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COMPANY REGISTRATION NUMBER: 09579805
SC Technology Limited
Filleted Unaudited Financial Statements
31 May 2023
SC Technology Limited
Statement of Financial Position
31 May 2023
2023
2022
(restated)
Note
£
£
Fixed assets
Intangible assets
6
203,639
239,576
Tangible assets
7
70,155
45,919
---------
---------
273,794
285,495
Current assets
Debtors
8
868,819
754,123
Cash at bank and in hand
80,201
58,006
---------
---------
949,020
812,129
Creditors: amounts falling due within one year
9
855,004
681,191
---------
---------
Net current assets
94,016
130,938
---------
---------
Total assets less current liabilities
367,810
416,433
Creditors: amounts falling due after more than one year
10
131,816
134,816
---------
---------
Net assets
235,994
281,617
---------
---------
Capital and reserves
Called up share capital
4
4
Profit and loss account
235,990
281,613
---------
---------
Shareholders funds
235,994
281,617
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SC Technology Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 1 February 2024 , and are signed on behalf of the board by:
Mr C Sisman
Director
Company registration number: 09579805
SC Technology Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3rd Floor, 86-90 Paul Street, London, EC24 4NE, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis. Having carried out a detailed review of the company's resources and challenges presented by the current economic climate, the directors are satisfied that the company has sufficient cashflows to meet its liabilities as they fall due for at least one year from the date of the approval of the accounts.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
15% reducing balance
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 2 ).
5. Dividends
2023
2022
2021
£
£
£
Dividends paid to C Sisman
150,163
85,185
42,380
6. Intangible assets
Development costs
£
Cost
At 1 June 2022 (as restated) and 31 May 2023
307,818
---------
Amortisation
At 1 June 2022
68,242
Charge for the year
35,937
---------
At 31 May 2023
104,179
---------
Carrying amount
At 31 May 2023
203,639
---------
At 31 May 2022
239,576
---------
7. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 June 2022 (as restated)
19,586
105,052
124,638
Additions
3,815
30,556
34,371
--------
---------
---------
At 31 May 2023
23,401
135,608
159,009
--------
---------
---------
Depreciation
At 1 June 2022
17,547
61,172
78,719
Charge for the year
871
9,264
10,135
--------
---------
---------
At 31 May 2023
18,418
70,436
88,854
--------
---------
---------
Carrying amount
At 31 May 2023
4,983
65,172
70,155
--------
---------
---------
At 31 May 2022
2,039
43,880
45,919
--------
---------
---------
8. Debtors
2023
2022
(restated)
£
£
Corporation tax repayable
25,371
Other debtors
868,819
728,752
---------
---------
868,819
754,123
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
(restated)
£
£
Trade creditors
36,807
42,842
Accruals and deferred income
48,374
24,920
Corporation tax
25,252
Social security and other taxes
7,348
Director loan accounts
737,223
608,359
Other creditors
5,070
---------
---------
855,004
681,191
---------
---------
10. Creditors: amounts falling due after more than one year
2023
2022
(restated)
£
£
Other creditors
131,816
134,816
---------
---------
11. Prior year adjustment
The accounts have been restated to incorporate the impact of dividends £42,380 paid in 2021 and £ 85,185 in 2022. This has resulted in directors loan account being increased by £127,565 and retained earnigs at the end of year being decreased by £127,565 in 2022. There has been a change of £127,565 in reported reserves.
12. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr C Sisman
( 608,359)
( 128,864)
( 737,223)
---------
---------
---------
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr C Sisman
154,328
( 762,687)
( 608,359)
---------
---------
---------
13. Related party transactions
At the year end, the company owed to Stech Technology UK limited £Nil (2022: £5,070) and amounts owed by Stech European Entertainment Limited £Nil (2022: £ 1,512), companies of which C Sisman is a director.