Sterling Business Systems (Midlands) Ltd - Abbreviated accounts 16.1

STERLING BUSINESS SYSTEMS (MIDLANDS) LTD

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2015

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

P. S. Atkins

REGISTERED OFFICE:

1 Goshawk Road

Quarry Hill Industrial Est.

Ilkeston

Derbyshire

DE7 4RG

REGISTERED NUMBER:

02113350 (England and Wales)

ACCOUNTANTS:

Sibbalds Limited

Chartered Accountants and Business Advisers

Oakhurst House

57 Ashbourne Road

Derby

Derbyshire

DE22 3FS

FIXED ASSETS

Tangible assets

2

22,827

9,390

CURRENT ASSETS

Stocks

18,326

21,150

Debtors

68,992

88,842

Cash at bank

10,430

16,826

97,748

126,818

CREDITORS

Amounts falling due within one year

3

73,770

101,613

NET CURRENT ASSETS

23,978

25,205

TOTAL ASSETS LESS CURRENT LIABILITIES

46,805

34,595

CREDITORS

Amounts falling due after more than one year

3

(9,844

)

-

PROVISIONS FOR LIABILITIES

(1,800

)

(900

)

NET ASSETS

35,161

33,695

CAPITAL AND RESERVES

Called up share capital

4

5,998

Capital redemption reserve

731

Profit and loss account

28,432

26,966

SHAREHOLDERS' FUNDS

35,161

33,695

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 16 May 2016 and were signed by:

P. S. Atkins - Director

1.	ACCOUNTING POLICIES

Accounting convention

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).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts

where turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are

depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2014

107,506

Additions

17,037

Disposals

(23,202

)

At 31 August 2015

101,341

DEPRECIATION

At 1 September 2014

98,116

Charge for year

3,573

Eliminated on disposal

(23,175

)

At 31 August 2015

78,514

NET BOOK VALUE

At 31 August 2015

22,827

At 31 August 2014

9,390

3.

CREDITORS

Creditors include an amount of £ 13,219 for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

23,989

Ordinary

£0.25

5,998