STERLING WISE LTD 31/03/2023 iXBRL

STERLING WISE LTD 31/03/2023 iXBRL

STERLING WISE LTD - Company Information

Print Friendly Version

0 31/03/2023 2023-03-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 12493488 2022-04-01 2023-03-31 12493488 2023-03-31 12493488 2022-03-31 12493488 2021-04-01 2022-03-31 12493488 2022-03-31 12493488 2021-03-31 12493488 bus:RegisteredOffice 2022-04-01 2023-03-31 12493488 bus:LeadAgentIfApplicable 2022-04-01 2023-03-31 12493488 bus:Director1 2022-04-01 2023-03-31 12493488 bus:Director2 2022-04-01 2023-03-31 12493488 core:FurnitureFittingsToolsEquipment 2022-03-31 12493488 core:FurnitureFittingsToolsEquipment 2023-03-31 12493488 core:WithinOneYear 2023-03-31 12493488 core:WithinOneYear 2022-03-31 12493488 core:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 12493488 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 12493488 core:ShareCapital 2023-03-31 12493488 core:ShareCapital 2022-03-31 12493488 core:RetainedEarningsAccumulatedLosses 2023-03-31 12493488 core:RetainedEarningsAccumulatedLosses 2022-03-31 12493488 core:ShareCapital 2021-03-31 12493488 core:RetainedEarningsAccumulatedLosses 2021-03-31 12493488 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 12493488 core:FurnitureFittingsToolsEquipment 2022-03-31 12493488 bus:Director1 2022-03-31 12493488 bus:Director1 2023-03-31 12493488 bus:Director1 2021-03-31 12493488 bus:Director1 2022-03-31 12493488 bus:Director1 2021-04-01 2022-03-31 12493488 bus:SmallEntities 2022-04-01 2023-03-31 12493488 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 12493488 bus:FullAccounts 2022-04-01 2023-03-31 12493488 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 12493488 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31
Company registration number: 12493488
STERLING WISE LTD
Trading as STERLING WISE CHARTERED CERTIFIED ACCOUNTANTS
Unaudited filleted financial statements
31 March 2023
STERLING WISE LTD
Contents
Directors and other information
Directors report
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
STERLING WISE LTD
Directors and other information
Directors Mr Munawar Hussain
Mr Babar Lone (Appointed 19 February 2023)
Company number 12493488
Registered office 85 Lynton Avenue
London
NW9 6PB
Business address 85 Lynton Avenue
London
NW9 6PB
Accountants STERLIN WISE
Chartered Certified Accountants
85 Lynton Avenue
London
NW9 6PB
Bankers Barclays Bank
STERLING WISE LTD
Directors report
Year ended 31 March 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2023.
Directors
The directors who served the company during the year were as follows:
Mr Munawar Hussain
Mr Babar Lone (Appointed 19 February 2023)
Dividends
Particulars of recommended dividends are detailed in note 5 to the unaudited financial statements.
Directors responsibilities statement
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 10 August 2023 and signed on behalf of the board by:
Mr Munawar Hussain
Director
STERLING WISE LTD
Report to the board of directors on the preparation of the
unaudited statutory financial statements of STERLING WISE LTD
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of STERLING WISE LTD for the year ended 31 March 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of STERLING WISE LTD, as a body, in accordance with the terms of our engagement letter dated 2 March 2020. Our work has been undertaken solely to prepare for your approval the financial statements of STERLING WISE LTD and state those matters that we have agreed to state to the board of directors of STERLING WISE LTD as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than STERLING WISE LTD and its board of directors as a body for our work or for this report.
It is your duty to ensure that STERLING WISE LTD has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of STERLING WISE LTD. You consider that STERLING WISE LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of STERLING WISE LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
STERLIN WISE
Chartered Certified Accountants
85 Lynton Avenue
London
NW9 6PB
10 August 2023
STERLING WISE LTD
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 2,169 3,205
_______ _______
2,169 3,205
Current assets
Debtors 7 33,285 32,280
Cash at bank and in hand 3,582 5,469
_______ _______
36,867 37,749
Creditors: amounts falling due
within one year 8 ( 38,859) ( 40,831)
_______ _______
Net current liabilities ( 1,992) ( 3,082)
_______ _______
Total assets less current liabilities 177 123
_______ _______
Net assets 177 123
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 77 23
_______ _______
Shareholder funds 177 123
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 August 2023 , and are signed on behalf of the board by:
Mr Munawar Hussain
Director
Company registration number: 12493488
STERLING WISE LTD
Statement of changes in equity
Year ended 31 March 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2021 100 91 191
Profit for the year 4,932 4,932
_______ _______ _______
Total comprehensive income for the year - 4,932 4,932
Dividends paid and payable ( 5,000) ( 5,000)
_______ _______ _______
Total investments by and distributions to owners - ( 5,000) ( 5,000)
_______ _______ _______
At 31 March 2022 and 1 April 2022 100 23 123
Profit for the year 26,654 26,654
_______ _______ _______
Total comprehensive income for the year - 26,654 26,654
Dividends paid and payable ( 26,600) ( 26,600)
_______ _______ _______
Total investments by and distributions to owners - ( 26,600) ( 26,600)
_______ _______ _______
At 31 March 2023 100 77 177
_______ _______ _______
STERLING WISE LTD
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Englend. The address of the registered office is 85 Lynton Avenue, London, NW9 6PB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 %
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
4. Staff costs
The average number of persons employed by the company during the year amounted to Nil (2022: 2 ).
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 48,000 42,000
_______ _______
5. Dividends
Equity dividends
2023 2022
£ £
Dividends proposed before the year end and recognised as a liability 26,600 5,000
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2022 and 31 March 2023 5,699 5,699
_______ _______
Depreciation
At 1 April 2022 2,493 2,493
Charge for the year 1,037 1,037
_______ _______
At 31 March 2023 3,530 3,530
_______ _______
Carrying amount
At 31 March 2023 2,169 2,169
_______ _______
At 31 March 2022 3,206 3,206
_______ _______
7. Debtors
2023 2022
£ £
Trade debtors 19,600 10,181
Other debtors 13,685 22,099
_______ _______
33,285 32,280
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 2,910 -
Trade creditors - 4,550
Corporation tax 18,505 18,371
Social security and other taxes 17,444 17,910
_______ _______
38,859 40,831
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Munawar Hussain 22,099 ( 12,197) 9,902
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Munawar Hussain ( 33,732) 55,831 22,099
_______ _______ _______