Registered number
08069926
Sfera Ltd
Filleted Accounts
31 May 2023
Sfera Ltd
Registered number: 08069926
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 985 83
Current assets
Debtors 4 56 -
Cash at bank and in hand 11,203 27,366
11,259 27,366
Creditors: amounts falling due within one year 5 (12,194) (16,556)
Net current (liabilities)/assets (935) 10,810
Net assets 50 10,893
Capital and reserves
Called up share capital 2 2
Profit and loss account 48 10,891
Shareholders' funds 50 10,893
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Damian Iorio
Director
Approved by the board on 25 August 2023
Sfera Ltd
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment 33% reducing balance
Taxation
A 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. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Equipment
£
Cost
At 1 June 2022 1,928
Additions 1,386
At 31 May 2023 3,314
Depreciation
At 1 June 2022 1,845
Charge for the year 484
At 31 May 2023 2,329
Net book value
At 31 May 2023 985
At 31 May 2022 83
4 Debtors 2023 2022
£ £
Other debtors 56 -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax - 4,630
Director's loan account 11,381 10,349
Other creditors 813 1,577
12,194 16,556
6 Controlling party
There is no controlling party. As the sole director, Damian Iorio, owns 50% of the issued shares.
7 Other information
Sfera Ltd is a private company limited by shares and incorporated in England. Its registered office is:
44 Gondar Gardens
London
NW6 1HG
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