Company registration number: 11106450
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FOR THE YEAR ENDED
30 JUNE 2022
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COMPANY INFORMATION
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M Pritchett (resigned 16 May 2023)
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D Harden (appointed 1 June 2023)
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Chartered Accountants & Statutory Auditor
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SHOOTSTA HOLDINGS LTD
REGISTERED NUMBER:11106450
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STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
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 comprehensive income 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 by by:
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D Harden
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T Moylan
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The notes on pages 10 to 14 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022
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The notes on pages 3 to 7 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Shootsta Holdings Ltd is a private company, limited by shares, incorporated in England and Wales. The address of the registered office and registered number of business is disclosed on the company information page.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Financial Reporting Standard 101 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.Accounting policies (continued)
These financial statements have been prepared on a going concern basis.
The Company realised a net loss before tax of £1,351,695 and had net liabilities of £2,918,642 for the year end 30 June 2022. Included in creditors due within one year is £1,372,854 due to group entities, which is repayable on demand. The Directors do not have any reason to believe that these liabilities will be required to be repaid until the Company is in a position to do so and it continues to make repayments on this liability as cash flow allows.
The Directors have received confirmation that the ultimate parent company, Shootsta Global Pte. Ltd, will continue to support the company for at least twelve months from the date of the financial statements being approved and signed
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Impact of new international reporting standards, amendments and interpretations
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There are no other relevant standards or ammendments issued by the IASB that are effective for an annual period that begins on or after 1 January 2022.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
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 5 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.
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.
The estimated useful lives range as follows:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions
that affect the amount reported. These estimates and judgements are continually reviewed and are based on factors that are believed to be reasonable under the circumstances.
The key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet
date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities
within the next financial year are outlined below.
Development costs
When capitalising development costs directors make a judgement as to whether the capitalisation criteria has been satisfied. The directors use estimates to calculate the amortisation period of capitalised development expenditures which may vary from the actual useful life of the asset. This is reviewed on an annual basis to ensure that the amortisation rates used are still appropriate. The assets are reviewed on an annual basis to identify the existence of any indications of impairment. The directors have concluded that no impairment provision is required in the current year and the amortisation rates used reflect the useful life of these assets.
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The Company has no employees other than the directors, who did not receive any remuneration (2021 - NIL).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Allotted, called up and fully paid
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1,000 (2021 -1,000) Ordinary shares of £1.00 each
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Profit and loss account
The profit and loss account includes accumulated profits and losses.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
The parent of the smallest group for which consolidated financial statements are drawn up in Shootsta Global Pte Ltd, a company incorporate in Singapore. Shootsta Global Pte Ltd was incorporated in May 2020 so the first consolidated accounts will be for the period to 30 June 2022. These consolidated accounts are available online on the following website: https://www.acra.gov .sg
The address of their registered office is: 144 Robinson Road, #19-01, Singapore 068908
The auditors' report on the financial statements for the year ended 30 June 2022 was unqualified.
The audit report was signed on 27 October 2023 by Sarah Hallam FCCA (Senior statutory auditor) on behalf of Menzies LLP.
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