Silverfin false 31/12/2022 01/02/2022 31/12/2022 R J Ritchie 30/01/2019 01 November 2023 The principal activity of the company is that of software development and licencing. SC619722 2022-12-31 SC619722 bus:Director1 2022-12-31 SC619722 core:CurrentFinancialInstruments 2022-12-31 SC619722 core:CurrentFinancialInstruments 2022-01-31 SC619722 2022-01-31 SC619722 core:Non-currentFinancialInstruments 2022-12-31 SC619722 core:Non-currentFinancialInstruments 2022-01-31 SC619722 core:ShareCapital 2022-12-31 SC619722 core:ShareCapital 2022-01-31 SC619722 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC619722 core:RetainedEarningsAccumulatedLosses 2022-01-31 SC619722 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-12-31 SC619722 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-01-31 SC619722 bus:OrdinaryShareClass1 2022-12-31 SC619722 2022-02-01 2022-12-31 SC619722 bus:FullAccounts 2022-02-01 2022-12-31 SC619722 bus:SmallEntities 2022-02-01 2022-12-31 SC619722 bus:AuditExemptWithAccountantsReport 2022-02-01 2022-12-31 SC619722 bus:PrivateLimitedCompanyLtd 2022-02-01 2022-12-31 SC619722 bus:Director1 2022-02-01 2022-12-31 SC619722 core:OtherResidualIntangibleAssets core:TopRangeValue 2022-02-01 2022-12-31 SC619722 2021-02-01 2022-01-31 SC619722 core:CurrentFinancialInstruments 2022-02-01 2022-12-31 SC619722 core:Non-currentFinancialInstruments 2022-02-01 2022-12-31 SC619722 bus:OrdinaryShareClass1 2022-02-01 2022-12-31 SC619722 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC619722 (Scotland)

SPHEREONE PORTAL LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 01 FEBRUARY 2022 TO 31 DECEMBER 2022
PAGES FOR FILING WITH THE REGISTRAR

SPHEREONE PORTAL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 FEBRUARY 2022 TO 31 DECEMBER 2022

Contents

SPHEREONE PORTAL LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2022
SPHEREONE PORTAL LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2022
Note 31.12.2022 31.01.2022
£ £
Current assets
Debtors 3 1,668 17,228
Cash at bank and in hand 1,616 16,282
3,284 33,510
Creditors: amounts falling due within one year 4 ( 68,219) ( 79,492)
Net current liabilities (64,935) (45,982)
Total assets less current liabilities (64,935) (45,982)
Creditors: amounts falling due after more than one year 5 ( 33,212) ( 42,437)
Net liabilities ( 98,147) ( 88,419)
Capital and reserves
Called-up share capital 6 10 10
Profit and loss account ( 98,157 ) ( 88,429 )
Total shareholder's deficit ( 98,147) ( 88,419)

For the financial period ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Sphereone Portal Limited (registered number: SC619722) were approved and authorised for issue by the Director on 01 November 2023. They were signed on its behalf by:

R J Ritchie
Director
SPHEREONE PORTAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 FEBRUARY 2022 TO 31 DECEMBER 2022
SPHEREONE PORTAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 FEBRUARY 2022 TO 31 DECEMBER 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sphereone Portal Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Evolution View Wellheads Crescent, Wellheads Industrial Estate, Dyce, AB21 7GA, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

At the balance sheet date, the company had net current liabilities of £64,935 (2022: £45,982) and net liabilities of £98,147 (2022: £88,419). The company has been supported throughout the period and post period end via loans from a related party. Moving forward, it is anticipated the company will continue to receive support as necessary. On this basis, the director deems it appropriate to prepare the financial statements on a going concern basis.

Reporting period length

The Reporting period length is 11 months for the period ended 31 December 2022 compared to a 12 month period to 31 January 2022 and therefore comparatives are not entirely comparable.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for software licence and users provided in the normal course of business, and is shown net of VAT.

Turnover from the provision of software licences is recognised on a straight line basis over the length of the agreement.

Turnover from the user licences is recognised on a straight line basis over the length of the agreement.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment. Amortisation is provided so as to write off the cost or valuation of assets over its expected useful life as follows:

Other intangible assets 1 years straight line
Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and cash held in bank accounts.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loan are initially recognised at transaction price.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

Period from
01.02.2022 to
31.12.2022
Year ended
31.01.2022
Number Number
Monthly average number of persons employed by the Company during the period, including the director 1 1

3. Debtors

31.12.2022 31.01.2022
£ £
Other debtors 1,668 17,228

4. Creditors: amounts falling due within one year

31.12.2022 31.01.2022
£ £
Bank loans 10,122 7,563
Trade creditors 17,552 1,980
Amounts owed to related parties 37,500 68,000
Other creditors 3,045 1,949
68,219 79,492

Bank loans are secured by a government backed guarantee.

5. Creditors: amounts falling due after more than one year

31.12.2022 31.01.2022
£ £
Other creditors 33,212 42,437

Bank loans are secured by a government backed guarantee.

6. Called-up share capital

31.12.2022 31.01.2022
£ £
Allotted, called-up and fully-paid
10 Ordinary shares of £ 1.00 each 10 10

7. Related party transactions

Other related party transactions

31.12.2022 31.01.2022
£ £
Amounts owed to related parties 37,500 68,000

The amounts shown above due to related parties have no fixed terms of repayment and no interest is charged.