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Registration number: 07441101

Appshed Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Appshed Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Appshed Limited

Company Information

Directors

Mr Robert M Sturgess-Durden

Mr Torsten Stauch

Registered office

32 Adley Street
London
E5 0DY

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

Appshed Limited

(Registration number: 07441101)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Current assets

 

Debtors

5

7,346

2,647

Cash at bank and in hand

 

3,745

2,701

 

11,091

5,348

Creditors: Amounts falling due within one year

6

(26,084)

(18,023)

Net liabilities

 

(14,993)

(12,675)

Capital and reserves

 

Called up share capital

7

1,141

1,141

Retained earnings

(16,134)

(13,816)

Shareholders' deficit

 

(14,993)

(12,675)

For the financial year ending 31 May 2024 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 Profit and Loss Account.

Approved and authorised by the Board on 12 September 2024 and signed on its behalf by:
 

.........................................
Mr Torsten Stauch
Director

 

Appshed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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:
32 Adley Street
London
E5 0DY
England

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.

Judgements

The directors consider that there are no key judgements that management have made in the process of applying the company’s accounting policies and that may have had a significant effect on the amounts recognised in the financial statements.

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.

 

Appshed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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

25 % straight line

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.

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.

 

Appshed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Appshed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

581

581

At 31 May 2024

581

581

Depreciation

At 1 June 2023

581

581

At 31 May 2024

581

581

Carrying amount

At 31 May 2024

-

-

5

Debtors

Current

2024
£

2023
£

Trade debtors

7,346

2,647

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

-

4,609

Trade creditors

 

-

604

Taxation and social security

 

2,534

585

Accruals and deferred income

 

1,000

1,000

Other creditors

 

22,550

11,225

 

26,084

18,023

 

Appshed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1,141

1,141

1,141

1,141

         

8

Related party transactions

Transactions with directors

2024

At 1 June 2023
£

Repayments by director
£

At 31 May 2024
£

Mr Torsten Stauch

Amount due to/(from) the director

8,565

9,665

18,230

       
     

Mr Robert M Sturgess-Durden

Amount due to/(from) the director

2,660

1,660

4,320

       
     

 

2023

At 1 June 2022
£

Repayments by director
£

At 31 May 2023
£

Mr Torsten Stauch

Amount due to/(from) the director

167

8,397

8,565

       
     

Mr Robert M Sturgess-Durden

Amount due to/(from) the director

1,000

1,660

2,660