Sterling ITC Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 08854877 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 July 2022

for

Sterling ITC Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J Morrison

Miss K Beach

REGISTERED OFFICE:

The Old Boardroom

Collett Road

Ware

Hertfordshire

SG12 7LR

REGISTERED NUMBER:

08854877 (England and Wales)

ACCOUNTANTS:

DSCO

The Old Boardroom

Collett Road

Ware

Hertfordshire

SG12 7LR

FIXED ASSETS

Tangible assets

4

22,407

30,760

CURRENT ASSETS

Debtors

5

12,489

52,265

Cash at bank

83,592

60,904

96,081

113,169

CREDITORS

Amounts falling due within one year

6

55,701

77,114

NET CURRENT ASSETS

40,380

36,055

TOTAL ASSETS LESS CURRENT LIABILITIES

62,787

66,815

CREDITORS

Amounts falling due after more than one year

7

(34,212

)

(40,000

)

PROVISIONS FOR LIABILITIES

9

(4,257

)

(5,844

)

NET ASSETS

24,318

20,971

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

24,218

20,871

SHAREHOLDERS' FUNDS

24,318

20,971

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 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 21 February 2023 and were signed on its behalf by:

Mr J Morrison - Director

1.	STATUTORY INFORMATION

Sterling ITC 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% on cost

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on reducing balance

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.

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 1 (2021 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 August 2021

and 31 July 2022

3,651

2,200

59,745

65,596

DEPRECIATION

At 1 August 2021

2,766

2,197

29,873

34,836

Charge for year

885

-

7,468

8,353

At 31 July 2022

3,651

2,197

37,341

43,189

NET BOOK VALUE

At 31 July 2022

-

3

22,404

22,407

At 31 July 2021

885

3

29,872

30,760

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.22

31.7.21

£

£

Trade debtors

12,281

52,108

Prepayments

208

157

12,489

52,265

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.22

31.7.21

£

£

Bank loans and overdrafts (see note 8)

10,000

10,000

Hire purchase contracts

-

16,415

Trade creditors

10,850

6,144

Tax

15,915

30,677

Social security and other taxes

2,006

285

VAT

12,325

11,622

Directors' current accounts

2,207

494

Accrued expenses

2,398

1,477

55,701

77,114

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.22

31.7.21

£

£

Bank loans (see note 8)

34,212

40,000

8.

LOANS

An analysis of the maturity of loans is given below:

31.7.22

31.7.21

£

£

Amounts falling due within one year or on demand:

Bank loans

10,000

10,000

Amounts falling due between one and two years:

Bank loans - 1-2 years

10,000

10,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

24,212

30,000

9.	PROVISIONS FOR LIABILITIES

31.7.22

31.7.21

£

£

Deferred tax

4,257

5,844

Deferred

tax

£

Balance at 1 August 2021

5,844

Accelerated Capital Allowances

(1,587

)

Balance at 31 July 2022

4,257

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.22

31.7.21

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Retained

earnings

£

At 1 August 2021

20,871

Profit for the year

33,347

Dividends

(30,000

)

At 31 July 2022

24,218

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £30,000 (2021 - £61,875) were paid to the directors .

13.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr J Morrison.