Company No:
Contents
Note | 31.08.2021 | 31.08.2020 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 5 |
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Tangible assets | 6 |
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115,728 | 162,730 | |||
Current assets | ||||
Debtors | 7 |
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Cash at bank and in hand |
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73,701 | 814,207 | |||
Creditors | ||||
Amounts falling due within one year | 8 | (
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Net current assets | 4,475 | 639,305 | ||
Total assets less current liabilities | 120,203 | 802,035 | ||
Creditors | ||||
Amounts falling due after more than one year | 9 |
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Net assets/(liabilities) |
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Capital and reserves | ||||
Called-up share capital | 10 |
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Share premium account |
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Profit and loss account | (
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Total shareholders' funds/(deficit) |
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Directors' responsibilities:
The financial statements of Sharktower Ai Limited (registered number:
Craig Cameron Mackay
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Sharktower Ai Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 13 Balgreen Avenue, Edinburgh, EH12 5SX, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
These financial statements cover a period of 12 months to 31 August 2021. The comparative figures cover a 7 month period from 27 January 2020 to 31 August 2020. Therefore, the figures are not entirely comparable.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.
Fair value has been determined by management to not be materially different from the nominal value of the shares.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Other intangible assets |
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years | straight line |
Plant and machinery etc. |
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years | 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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price.
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.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
During the year, the company issued a range of share options with differing vesting criteria. The directors believe the fair value of the options at the grant date was not materially different to the exercise price. Therefore, no share based payment is required to be charged in the accounts.
Year ended 31.08.2021 |
Period from 01.01.2019 to 31.08.2020 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Equity-settled share-based payment schemes
Options are exercisable upon vesting at a price equal to the estimated fair value of the Company’s shares on the date of grant. 337,008 options vested immediately, and 15,418 are vest upon sale or listing of the company. Options are forfeited if the employee leaves the Company before the options vest.
Details of the share options outstanding during the financial year are as follows:
31.08.2021 | 31.08.2020 | ||||
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Weighted Average | Weighted Average | ||||
Number of share options | Average exercise price (£) | Number of share options | Average exercise price (£) | ||
Outstanding at beginning of period |
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Granted during the period |
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Forfeited during the period | (
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Exercised during the period | (
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Outstanding at the end of the period |
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Exercisable at the end of the period |
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Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 01 September 2020 |
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At 31 August 2021 |
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Accumulated amortisation | |||
At 01 September 2020 |
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Charge for the financial year |
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At 31 August 2021 |
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Net book value | |||
At 31 August 2021 |
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At 31 August 2020 |
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The intellectual property represents the rights to the company's product and all related know-how acquired from a third party.
Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 September 2020 |
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Additions |
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Disposals | (
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At 31 August 2021 |
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Accumulated depreciation | |||
At 01 September 2020 |
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Charge for the financial year |
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Disposals | (
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At 31 August 2021 |
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Net book value | |||
At 31 August 2021 |
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At 31 August 2020 |
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31.08.2021 | 31.08.2020 | ||
£ | £ | ||
Trade debtors |
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Corporation tax |
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Other debtors |
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31.08.2021 | 31.08.2020 | ||
£ | £ | ||
Trade creditors |
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Other creditors |
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Other taxation and social security |
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31.08.2021 | 31.08.2020 | ||
£ | £ | ||
Other creditors |
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31.08.2021 | 31.08.2020 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
31.08.2021 | 31.08.2020 | ||
£ | £ | ||
- within one year |
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- between one and five years |
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