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Registration number: 08755020

Sharp Concepts Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

image-name
 

Sharp Concepts Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Sharp Concepts Limited

Company Information

Director

Mr AP Dobson

Registered office

52 Queens Avenue
Newport Pagnell
Buckinghamshire
MK16 8EU

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Sharp Concepts Limited
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Sharp Concepts Limited for the year ended 31 July 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Sharp Concepts Limited, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of Sharp Concepts Limited and state those matters that we have agreed to state to the Board of Directors of Sharp Concepts Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sharp Concepts Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Sharp Concepts 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 Sharp Concepts Limited. You consider that Sharp Concepts 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 Sharp Concepts 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.

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

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

19 April 2024

 

Sharp Concepts Limited

(Registration number: 08755020)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Investment properties

5

624,555

624,555

Investments in subsidiaries

6

7,500

7,500

 

632,055

632,055

Current assets

 

Debtors

7

167,937

171,736

Cash at bank and in hand

 

1,211

3,961

 

169,148

175,697

Creditors: Amounts falling due within one year

8

(23,293)

(24,102)

Net current assets

 

145,855

151,595

Total assets less current liabilities

 

777,910

783,650

Creditors: Amounts falling due after more than one year

8

(176,203)

(191,806)

Net assets

 

601,707

591,844

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

295,890

295,890

Profit and loss account

305,717

295,854

Total equity

 

601,707

591,844

For the financial year ending 31 July 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 and the option not to file the Profit and Loss Account has been taken.

 

Sharp Concepts Limited

(Registration number: 08755020)
Balance Sheet as at 31 July 2023

Approved and authorised by the director on 19 April 2024
 

.........................................
Mr AP Dobson
Director

 

Sharp Concepts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales. Registration number 08755020.

The address of its registered office is:
52 Queens Avenue
Newport Pagnell
Buckinghamshire
MK16 8EU

These financial statements were authorised for issue by the director on 19 April 2024.

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.

Turnover

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.

 

Sharp Concepts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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

Plant and machinery

33% on cost

Fixtures, fittings and equipment

25% on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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.

 

Sharp Concepts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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.

3

Staff numbers

The average number of persons employed by the company during the year, including the director, was 1 (2022 - 1).

 

Sharp Concepts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 August 2022

1,427

1,096

2,523

At 31 July 2023

1,427

1,096

2,523

Depreciation

At 1 August 2022

1,427

1,096

2,523

At 31 July 2023

1,427

1,096

2,523

Carrying amount

At 31 July 2023

-

-

-

5

Investment properties

2023
£

At 1 August

624,555

At 31 July

624,555

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

6

Investments

2023
£

2022
£

Investments in subsidiaries

7,500

7,500

Subsidiaries

£

Cost or valuation

At 1 August 2022

7,500

Provision

Carrying amount

At 31 July 2023

7,500

At 31 July 2022

7,500

 

Sharp Concepts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

167,715

171,736

VAT Control account

 

222

-

   

167,937

171,736

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

18,057

18,057

Corporation tax control

 

2,623

3,518

Accruals

 

1,983

2,180

Directors loan account

 

630

318

VAT Control account

 

-

29

 

23,293

24,102

Due after one year

 

Loans and borrowings

9

176,203

191,806

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

176,203

191,806

 

Sharp Concepts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

176,203

191,806

The loan balance due in more than 5 years will be repaid by instalments.

2023
£

2022
£

Current loans and borrowings

Bank borrowings

18,057

18,057