Caseware UK (AP4) 2021.0.152 2021.0.152 2022-05-312022-05-312021-06-01falseNo description of principal activity1615falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09786303 2021-06-01 2022-05-31 09786303 2020-06-01 2021-05-31 09786303 2022-05-31 09786303 2021-05-31 09786303 c:Director1 2021-06-01 2022-05-31 09786303 d:OfficeEquipment 2021-06-01 2022-05-31 09786303 d:OfficeEquipment 2022-05-31 09786303 d:OfficeEquipment 2021-05-31 09786303 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-06-01 2022-05-31 09786303 d:ComputerEquipment 2021-06-01 2022-05-31 09786303 d:ComputerEquipment 2022-05-31 09786303 d:ComputerEquipment 2021-05-31 09786303 d:ComputerEquipment d:OwnedOrFreeholdAssets 2021-06-01 2022-05-31 09786303 d:OwnedOrFreeholdAssets 2021-06-01 2022-05-31 09786303 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-05-31 09786303 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-05-31 09786303 d:CurrentFinancialInstruments 2022-05-31 09786303 d:CurrentFinancialInstruments 2021-05-31 09786303 d:Non-currentFinancialInstruments 2022-05-31 09786303 d:Non-currentFinancialInstruments 2021-05-31 09786303 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 09786303 d:CurrentFinancialInstruments d:WithinOneYear 2021-05-31 09786303 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 09786303 d:Non-currentFinancialInstruments d:AfterOneYear 2021-05-31 09786303 d:ShareCapital 2022-05-31 09786303 d:ShareCapital 2021-05-31 09786303 d:SharePremium 2022-05-31 09786303 d:SharePremium 2021-05-31 09786303 d:RetainedEarningsAccumulatedLosses 2022-05-31 09786303 d:RetainedEarningsAccumulatedLosses 2021-05-31 09786303 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-05-31 09786303 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2021-05-31 09786303 c:FRS102 2021-06-01 2022-05-31 09786303 c:AuditExempt-NoAccountantsReport 2021-06-01 2022-05-31 09786303 c:FullAccounts 2021-06-01 2022-05-31 09786303 c:PrivateLimitedCompanyLtd 2021-06-01 2022-05-31 09786303 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2021-06-01 2022-05-31 09786303 2 2021-06-01 2022-05-31 09786303 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure

Registered number: 09786303









SHARP-AX COMPUTER SYSTEMS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2022

 
SHARP-AX COMPUTER SYSTEMS LIMITED
REGISTERED NUMBER: 09786303

BALANCE SHEET
AS AT 31 MAY 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,211,508
1,083,062

Tangible assets
 5 
21,406
26,219

  
1,232,914
1,109,281

Current assets
  

Stocks
  
19,351
8,696

Debtors: amounts falling due within one year
 6 
398,949
494,326

Cash at bank and in hand
 7 
368,992
409,768

  
787,292
912,790

Creditors: amounts falling due within one year
 8 
(726,949)
(883,059)

Net current assets
  
 
 
60,343
 
 
29,731

Total assets less current liabilities
  
1,293,257
1,139,012

Creditors: amounts falling due after more than one year
 9 
(373,700)
(400,000)

  

Net assets
  
919,557
739,012


Capital and reserves
  

Called up share capital 
  
160
100

Share premium account
  
875
-

Profit and loss account
  
918,522
738,912

  
919,557
739,012

Page 1

 
SHARP-AX COMPUTER SYSTEMS LIMITED
REGISTERED NUMBER: 09786303
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 September 2022.




................................................
J J Munnelly
Director

The notes on pages 3 to 11 form part of these financial statements.
Page 2

 
SHARP-AX COMPUTER SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022

1.


General information

Sharp-aX Computer Systems Limited is a company limited by shares and incorporated in England within the United Kingdom.  The address of the registered office is R&R House, Northbridge Road, Berkhamsted, Hertfordshire, HP4 1EH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 
SHARP-AX COMPUTER SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022

2.Accounting policies (continued)

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 4

 
SHARP-AX COMPUTER SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022

2.Accounting policies (continued)

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
25% reducing balance
Computer equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
SHARP-AX COMPUTER SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 6

 
SHARP-AX COMPUTER SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022

2.Accounting policies (continued)

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

  
2.17

Coronavirus Job Retention Scheme (CJRS)

The company is recognising this under the accrual model and hence the revenue is recognised as income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.


3.


Employees

The average monthly number of employees, including directors, during the year was 16 (2021 - 15).

Page 7

 
SHARP-AX COMPUTER SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022

4.


Intangible assets




Development expenditure

£



Cost


At 1 June 2021
1,545,817


Additions - internal
314,474



At 31 May 2022

1,860,291



Amortisation


At 1 June 2021
462,755


Charge for the year on owned assets
186,028



At 31 May 2022

648,783



Net book value



At 31 May 2022
1,211,508



At 31 May 2021
1,083,062



Page 8

 
SHARP-AX COMPUTER SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022

5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 June 2021
22,218
49,322
71,540


Additions
1,008
1,314
2,322



At 31 May 2022

23,226
50,636
73,862



Depreciation


At 1 June 2021
12,149
33,172
45,321


Charge for the year on owned assets
2,768
4,367
7,135



At 31 May 2022

14,917
37,539
52,456



Net book value



At 31 May 2022
8,309
13,097
21,406



At 31 May 2021
10,069
16,150
26,219


6.


Debtors

2022
2021
£
£


Trade debtors
330,240
446,707

Other debtors
57,812
38,911

Prepayments and accrued income
10,897
8,708

398,949
494,326



7.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
368,992
409,768

368,992
409,768


Page 9

 
SHARP-AX COMPUTER SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022

8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
37,500
150,000

Other loans
100,000
100,000

Trade creditors
51,522
68,371

Other taxation and social security
112,727
213,167

Accruals and deferred income
425,200
351,521

726,949
883,059



9.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
93,750
-

Other loans
279,950
400,000

373,700
400,000



10.


Financial instruments

2022
2021
£
£

Financial assets


Financial assets measured at fair value through profit or loss
368,992
409,768




Financial assets measured at fair value through profit or loss comprise of cash at bank.

Page 10

 
SHARP-AX COMPUTER SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022

11.


Share based payments

The company has set up an approved Enterprise Management Incentive scheme where share options were granted to a number of employees.
During the year 50 options were granted and 10 options were exercised.  At 31 May 2022 there were 40 options outstanding.  The options can be exercised at any point following the date of grant up to a maximum of 10 years from the grant date.

Weighted average exercise price (pence)
2022
Number
2022
Weighted average exercise price
(pence)
2021
Number
2021

Granted during the year

8864

50

 
-
 
Exercised during the year

8864

(10)

 
-
 
Outstanding at the end of the year
8864

40

 
-
 

2022
2021
Weighted average share price (pence)


8864

 



12.


ESOP shares

Enter user text here... 


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £10,740 (2021 - £11,035)

 
Page 11