Acorah Software Products - Accounts Production 15.0.600 false true true 30 September 2023 1 October 2022 false 1 October 2023 30 September 2024 30 September 2024 10981018 Mr S Patel iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10981018 2023-09-30 10981018 2024-09-30 10981018 2023-10-01 2024-09-30 10981018 frs-core:CurrentFinancialInstruments 2024-09-30 10981018 frs-core:Non-currentFinancialInstruments 2024-09-30 10981018 frs-core:ShareCapital 2024-09-30 10981018 frs-core:RetainedEarningsAccumulatedLosses 2024-09-30 10981018 frs-bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 10981018 frs-bus:FilletedAccounts 2023-10-01 2024-09-30 10981018 frs-bus:SmallEntities 2023-10-01 2024-09-30 10981018 frs-bus:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 10981018 frs-bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 10981018 frs-bus:Director1 2023-10-01 2024-09-30 10981018 frs-core:CurrentFinancialInstruments 1 2024-09-30 10981018 frs-countries:EnglandWales 2023-10-01 2024-09-30 10981018 2022-09-30 10981018 2023-09-30 10981018 2022-10-01 2023-09-30 10981018 frs-core:CurrentFinancialInstruments 2023-09-30 10981018 frs-core:Non-currentFinancialInstruments 2023-09-30 10981018 frs-core:ShareCapital 2023-09-30 10981018 frs-core:RetainedEarningsAccumulatedLosses 2023-09-30 10981018 frs-core:CurrentFinancialInstruments 1 2023-09-30
Registered number: 10981018
SP Digital Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
Strategic Partnership
Contents
Page
Statement of Financial Position 1
Notes to the Financial Statements 2—4
Page 1
Statement of Financial Position
Registered number: 10981018
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Debtors 4 46,876 9,651
Cash at bank and in hand 7,426 716
54,302 10,367
Creditors: Amounts Falling Due Within One Year 5 (76,970 ) (17,222 )
NET CURRENT ASSETS (LIABILITIES) (22,668 ) (6,855 )
TOTAL ASSETS LESS CURRENT LIABILITIES (22,668 ) (6,855 )
Creditors: Amounts Falling Due After More Than One Year 6 (34,369 ) (42,487 )
NET LIABILITIES (57,037 ) (49,342 )
CAPITAL AND RESERVES
Called up share capital 7 2 2
Income Statement (57,039 ) (49,344 )
SHAREHOLDERS' FUNDS (57,037) (49,342)
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr S Patel
Director
1 October 2024
The notes on pages 2 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
SP Digital Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10981018 . The registered office is Unit 11 Endeavour House, 2 Cambridge Road, Kingston Upon Thames, Surrey, KT1 3JU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements are prepared in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in UK sterling, which is the financial currency of the entity. Monetary amounts in these financial statements are rounded to the nearest UK pound.
The principle accounting policies adopted are set below.
2.2. Going Concern Disclosure
The director has considered the prospect of the business for the next twelve months and beyond and has arrived at a reasonable expectation the company will continue to meet its obligations as they fall due. The director has also pledged their financial support to assist with this if required. On this basis, the director will continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
2.5. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred Tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2.6. Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
Government Assistance
The company received assistance in the form of a government backed loan (including Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS), Bounce Back Loan Scheme (BBLS) and Future Fund Scheme) of £41,364.96 during the year ended 30 September 2024. This is reported the current and long term liabilities of the balance sheet based on the allocation of payments due within 12 months and greater than 12 months.
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2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.8. Critical Accounting Judgements and Key Sources of Estimation Uncertainity
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers.These provisions are estimated based upon the expected values of the invoices which are issued and services received following the year end.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Debtors
2024 2023
£ £
Due within one year
Trade debtors 46,876 8,416
VAT - 861
Other taxes and social security - 374
46,876 9,651
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,725 954
Bank loans and overdrafts 6,996 -
Other taxes and social security 6,214 -
VAT 9,105 -
Credit card 5,233 844
Director's loan account 47,697 15,424
76,970 17,222
6. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 34,369 42,487
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
The nominal value per share is £1 and there are 2 Ordinary Shares in issue.
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8. Related Party Transactions
The Director's loan account balance of Mr S Patel of £47,697 as at the year- end, is a current liability, interest free and repayable on demand.
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