Registration number:
Sterling Guarantee Trust Limited
for the Year Ended 31 December 2018
Sterling Guarantee Trust Limited
Contents
Company Information |
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Directors' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Sterling Guarantee Trust Limited
Company Information
Directors |
The Lord Sterling of Plaistow GCVO, CBE Sir Andrew Cunynghame Bt, FCA |
Company secretary |
Sir Andrew Cunynghame |
Registered office |
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Bankers |
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Page 1 |
Sterling Guarantee Trust Limited
Directors' Report for the Year Ended 31 December 2018
The directors present their report and the financial statements for the year ended 31 December 2018.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is that of an investment holding company
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
.........................................
Director
Page 2 |
Sterling Guarantee Trust Limited
Profit and Loss Account for the Year Ended 31 December 2018
Note |
2018 |
2017 |
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Turnover |
- |
- |
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Administrative expenses |
( |
( |
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Operating loss |
( |
( |
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Other interest receivable and similar income |
|
|
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157 |
224 |
||
Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 3 |
Sterling Guarantee Trust Limited
Statement of Comprehensive Income for the Year Ended 31 December 2018
2018 |
2017 |
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Profit for the year |
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Total comprehensive income for the year |
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Page 4 |
Sterling Guarantee Trust Limited
(Registration number: 02641766)
Balance Sheet as at 31 December 2018
Note |
2018 |
2017 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
Director
Page 5 |
Sterling Guarantee Trust Limited
Statement of Changes in Equity for the Year Ended 31 December 2018
Share capital |
Other reserves |
Profit and loss account |
Total |
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At 1 January 2018 |
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Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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At 31 December 2018 |
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Share capital |
Other reserves |
Profit and loss account |
Total |
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At 1 January 2017 |
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Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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At 31 December 2017 |
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Page 6 |
Sterling Guarantee Trust Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 7 |
Sterling Guarantee Trust Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Debtors |
2018 |
2017 |
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Other debtors |
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Page 8 |
Sterling Guarantee Trust Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Accruals |
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Corporation tax |
27 |
40 |
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Other borrowings |
16 |
16 |
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Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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|
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250,000 |
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250,000 |
Loans and borrowings |
2018 |
2017 |
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Current loans and borrowings |
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Other borrowings |
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Related party transactions |
Transactions with directors |
2018 |
At 1 January 2018 |
At 31 December 2018 |
The Lord Sterling of Plaistow GCVO, CBE |
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Loan from Lord Sterling |
16 |
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Page 9 |
Sterling Guarantee Trust Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
2017 |
At 1 January 2017 |
At 31 December 2017 |
The Lord Sterling of Plaistow GCVO, CBE |
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Loan from Lord Sterling |
16 |
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Page 10 |
Sterling Guarantee Trust Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Summary of transactions with entities with joint control or significant interest
Interest free and repayable on demand
Loans to related parties
2018 |
Entities with joint control or significant influence |
At start of period |
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Advanced |
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At end of period |
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2017 as restated |
Entities with joint control or significant influence |
At start of period |
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Advanced |
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At end of period |
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Page 11 |