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Registration number: 09858383

Sharp Rooms Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2017

Newsham Hanson Ltd
Chartered Certified Accountants
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

 

Sharp Rooms Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 8

 

Sharp Rooms Limited

Company Information

Directors

Mr N T Moffatt

Mr J Bebbington

Mr O T W Richards

Registered office

1 All Saints Court
All Saints Road
Clifton
Bristol
BS8 2JE

Accountants

Newsham Hanson Ltd
Chartered Certified Accountants
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Sharp Rooms Limited
for the 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 accounts of Sharp Rooms Limited for the year ended 30 November 2017 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Sharp Rooms Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Sharp Rooms Limited and state those matters that we have agreed to state to the Board of Directors of Sharp Rooms Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sharp Rooms Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Sharp Rooms Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Sharp Rooms Limited. You consider that Sharp Rooms 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 accounts of Sharp Rooms 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 accounts.

......................................

Newsham Hanson Ltd
Chartered Certified Accountants
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

25 September 2018

 

Sharp Rooms Limited

(Registration number: 09858383)
Balance Sheet as at 30 November 2017

Note

2017
£

2016
£

Fixed assets

 

Intangible assets

4

682

1,022

Tangible assets

5

505

378

 

1,187

1,400

Current assets

 

Debtors

6

-

337

Cash at bank and in hand

 

120

12

 

120

349

Creditors: Amounts falling due within one year

7

(50,081)

(37,599)

Net current liabilities

 

(49,961)

(37,250)

Net liabilities

 

(48,774)

(35,850)

Capital and reserves

 

Share premium reserve

30

30

Profit and loss account

(48,804)

(35,880)

Total equity

 

(48,774)

(35,850)

For the financial 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 accounts for the year in question in accordance with section 476; and

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 September 2018 and signed on its behalf by:
 

.........................................

Mr N T Moffatt
Director

 

Sharp Rooms Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 All Saints Court
All Saints Road
Clifton
Bristol
BS8 2JE

These financial statements were authorised for issue by the Board on 25 September 2018.

2

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line basis

 

Sharp Rooms Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development costs

25% straight line basis

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2016 - 3).

 

Sharp Rooms Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 December 2016

1,363

1,363

At 30 November 2017

1,363

1,363

Amortisation

At 1 December 2016

341

341

Amortisation charge

340

340

At 30 November 2017

681

681

Carrying amount

At 30 November 2017

682

682

At 30 November 2016

1,022

1,022

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
 

 

Sharp Rooms Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2016

504

-

504

Additions

420

11,114

11,534

Disposals

-

(11,114)

(11,114)

At 30 November 2017

924

-

924

Depreciation

At 1 December 2016

126

-

126

Charge for the year

293

-

293

At 30 November 2017

419

-

419

Carrying amount

At 30 November 2017

505

-

505

At 30 November 2016

378

-

378

6

Debtors

2017
£

2016
£

Trade debtors

-

337

-

337

7

Creditors

Creditors: amounts falling due within one year

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

9

3,000

4,000

Trade creditors

 

108

108

Amounts owed to related parties

35,767

23,288

Taxation and social security

 

9,575

8,632

Other creditors

 

1,631

1,571

 

50,081

37,599

 

Sharp Rooms Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

8

Share capital

Allotted, called up and fully paid shares

 

2017

2016

 

No.

£

No.

£

Ordinary of £1 each

30

30

30

30

         

9

Loans and borrowings

2017
£

2016
£

Current loans and borrowings

Other borrowings

3,000

4,000