its behalf by:

D R B Dorman - Director

1.	STATUTORY INFORMATION

Sterling House Estates 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.

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 as modified by the revaluation of certain assets.

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 etc

-

33% on cost, 25% on cost and 20% on cost

Government grants

Grants are accounted for under the accruals model. Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.

Investment properties

Investment properties are carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the property. Changes in fair value are recognised in profit or loss.

This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

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 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

84,728

Disposals

(16,928

)

At 31 March 2021

67,800

DEPRECIATION

At 1 April 2020

72,536

Charge for year

2,751

Eliminated on disposal

(8,816

)

At 31 March 2021

66,471

NET BOOK VALUE

At 31 March 2021

1,329

At 31 March 2020

12,192

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

10,596,000

Revaluations

(548,500

)

At 31 March 2021

10,047,500

NET BOOK VALUE

At 31 March 2021

10,047,500

At 31 March 2020

10,596,000

Fair value at 31 March 2021 is represented by:

£

Valuation in 2021

2,894,576

Cost

7,152,924

10,047,500

If investment properties had not been revalued they would have been included at the following historical cost:

31.3.21

31.3.20

£

£

Cost

7,152,924

7,152,924

Investment properties were valued on an open market basis on 31 March 2021 by D R B Dorman, a director of the company .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

49,384

193,438

Other debtors

171,418

173,357

220,802

366,795

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

244,583

231,637

Trade creditors

884

1

Taxation and social security

120,770

142,778

Other creditors

217,394

272,133

583,631

646,549

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans

5,494,081

5,751,610

31.3.21

31.3.20

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

-

4,825,060

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.21

31.3.20

£

£

Bank loans

5,738,664

5,983,247

Bank loans and overdrafts are secured by charges over the investment properties of the company.

10.

RESERVES

Retained earnings includes an amount of £2,894,576 (2020 - £3,443,076) that is non-distributable being the surplus on revaluation of investment properties less the provision for tax thereon.