Sterling Sensors Limited Company Accounts

Sterling Sensors Limited Company Accounts

STERLING SENSORS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02497036
Sterling Sensors Limited
Filleted Unaudited Financial Statements
30 November 2017
Sterling Sensors Limited
Financial Statements
Year ended 30 November 2017
Contents
Pages
Officers and professional advisers
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3 to 4
Notes to the financial statements
5 to 8
Sterling Sensors Limited
Officers and Professional Advisers
The board of directors
F J Murray
B Agger
Company secretary
M E Baines
Registered office
77 Corporation Street
St Helens
Merseyside
WA10 1SX
Accountants
Abrams Ashton
Chartered Accountants
77 Corporation Street
St Helens
Merseyside
WA10 1SX
Sterling Sensors Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Sterling Sensors Limited
Year ended 30 November 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sterling Sensors Limited for the year ended 30 November 2017, which comprise the statement of financial position and the related notes 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Sterling Sensors Limited, as a body, in accordance with the terms of our engagement letter dated 22 January 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Sterling Sensors Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sterling Sensors Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Sterling Sensors Limited 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 loss of Sterling Sensors Limited. You consider that Sterling Sensors Limited 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 Sterling Sensors Limited. 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.
Abrams Ashton Chartered Accountants
77 Corporation Street St Helens Merseyside WA10 1SX
18 April 2018
Sterling Sensors Limited
Statement of Financial Position
30 November 2017
2017
2016
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,627
2,319
Current assets
Stocks
–
148,075
Debtors
6
124,132
137,006
Cash at bank and in hand
70,654
123,460
---------
---------
194,786
408,541
Creditors: amounts falling due within one year
7
( 235,574)
( 145,846)
---------
---------
Net current (liabilities)/assets
( 40,788)
262,695
--------
---------
Total assets less current liabilities
( 39,161)
265,014
--------
---------
Net (liabilities)/assets
( 39,161)
265,014
--------
---------
Capital and reserves
Called up share capital
10
10
Profit and loss account
( 39,171)
265,004
--------
---------
Shareholders (deficit)/funds
( 39,161)
265,014
--------
---------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 .
Sterling Sensors Limited
Statement of Financial Position (continued)
30 November 2017
These financial statements were approved by the board of directors and authorised for issue on 17 April 2018 , and are signed on behalf of the board by:
F J Murray
Director
Company registration number: 02497036
Sterling Sensors Limited
Notes to the Financial Statements
Year ended 30 November 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 77 Corporation Street, St Helens, Merseyside, WA10 1SX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
3.1 Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
3.2 Going concern
The accounts have been prepared on a going concern basis the validity of which depends on future profitable trading and the support of the directors. Should the company be unable to continue trading, adjustments would be necessary to reduce the value of assets to their recoverable amount, to provide for further liabilities which might arise and to reclassify fixed assets as current assets.
3.3 Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 December 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
3.4 Revenue recognition
Revenue comprises the fair value of the sale of goods and services net of value added tax, rebates and discounts. Sales of goods are recognised when the company has delivered the goods and services to the customer.
3.5 Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax assets are recognised only to the extent that the directors consider that it is 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 an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
3.6 Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
3.7 Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
3.8 Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Improvements to property
-
10% straight line
Motor vehicles
-
25% reducing balance
3.9 Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
3.10 Defined contribution plans
The company operates a defined contribution pension scheme. The pension costs charged in the financial statements represent the contributions payable by the company during the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2016: 16 ).
5. Tangible assets
Property improvements
Motor vehicles
Total
£
£
£
Cost
At 1 December 2016 and 30 November 2017
54,294
6,499
60,793
--------
-------
--------
Depreciation
At 1 December 2016
52,408
6,066
58,474
Charge for the year
584
108
692
--------
-------
--------
At 30 November 2017
52,992
6,174
59,166
--------
-------
--------
Carrying amount
At 30 November 2017
1,302
325
1,627
--------
-------
--------
At 30 November 2016
1,886
433
2,319
--------
-------
--------
6. Debtors
2017
2016
£
£
Trade debtors
95,144
128,398
Amounts owed by group undertakings and undertakings in which the company has a participating interest
25,575
5,215
Other debtors
3,413
3,393
---------
---------
124,132
137,006
---------
---------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Overdrafts
151,696
–
Trade creditors
57,669
44,967
Amounts owed to group undertakings and undertakings
2,654
32,491
Social security and other taxes
6,962
18,840
Other creditors
16,593
49,548
---------
---------
235,574
145,846
---------
---------
The following liabilities disclosed under creditors falling due within one year are secured by the company:
2017
2016
£
£
Bank overdrafts
151,696
–
The bank overdraft is secured by a fixed and floating charge over the company's assets.
8. Going concern
Although the financial statements show net current liabilities of £40,788 ( 2016 - Net current assets £262,695 ) and net liabilities of £39,161 ( 2016 - Net assets of £265,014 ), the directors are of the opinion that the financial statements can be prepared on a going concern basis on the grounds that they will continue to support the company and that the company will trade profitably in the future.
9. Contingencies
There is a corporate cross guarantee between all group companies relating to a group bank overdraft facility.
10. Ultimate parent company
The company's ultimate parent company is Precision 21 Limited , registered in England and Wales. Their registered address is Euro Works, Hawksley Industrial Estate, Hawksley Street, Oldham, OL8 4PQ, England.
11. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 December 2015.
No transitional adjustments were required in equity or profit or loss for the year.