STERNGATE_LIMITED - Accounts

STERNGATE LIMITED - Company Information

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Company Registration number 03492753

STERNGATE LIMITED

Abbreviated Accounts

For the year ended

30th April 2016

STERNGATE LIMITED

Financial statements for the year ended 30th April 2016

Contents

Pages

Balance sheet

Notes to the financial statements

2-3

STERNGATE LIMITED

Abbreviated balance sheet as at

30th April 2016

2016

2015

Notes

Fixed assets

Tangible assets

9,830

13,972

Current assets

Stock

3,000

Debtors

24,309

43,320

Cash at bank and in hand

3,101

48,959

30,410

95,279

Creditors:

amounts falling due within one year

(42,798)

(29,806)

Net current (liabilities)/2015 assets

(12,388)

65,473

Current liabilities less total assets

(2,558)

79,445

Provision for liabilities

(1,966)

(2,794)

(4,524)

76,651

Capital and reserves

Called up share capital

100

Deficit on profit and loss account

(4,624)

76,551

Shareholders' funds

(4,524)

76,651

For the financial year ended 30th April 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have 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 in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective January 2015).

Approved by the board of directors on

28th July 2016

and signed on its behalf.

__________________________ M A Pourghazi - Director

Company Registration No: 03492753

The notes on pages 2 to 3 form part of these financial statements.

STERNGATE LIMITED

Notes to the abbreviated accounts for the year ended 30th April 2016

Accounting policies

Going concern

These accounts have been prepared on a going concern basis. During difficult trading conditions, the company continues to rely on the support of long term loans from its directors. Should the going concern basis cease to be appropriate, adjustments may be necessary to reduce the value of tangible fixed assets to their recoverable amount.

Basis of accounting

The financial statements are prepared on the historical cost basis of accounting and have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The company has taken advantage of the exemption, conferred by the Financial Reporting Standard for Smaller Entities, from the requirement to present a cash flow statement.

Turnover

Turnover represents the net value of goods sold and services rendered during the year, excluding value added tax.

Depreciation of tangible fixed assets

Depreciation is provided on all tangible fixed assets at rates calculated to write off the full cost or valuation less estimated residual value of each asset over its estimated useful life. The expected useful lives are as follows:

Plant and Machinery between 1 and 10 years

Equipment, fixtures and fittings

5 years

Stocks

Stock and work in progress is valued at the lower of cost and estimated net realisable value.

Cost of raw materials is determined on the first in first out basis. In the case of work in progress and finished goods, cost includes all direct expenditure and production overheads based on the normal level of activity. Net realisable value is the price at which the stock can be released in the normal course of business, less further costs to completion of sale.

Deferred taxation

Deferred tax is provided in respect of the tax effect of all timing differences that have originated but not reversed at the balance sheet date.

A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on a non-discounted basis, at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension scheme

The company makes contributions into a defined contribution pension scheme for the company's directors. Contributions are charged against profits as the contributions are made.

STERNGATE LIMITED

Notes to the abbreviated accounts for the year ended 30th April 2016 (continued)

Fixed assets

Tangible

fixed

assets

Cost:

At 1st May 2015

63,107

Depreciation:

At 1st May 2015

49,135

Provision for the year

4,142

At 30th April 2016

53,277

Net book value:

At 30th April 2016

9,830

At 30th April 2015

13,972

Called-up share capital

2016

2015

2016

2015

Allotted, called up and fully paid

Equity shares:

Ordinary shares of £1 each

100

Controlling party

The company is ultimately controlled by its directors, M A Pourghazi and N Sharifi-Pourghazi.