STERLING TRUCKS LIMITED

STERLING TRUCKS LIMITED

STERLING TRUCKS LIMITED - Company Information

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STERLING TRUCKS LIMITED

Company Registration Number:
SC197651 (Scotland)

Unaudited abridged accounts for the year ended 30 June 2021

Period of accounts

Start date: 01 July 2020

End date: 30 June 2021

STERLING TRUCKS LIMITED

Contents of the Financial Statements

for the Period Ended 30 June 2021

Balance sheet
Notes

STERLING TRUCKS LIMITED

Balance sheet

As at 30 June 2021


Notes
2021
2020


£
£
Fixed assets
Tangible assets: 3 2,755,690 2,562,792
Total fixed assets: 2,755,690 2,562,792
Current assets
Debtors:   242,339 144,779
Cash at bank and in hand: 8,065 41,852
Total current assets: 250,404 186,631
Creditors: amounts falling due within one year: 4 (892,282) (760,074)
Net current assets (liabilities): (641,878) (573,443)
Total assets less current liabilities: 2,113,812 1,989,349
Creditors: amounts falling due after more than one year: 5 (1,740,355) (1,738,965)
Total net assets (liabilities): 373,457 250,384
Capital and reserves
Called up share capital: 2 2
Profit and loss account: 373,455 250,382
Shareholders funds: 373,457 250,384

The notes form part of these financial statements

STERLING TRUCKS LIMITED

Balance sheet statements

For the year ending 30 June 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 19 January 2022
and signed on behalf of the board by:

Name: ANDREW DUFF
Status: Director

The notes form part of these financial statements

STERLING TRUCKS LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2021

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover represents the value of all contract hire/rental services during the year at selling price exclusive of VAT and is all generated within the UK

Tangible fixed assets and depreciation policy

Tangible fixed assets are stated at cost,Depreciation is calculated to write off the cost net of anticipated residual valueover the useful economic life of the assets as followsLorries/Vans 3-7 years straight line basis

Other accounting policies

Assets held under Hire Purchase Contracts are capitalised in the Balance Sheet as Tangible Fixed Assets and Depreciated in line with the Accounting Policy for Tangible Fixed Assets and the corresponding liability included in Creditors,monthly repayments are allocated to Capital as repayment of Creditor and interest charged to the Profit And Loss Account

STERLING TRUCKS LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2021

2. Employees

2021 2020
Average number of employees during the period 3 1

STERLING TRUCKS LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2021

3. Tangible Assets

Total
Cost £
At 01 July 2020 3,656,443
Additions 781,606
Disposals (36,899)
At 30 June 2021 4,401,150
Depreciation
At 01 July 2020 1,093,651
Charge for year 588,708
On disposals (36,899)
At 30 June 2021 1,645,460
Net book value
At 30 June 2021 2,755,690
At 30 June 2020 2,562,792

STERLING TRUCKS LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2021

4. Creditors: amounts falling due within one year note

The company has given security on assets specific to all outstanding Hire Purchase Creditors total £694,511at 30th June 2021

STERLING TRUCKS LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2021

5. Creditors: amounts falling due after more than one year note

The company has given security on assets specific to all Hire Purchase Contracts total £1,700,355 at 30th June 2021