Sterling Logistics Ltd - Accounts to registrar (filleted) - small 23.1.2

Sterling Logistics Ltd - Accounts to registrar (filleted) - small 23.1.2

STERLING LOGISTICS LTD - Company Information

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REGISTERED NUMBER: 08681394 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 September 2022

for

Sterling Logistics Ltd
Connolly Accountants & Business Advisors Ltd
Chartered Certified Accountants
The Stable Yard
Vicarage Road
Stony Stratford
Milton Keynes
Buckinghamshire
MK11 1BN








Sterling Logistics Ltd (Registered number: 08681394)






Contents of the Financial Statements
FOR THE YEAR ENDED 30 SEPTEMBER 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Sterling Logistics Ltd

Company Information
FOR THE YEAR ENDED 30 SEPTEMBER 2022







DIRECTOR: M C Gilbert





REGISTERED OFFICE: Unit 6 Durrance Farm Business Park
Stewkley Road
Soulbury
Leighton Buzzard
Bedfordshire
LU7 0DF





REGISTERED NUMBER: 08681394 (England and Wales)





ACCOUNTANTS: Connolly Accountants & Business Advisors Ltd
Chartered Certified Accountants
The Stable Yard
Vicarage Road
Stony Stratford
Milton Keynes
Buckinghamshire
MK11 1BN
1
Sterling Logistics Ltd (Registered number: 08681394)

Balance Sheet
30 SEPTEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 13,926 20,935

CURRENT ASSETS
Stocks 1,250 1,500
Debtors 5 18,466 10,076
Cash at bank 9,674 16,684
29,390 28,260
CREDITORS
Amounts falling due within one year 6 18,877 17,379
NET CURRENT ASSETS 10,513 10,881
TOTAL ASSETS LESS CURRENT
LIABILITIES
24,439
31,816

PROVISIONS FOR LIABILITIES 2,646 3,978
NET ASSETS 21,793 27,838

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 21,693 27,738
SHAREHOLDERS' FUNDS 21,793 27,838

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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 notes form part of these financial statements

2 continued...
Sterling Logistics Ltd (Registered number: 08681394)

Balance Sheet - continued
30 SEPTEMBER 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 25 April 2023 and were signed by:





M C Gilbert - Director


The notes form part of these financial statements

3
Sterling Logistics Ltd (Registered number: 08681394)

Notes to the Financial Statements
FOR THE YEAR ENDED 30 SEPTEMBER 2022

1. STATUTORY INFORMATION

Sterling Logistics 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.

2. ACCOUNTING POLICIES

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

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 & machinery - 25% on reducing balance
Computer equipment - 3 years

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.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

4 continued...
Sterling Logistics Ltd (Registered number: 08681394)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic Financial Assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is a contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from related companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised costs, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

5 continued...
Sterling Logistics Ltd (Registered number: 08681394)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 2 (2021 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2021 38,345
Additions 3,649
Disposals (12,490 )
At 30 September 2022 29,504
DEPRECIATION
At 1 October 2021 17,410
Charge for year 5,419
Eliminated on disposal (7,251 )
At 30 September 2022 15,578
NET BOOK VALUE
At 30 September 2022 13,926
At 30 September 2021 20,935

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 15,050 8,406
Other debtors 3,416 1,670
18,466 10,076

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 7,644 2,783
Taxation and social security 10,729 11,263
Other creditors 504 3,333
18,877 17,379

6 continued...
Sterling Logistics Ltd (Registered number: 08681394)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2022

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
£    £   
Within one year 18,002 17,477
Between one and five years 77,572 75,313
In more than five years 60,722 80,983
156,296 173,773

8. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions totalling £97 (2021: £nil) were payable to the fund at the balance sheet date and are included in other creditors.

7