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 2022

Period of accounts

Start date: 01 July 2021

End date: 30 June 2022

STERLING TRUCKS LIMITED

Contents of the Financial Statements

for the Period Ended 30 June 2022

Balance sheet
Notes

STERLING TRUCKS LIMITED

Balance sheet

As at 30 June 2022


Notes
2022
2021


£
£
Fixed assets
Tangible assets: 3 3,559,177 2,755,690
Total fixed assets: 3,559,177 2,755,690
Current assets
Debtors:   366,356 242,339
Cash at bank and in hand:   8,065
Total current assets: 366,356 250,404
Creditors: amounts falling due within one year: 4 (1,259,588) (892,282)
Net current assets (liabilities): (893,232) (641,878)
Total assets less current liabilities: 2,665,945 2,113,812
Creditors: amounts falling due after more than one year: 5 (2,130,211) (1,740,355)
Total net assets (liabilities): 535,734 373,457
Capital and reserves
Called up share capital: 2 2
Profit and loss account: 535,732 373,455
Shareholders funds: 535,734 373,457

The notes form part of these financial statements

STERLING TRUCKS LIMITED

Balance sheet statements

For the year ending 30 June 2022 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 27 October 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 2022

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 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 value over the useful economic life 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 2022

2. Employees

2022 2021
Average number of employees during the period 4 3

STERLING TRUCKS LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2022

3. Tangible Assets

Total
Cost £
At 01 July 2021 4,401,150
Additions 1,651,737
Disposals (203,550)
At 30 June 2022 5,849,337
Depreciation
At 01 July 2021 1,645,460
Charge for year 848,250
On disposals (203,550)
At 30 June 2022 2,290,160
Net book value
At 30 June 2022 3,559,177
At 30 June 2021 2,755,690

STERLING TRUCKS LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2022

4. Creditors: amounts falling due within one year note

The Company has given security on assets specific to all outstanding Hire Purchase Creditors total £947,448 at 30th June 2022

STERLING TRUCKS LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2022

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 £2,100,211 at 30th June 2022.