Abbreviated Company Accounts - STERLING CREDIT GROUP HOLDINGS LIMITED

STERLING CREDIT GROUP HOLDINGS LIMITED - Company Information

03678619 STERLING CREDIT GROUP HOLDINGS LIMITED 2014-12-31 false 2014-01-01 2014-12-31 true 03678619 2014-01-01 2014-12-31 03678619 2014-12-31 03678619 2013-12-31 03678619 uk-gaap-cd-bus:Director1 2014-01-01 2014-12-31 03678619 uk-gaap-cd-bus:Director2 2014-01-01 2014-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-01-01 2014-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-12-31 iso4217:GBP shares

Registered Number 03678619

STERLING CREDIT GROUP HOLDINGS LIMITED

Abbreviated Accounts

31 December 2014

STERLING CREDIT GROUP HOLDINGS LIMITED Registered Number 03678619

Abbreviated Balance Sheet as at 31 December 2014

	Notes	2014	2013
		£	£
Fixed assets
Investments	2	13,454,203	11,139,683
		13,454,203	11,139,683
Current assets
Cash at bank and in hand		12	29
		12	29
Creditors: amounts falling due within one year		(13,454,203)	(13,454,203)
Net current assets (liabilities)		(13,454,191)	(13,454,174)
Total assets less current liabilities		12	(2,314,491)
Total net assets (liabilities)		12	(2,314,491)
Capital and reserves
Called up share capital	3	2	2
Profit and loss account		10	(2,314,493)
Shareholders' funds		12	(2,314,491)

For the year ending 31 December 2014 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.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 30 September 2015

And signed on their behalf by:
C J Emson, Director

STERLING CREDIT GROUP HOLDINGS LIMITED Registered Number 03678619

Notes to the Abbreviated Accounts for the period ended 31 December 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Following a reorganisation of group assets and liabilities with effect from 31st December 2014, the company released the provisions it had made against its investment in Sterling Trust Limited, thereby reporting a profit of £2,314,503 for the year ended 31 December 2014, reflecting that release of provisions. At year end, the company owed £728,286 to its holding company and is therefore dependent on the continued financial support of the holding company.
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends upon this continued financial support, to which the holding company is not legally committed but which the directors believe will be provided. The financial statements do not include any adjustments that might result if financial support is not provided by the holding company.
On this basis, the directors believe it is appropriate for the financial statements to be prepared on a going concern basis.

Other accounting policies
Consolidation
In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

Cash flow statement
Under FRS1, the company is exempt from the requirement to prepare a cash flow on the grounds that is a wholly owned subsidiary of Anstake Holdings Limited.

Deferred taxation
Deferred taxation is not provided where in the opinion of the directors, there is reasonable evidence that such taxation will not become payable in the foreseeable future and there is no indication that the situation is likely to change thereafter.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

ULTIMATE PARENT COMPANY
The Company's immediate parent undertaking as at 31 December 2014 was The Sterling Credit Group Limited, a company registered in England and Wales.
The ultimate parent undertaking was Anstake Holdings Limited, a company registered in England and Wales.
Copies of the accounts of The Sterling Credit Group Limited and Anstake Holdings Limited will be available from 17th Floor Millbank Tower, 21-24 Millbank, London SW1P 4QP and Companies House.

2Fixed assets Investments
COST
At 1 January 2014 and 31 December 2014: 13,454,203
===========================================

AMOUNTS WRITTEN OFF
At 1 January 2014: 2,314,520
Written off in prior years written back: (2,314,520)
----------------------------------------------------------------------
At 31 December 2014: –
====================

NET BOOK VALUE
At 31 December 2014: 13,454,203
==========================
At 31 December 2013: 11,139,683
===========================

The principal activity of Sterling Trust Limited is that of a group investment and holding company.

The Company owns 99.9% of the issued share capital of Sterling Trust Limited.

Sterling Trust Limited made a draft profit of £1,616,343 for the year ended 31 December 2014 and it's net assets were £13,543,291 as at 31 December 2014.

3Called Up Share Capital
Allotted, called up and fully paid:

	2014 £	2013 £
2 Ordinary shares of £1 each	2	2