STIRLING_HOLDINGS_LTD - Accounts

The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 1 to 4 have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Stirling Holdings Ltd for the year ended 31 March 2014 set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Stirling Holdings Ltd, as a body, in accordance with your instructions. Our work has been undertaken solely to prepare for your approval the financial statements of Stirling Holdings Ltd and state those matters that we have agreed to state to the Board of Directors of Stirling Holdings Ltd, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Stirling Holdings Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Stirling Holdings 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 Stirling Holdings Ltd. You consider that Stirling Holdings 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 Stirling Holdings 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.

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

Fixed asset investments are stated at cost.

Pension contributions are charged to the profit and loss account as incurred. These contributions are invested seperately from the company's assets.

Deferred taxation is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date.  Deferred tax assets are only recognised to the extent that they are considered recoverable against future taxable profits.  Deferred tax is measured at the tax rates that are expected to apply in the periods in which the timing differences are expected to reverse.  Deferred tax balances are not discounted.

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

Music Copyrights purchased in 1985 were written off against shareholders' funds on acquistion. Copyrights acquired as a result on or after 1985 are capitalised as intangible assets in the balance sheet, and are amortised by equal annual amounts over not more than 20 years. Where a useful economic life of up to 20 years has been adopted, copyrights are reviewed for imparement at the end of the first full financial year following acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows: