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SharkTank E&M Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

Registration number: 10607016

 

SharkTank E&M Limited

Contents

Statement of financial position

1

Notes to the Unaudited Financial Statements

2 to 6

 

SharkTank E&M Limited

(Registration number: 10607016)
Statement of financial position as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

15,661

20,882

Current assets

 

Stocks

5

4,695

4,695

Debtors

6

-

2,152

Cash at bank and in hand

 

76,272

65,406

 

80,967

72,253

Creditors: Amounts falling due within one year

7

(86,511)

(77,185)

Net current liabilities

 

(5,544)

(4,932)

Total assets less current liabilities

 

10,117

15,950

Creditors: Amounts falling due after more than one year

7

(15,757)

(24,962)

Net liabilities

 

(5,640)

(9,012)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(5,740)

(9,112)

Shareholders' deficit

 

(5,640)

(9,012)

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.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Income statement.

Approved and authorised by the Board on 26 February 2024 and signed on its behalf by:
 

.........................................
M Cooper
Director

 

SharkTank E&M 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.

The address of its registered office is:
11 Garden Close
Ruislip
Middlesex
HA4 6DB
United Kingdom

The principal place of business is:
3 Quarry Lane
Shiplake
Henley-on-Thames
RG9 3JW

These financial statements were authorised for issue by the Board on 26 February 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

SharkTank E&M Limited

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

Tax

Tangible assets

Tangible assets are stated in the statement of financial position 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

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 income statement 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 (including directors) during the year, was 3 (2022 - 3).

 

SharkTank E&M Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

66,000

66,000

At 31 July 2023

66,000

66,000

Depreciation

At 1 August 2022

45,118

45,118

Charge for the year

5,221

5,221

At 31 July 2023

50,339

50,339

Carrying amount

At 31 July 2023

15,661

15,661

At 31 July 2022

20,882

20,882

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

4,695

4,695

6

Debtors

Current

2023
£

2022
£

Other debtors

-

2,152

 

SharkTank E&M Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,321

10,320

Taxation and social security

 

9,650

795

Accruals and deferred income

 

1,570

1,100

Other creditors

 

64,970

64,970

 

86,511

77,185

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

15,757

24,962

 

SharkTank E&M Limited

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

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary of £1 each

3

3

3

3

Ordinary of £1 each

97

97

97

97

 

100

100

100

100

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

15,757

24,962

2023
£

2022
£

Current loans and borrowings

Other borrowings

10,321

10,320