Sterling Business Systems (Midlands) Ltd - Accounts to registrar (filleted) - small 18.1

STERLING BUSINESS SYSTEMS (MIDLANDS) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

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

4

15,268

16,915

CURRENT ASSETS

Stocks

10,996

23,815

Debtors

5

55,504

66,933

Cash at bank

67,152

30,581

133,652

121,329

CREDITORS

Amounts falling due within one year

6

103,850

93,812

NET CURRENT ASSETS

29,802

27,517

TOTAL ASSETS LESS CURRENT LIABILITIES

45,070

44,432

CREDITORS

Amounts falling due after more than one year

7

(3,094

)

(6,469

)

PROVISIONS FOR LIABILITIES

9

(1,200

)

(1,100

)

NET ASSETS

40,776

36,863

CAPITAL AND RESERVES

Called up share capital

10

5,998

5,998

Capital redemption reserve

731

731

Retained earnings

34,047

30,134

SHAREHOLDERS' FUNDS

40,776

36,863

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 25 May 2018 and were signed by:

P. S. Atkins - Director

1.	STATUTORY INFORMATION

Sterling Business Systems (Midlands) Ltd is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31 August 2017 are the first that are prepared in accordance

with FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the

date of transition to FRS 102 Section 1A is 1 September 2015.

The policies applied under the entity's previous accounting framework are not materially different to FRS 102

and have not impacted on equity or profit or loss.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2016 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 September 2016

27,420

59,935

15,000

102,355

Additions

-

5,166

-

5,166

At 31 August 2017

27,420

65,101

15,000

107,521

DEPRECIATION

At 1 September 2016

27,419

53,958

4,063

85,440

Charge for year

1

3,089

3,750

6,840

Eliminated on disposal

-

-

(27

)

(27

)

At 31 August 2017

27,420

57,047

7,786

92,253

NET BOOK VALUE

At 31 August 2017

-

8,054

7,214

15,268

At 31 August 2016

1

5,977

10,937

16,915

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

48,407

60,896

Other debtors

7,097

6,037

55,504

66,933

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

3,375

3,375

Trade creditors

67,447

66,292

Taxation and social security

10,827

13,204

Other creditors

22,201

10,941

103,850

93,812

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

3,094

6,469

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

6,469

9,844

Assets held under hire purchase contracts are secured upon the asset concerned.

9.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

1,200

1,100

Deferred

tax

£

Balance at 1 September 2016

1,100

Provided during year

100

Balance at 31 August 2017

1,200

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

23,989

Ordinary

£0.25

5,998

5,998

11.	FIRST YEAR ADOPTION

The policies applied under the entity's previous accounting framework are not materially different to FRS 102

and have not impacted on equity or profit or loss