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Registration number: 07951403

Serverbox Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

image-name
 

Serverbox Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Serverbox Ltd

Company Information

Director

Mr Timothy Bevan Culverhouse Clarke

Registered office

Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

Accountants

Lucraft Hodgson & Dawes LLP
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

Serverbox Ltd

(Registration number: 07951403)
Balance Sheet as at 28 February 2023

Note

2023
 £

2022
 £

Fixed Assets

 

Tangible Assets

4

4,122

1,859

Investment property

5

104,500

104,500

Other financial assets

6

307,483

115,000

 

416,105

221,359

Current assets

 

Debtors

7

13,200

14,503

Cash at bank and in hand

 

90,690

216,395

 

103,890

230,898

Creditors: Amounts falling due within one year

8

(51,287)

(51,473)

Net current assets

 

52,603

179,425

Total assets less current liabilities

 

468,708

400,784

Provisions for liabilities

(797)

(353)

Net assets

 

467,911

400,431

Capital and Reserves

 

Called up share capital

1

1

Profit and loss account

467,910

400,430

Total equity

 

467,911

400,431

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 November 2023
 

 

Serverbox Ltd

(Registration number: 07951403)
Balance Sheet as at 28 February 2023

.........................................
Mr Timothy Bevan Culverhouse Clarke
Director

   
     
 

Serverbox Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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:
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

These financial statements were authorised for issue by the director on 8 November 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 and deferred 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.

 

Serverbox Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Staright line depreciation at 25%

Furniture and fittings

Reducing balance at 25%

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Serverbox Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2023
 No.

2022
 No.

Administration and support

1

1

1

1

 

Serverbox Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible Assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

13,511

13,511

Additions

4,035

4,035

Disposals

(10,206)

(10,206)

At 28 February 2023

7,340

7,340

Depreciation

At 1 March 2022

11,652

11,652

Charge for the year

1,772

1,772

Eliminated on disposal

(10,206)

(10,206)

At 28 February 2023

3,218

3,218

Carrying amount

At 28 February 2023

4,122

4,122

At 28 February 2022

1,859

1,859

5

Investment properties

2023
 £

At 1 March

104,500

There has been no valuation of investment property by an independent valuer.

 

Serverbox Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Other financial assets (current and non-current)

Financial assets at amortised cost
£

Total
£

Non-current financial assets

Cost or valuation

Additions

307,483

307,483

At 28 February 2023

307,483

307,483

Impairment

Carrying amount

At 28 February 2023

307,483

307,483

7

Debtors

Current

2023
£

2022
£

Trade Debtors

7,200

14,503

Other debtors

6,000

-

 

13,200

14,503

8

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

9

18,265

15,321

Trade Creditors

 

131

57

Social security and other taxes

 

12,182

9,400

Accrued expenses

 

900

900

Income tax liability

19,809

25,795

 

51,287

51,473

 

Serverbox Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

9

Loans and borrowings

2023
 £

2022
 £

Current loans and borrowings

Other borrowings

18,265

15,321