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Company registration number: 13374448







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


SHARES APP LIMITED






































                 

 


SHARES APP LIMITED
 


 
COMPANY INFORMATION


Director
H Singh  




Registered number
13374448



Registered office
3 Waterhouse Square
Holborn

London

England

EC1N 2ST




Independent auditor
Constantin
Chartered Accountants

25 Hosier Lane

London

EC1A 9LQ





 


SHARES APP LIMITED
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 6


 


SHARES APP LIMITED
REGISTERED NUMBER:13374448



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
50,975
92,363

  
50,975
92,363

Current assets
  

Debtors: amounts falling due within one year
 5 
1,590,490
728,081

Cash at bank and in hand
  
2,625,758
2,823,549

  
4,216,248
3,551,630

Creditors: amounts falling due within one year
 6 
(544,658)
(2,375,323)

Net current assets
  
 
 
3,671,590
 
 
1,176,307

Total assets less current liabilities
  
3,722,565
1,268,670

  

Net assets
  
3,722,565
1,268,670


Capital and reserves
  

Called up share capital 
 7 
19,600,100
14,400,106

Other reserves
  
189,154
214,532

Profit and loss account
  
(16,066,689)
(13,345,968)

  
3,722,565
1,268,670


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



H Singh
Director
Date: 5 September 2024

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 


SHARES APP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Shares App Limited is a private company limited by shares incorporated in England and Wales. The address of
the registered office and principal place of business is given on the company information page of these financial
statements.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 
The following exemptions have been applied in accordance Section 1A of Financial Reporting Standard 102, 
- Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares; 
- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and    disclosures;  
- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying    amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of    determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value    changes recognised in profit or loss and in other comprehensive income; 
- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of   opening and closing number and weighted average exercise price of share options, how the fair value of    options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based   payments, explanation of modifications to arrangements; 
- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The following principal accounting policies have been applied:

 
2.2

A basis other than that of a going concern

As explained in note 8, the decision was taken by the management and announced to the employees that the company would cease business and being wound up on a fully solvent basis. The financial statements have been prepared on a basis other than that of a going concern which includes, where appropriate, writing down the company’s assets to net realisable value. Provision has also been made for any contractual commitments that have become onerous at the balance sheet date. The financial statements do not include any provision for the future costs of terminating the business of the company except to the extent that such costs were committed at the balance sheet date.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 2

 


SHARES APP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is generated via the provision of a share trading platform and is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3

 


SHARES APP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

  
2.10

Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straightline basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to retained reserves.


3.


Employees

The average monthly number of employees, including directors, during the year was 31 (2022 - 43).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2023
127,561


Additions
1,800


Disposals
(1,554)



At 31 December 2023

127,807



Depreciation


At 1 January 2023
35,198


Charge for the year on owned assets
42,540


Disposals
(906)



At 31 December 2023

76,832



Net book value



At 31 December 2023
50,975



At 31 December 2022
92,363

Page 4

 


SHARES APP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors: Amounts falling due within one year

2023
2022
£
£


Trade debtors
25,096
-

Amounts owed by group undertakings
1,142,405
-

Other debtors
325,571
531,948

Prepayments and accrued income
16,418
46,133

Tax recoverable
81,000
150,000

1,590,490
728,081



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
26,136
260,634

Amounts owed to group undertakings
64,744
1,613,522

Other taxation and social security
335,168
158,813

Other creditors
9,318
20,777

Accruals and deferred income
109,292
321,577

544,658
2,375,323



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



19,600,100 (2022 - 14,400,106) Ordinary shares of £1.00 each
19,600,100
14,400,106


The company has allotted and issued Ordinary shares during the period of 5,199,994 for an aggregate nominal value of £5,199,994.


8.


Subsequent events

In June 2024, a decision was taken by management and announced to employees that the company would cease business with the company being wound up on a fully solvent basis.

Page 5

 


SHARES APP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 5 September 2024 by Mark Bathgate, FCA (senior statutory auditor) on behalf of Constantin.

Page 6