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Registration number: 06951540

Spherica Business Solutions Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Spherica Business Solutions Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Spherica Business Solutions Limited

Company Information

Directors

M A Woodward

S A Jennings

Company secretary

S A Jennings

Registered office

Lewis Building
Bull Street
Birmingham
West Midlands
B4 6EQ

Accountants

Perrigo Consultants Limited
Chartered Certified Accountants
Old Anglo House
Mitton Street
Stourport-On-Severn
Worcestershire
DY13 9AQ

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Spherica Business Solutions Limited
for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Spherica Business Solutions Limited for the year ended 30 June 2023 as set out on pages 3 to 7 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 https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Spherica Business Solutions Limited, as a body, in accordance with the terms of our engagement letter dated 16 April 2020. Our work has been undertaken solely to prepare for your approval the accounts of Spherica Business Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Spherica Business Solutions 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 Spherica Business Solutions Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Spherica Business Solutions 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 profit of Spherica Business Solutions Limited. You consider that Spherica Business Solutions 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 Spherica Business Solutions 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.

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

Perrigo Consultants Limited
Chartered Certified Accountants
Old Anglo House
Mitton Street
Stourport-On-Severn
Worcestershire
DY13 9AQ

18 October 0203

 

Spherica Business Solutions Limited

(Registration number: 06951540)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

18,742

27,435

Current assets

 

Debtors

5

618,484

894,103

Cash at bank and in hand

 

2,302,662

1,286,618

 

2,921,146

2,180,721

Creditors: Amounts falling due within one year

6

(698,536)

(587,215)

Net current assets

 

2,222,610

1,593,506

Net assets

 

2,241,352

1,620,941

Capital and reserves

 

Called up share capital

101

101

Retained earnings

2,241,251

1,620,840

Shareholders' funds

 

2,241,352

1,620,941

For the financial year ending 30 June 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 October 2023 and signed on its behalf by:
 

.........................................
S A Jennings
Company secretary and director

 

Spherica Business Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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:
Lewis Building
Bull Street
Birmingham
West Midlands
B4 6EQ

These financial statements were authorised for issue by the Board on 18 October 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Spherica Business Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tangible assets

Tangible assets are stated in the balance sheet 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

Office equipment

33% straight line

Fixtures and fittings

25% straight line

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Spherica Business Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 65 (2022 - 69).

 

Spherica Business Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2022

1,294

103,287

104,581

Additions

-

11,816

11,816

Disposals

(594)

(45,297)

(45,891)

At 30 June 2023

700

69,806

70,506

Depreciation

At 1 July 2022

866

76,280

77,146

Charge for the year

119

19,356

19,475

Eliminated on disposal

(594)

(44,263)

(44,857)

At 30 June 2023

391

51,373

51,764

Carrying amount

At 30 June 2023

309

18,433

18,742

At 30 June 2022

428

27,007

27,435

5

Debtors

Current

2023
£

2022
£

Trade debtors

563,397

486,024

Prepayments

43,491

74,788

Other debtors

11,596

333,291

 

618,484

894,103

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

82,018

74,467

Taxation and social security

386,598

380,057

Accruals and deferred income

146,817

72,660

Other creditors

83,103

60,031

698,536

587,215