Sterling I.C.U. Ltd Company Accounts

STERLING I.C.U. LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02914995

Sterling I.C.U. Ltd

Unaudited Financial Statements

28 February 2017

Sterling I.C.U. Ltd

Financial Statements

Year ended 28th February 2017

Contents	Page

Director's report	1

Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements	2

Statement of income and retained earnings	3

Statement of financial position	4

Notes to the financial statements	5

Sterling I.C.U. Ltd

Director's Report

Year ended 28th February 2017

The director presents his report and the unaudited financial statements of the company for the year ended 28 February 2017 .

Director

The director who served the company during the year was as follows:

E.J. Blease

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 12 June 2017 and signed on behalf of the board by:

E.J. Blease	J.R.FARROW
Director	Company Secretary

Registered office:

24 Bridge Street

Newport

South Wales

NP20 4SF

Sterling I.C.U. Ltd

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Sterling I.C.U. Ltd

Year ended 28th February 2017

As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 28th February 2017, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

WALTER HUNTER & CO LIMITED Chartered accountant

24 Bridge Street Newport South Wales NP20 4SF

12 June 2017

Sterling I.C.U. Ltd

Statement of Income and Retained Earnings

Year ended 28th February 2017

	2017	2016
Note	£	£
Turnover	18,933	30,193

	--------	--------
Gross profit	18,933	30,193

Administrative expenses	20,557	12,070
	--------	--------
Operating (loss)/profit	( 1,624)	18,123

Other interest receivable and similar income	4	1,258	1,174
		--------	--------
(Loss)/profit before taxation		( 366)	19,297

Tax on (loss)/profit	( 73)	3,859
	----	--------
(Loss)/profit for the financial year and total comprehensive income	( 293)	15,438
	----	--------

Retained earnings at the start of the year	443,575	428,137
	---------	---------
Retained earnings at the end of the year	443,282	443,575
	---------	---------

All the activities of the company are from continuing operations.

Sterling I.C.U. Ltd

Statement of Financial Position

28 February 2017

	2017		2016
Note	£	£	£

Fixed assets

Investments	5		174,545	174,545

Current assets

Debtors	6	148,328	160,912
Cash at bank and in hand		135,303	130,012
		---------	---------
		283,631	290,924

Creditors: amounts falling due within one year	7	14,794		21,794
		---------		---------
Net current assets			268,837	269,130
			---------	---------
Total assets less current liabilities			443,382	443,675
			---------	---------
Net assets			443,382	443,675
			---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	443,282	443,575
	---------	---------
Members funds	443,382	443,675
	---------	---------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 28th February 2017 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 12 June 2017 , and are signed on behalf of the board by:

E.J. Blease
Director

Company registration number: 02914995

Sterling I.C.U. Ltd

Notes to the Financial Statements

Year ended 28th February 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24 Bridge Street, Newport, South Wales, NP20 4SF.

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 the 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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

4. Other interest receivable and similar income

	2017	2016
	£	£
Interest on bank deposits	1,258	1,174
	-------	-------

5. Investments

	Other investments other than loans
	£
Cost
At 1 Mar 2016 and 28 Feb 2017	174,545
	---------
Impairment
At 1 Mar 2016 and 28 Feb 2017	–
	---------

Carrying amount
At 28th February 2017	174,545
	---------

6. Debtors

	2017	2016
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	125,000	136,000
Other debtors	23,328	24,912
	---------	---------
	148,328	160,912
	---------	---------

The debtors above include the following amounts falling due after more than one year:

	2017	2016
	£	£
Other debtors	20,000	20,000
	--------	--------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	5,240	8,639
Corporation tax	–	3,625
Other creditors	9,554	9,530
	--------	--------
	14,794	21,794
	--------	--------

8. Related party transactions

FBD Properties Limited is a related company of Sterling ICU Limited by way of common shareholding of a director. Sterling ICU Limited has made a loan to FBD Properties Limited in this and previous periods and the total amount outstanding at the year end is £125,000 (2016: £136,000). The loan was made on an interest free basis. Other than the above, no transactions with related parties were undertaken such as are required to be disclosed under FRS 102.

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st March 2015.

No transitional adjustments were required in equity or profit or loss for the year.