Company Registration No. 04458908 (England and Wales)
SHARPS COMMERCIAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
PAGES FOR FILING WITH REGISTRAR
SHARPS COMMERCIAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SHARPS COMMERCIAL LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2021
28 February 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
83
Current assets
Debtors
5
20,954
36,749
Cash at bank and in hand
101,868
18,369
122,822
55,118
Creditors: amounts falling due within one year
6
(44,218)
(39,481)
Net current assets
78,604
15,637
Total assets less current liabilities
78,604
15,720
Creditors: amounts falling due after more than one year
7
(42,500)
Net assets
36,104
15,720
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
36,004
15,620
Total equity
36,104
15,720
SHARPS COMMERCIAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2021
28 February 2021
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 28 February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 5 November 2021 and are signed on its behalf by:
Mr A I White
Director
Company Registration No. 04458908
SHARPS COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 3 -
1
Accounting policies
Company information
Sharps Commercial Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
3rd Floor, The Blade, Abbey Square, Reading, Berkshire, RG1 3BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably
.
1.3
Intangible fixed assets - goodwill
Acquired goodwill has been fully amortised.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% straight line
Computer equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets
.
A provision is made for any impairment loss and taken to the profit and loss account.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
SHARPS COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company
only enters into Basic financial instrument transactions
.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions 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 cost 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.
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 any 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
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
SHARPS COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
4
3
Intangible fixed assets
Goodwill
£
Cost
At 29 February 2020 and 28 February 2021
52,500
Amortisation and impairment
At 29 February 2020 and 28 February 2021
52,500
Carrying amount
At 28 February 2021
At 28 February 2020
SHARPS COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 6 -
4
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 29 February 2020 and 28 February 2021
8,706
22,557
31,263
Depreciation and impairment
At 29 February 2020
8,623
22,557
31,180
Depreciation charged in the year
83
83
At 28 February 2021
8,706
22,557
31,263
Carrying amount
At 28 February 2021
At 28 February 2020
83
83
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
13,884
26,385
Corporation tax recoverable
2,013
2,013
Other debtors
5,057
8,351
20,954
36,749
6
Creditors: amounts falling due within one year
2021
2020
£
£
Other borrowings
7,500
Trade creditors
6,445
6,616
Corporation tax
8,461
Other taxation and social security
18,812
29,575
Accruals and deferred income
3,000
3,290
44,218
39,481
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
42,500
SHARPS COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
7
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable by instalments
2,500
-