Company Registration No. 09885633 (England and Wales)
SPHERE ESTATES INTERNATIONAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
PAGES FOR FILING WITH REGISTRAR
SPHERE ESTATES INTERNATIONAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SPHERE ESTATES INTERNATIONAL LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2021
30 November 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,545
8,584
Tangible assets
4
1,191
117
5,736
8,701
Current assets
Debtors
5
62,849
7,124
Cash at bank and in hand
43,478
4,095
106,327
11,219
Creditors: amounts falling due within one year
6
(203,348)
(241,940)
Net current liabilities
(97,021)
(230,721)
Total assets less current liabilities
(91,285)
(222,020)
Creditors: amounts falling due after more than one year
7
(26,983)
Net liabilities
(91,285)
(249,003)
Capital and reserves
Called up share capital
8
200
200
Share premium account
342,951
342,951
Profit and loss reserves
(434,436)
(592,154)
Total equity
(91,285)
(249,003)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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.
SPHERE ESTATES INTERNATIONAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2021
30 November 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 14 June 2022
Mr R J Green
Director
Company Registration No. 09885633
SPHERE ESTATES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 3 -
1
Accounting policies
Company information
Sphere Estates International Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
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 amounts 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
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The validity of this assumption is on the basis of that the company will continue to be supported by the director. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
1.4
Development costs
Website Development costs are capitalised where the director is satisfied it is probable that expected future economic benefits that are attributable to the asset will flow to the entity. Website development costs are initially measured at cost and subsequently measured at cost net of amortisation. These costs are amortised over the period the company is expected to benefit, which is 4 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% Straight line
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
1.7
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with bank.
SPHERE ESTATES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
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. 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 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, 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.
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including director) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
SPHERE ESTATES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 5 -
3
Intangible fixed assets
Website development
£
Cost
At 1 December 2020 and 30 November 2021
77,981
Amortisation and impairment
At 1 December 2020
69,397
Amortisation charged for the year
4,039
At 30 November 2021
73,436
Carrying amount
At 30 November 2021
4,545
At 30 November 2020
8,584
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2020
3,119
Additions
1,196
At 30 November 2021
4,315
Depreciation and impairment
At 1 December 2020
3,002
Depreciation charged in the year
122
At 30 November 2021
3,124
Carrying amount
At 30 November 2021
1,191
At 30 November 2020
117
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
59,006
5,407
Other debtors
1,742
364
Prepayments and accrued income
2,101
1,353
62,849
7,124
SPHERE ESTATES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 6 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
2,998
Other borrowings
114,000
150,000
Trade creditors
9,861
11,236
Other taxation and social security
1,164
6,717
Other creditors
50,691
47,204
Accruals and deferred income
27,632
23,785
203,348
241,940
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
26,983
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
151
151
151
151
Ordinary B shares of £1 each
49
49
49
49
200
200
200
200