Registered number: 11614028
|
Salesfire Ltd
Financial statements
Information for filing with the registrar
30 June 2024
|
|
|
Balance sheet
As 30 June 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' (deficit)/surplus
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Balance sheet (continued)
As 30 June 2024
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 statement of comprehensive income 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 on 21 August 2024.
Company registered number: 11614028
The notes on pages 3 to 9 form part of these financial statements.
2
|
Notes to the financial statements
Year ended 30 June 2024
Salesfire Ltd ('the company') is a private company limited by shares, incorporated and domiciled in the United Kingdom and registered in England. The registered office address is 16-26 Albert Road, Middlesbrough, TS1 1QA.
2.Accounting policies
The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdon and the Republic of Ireland' (FRS 102) and the Companies Act 2006.
The functional currency of the company is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates.
The following principal accounting policies have been applied:
The directors have prepared cash flow forecasts for the coming period, taking into account expected trading cash flows and other cash requirements as the business continues to expand. The company continues to meet its day-to-day working capital requirements through financial support from shareholders. The directors expect this to continue for the foreseeable future.
Thus the directors have reasonable expectation at the time of approving the financial statements that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the company continue to adopt the going concern basis in preparing the financial statements.
The company sells e-commerce services to online retailers. For sales of services, turnover is recognised in the accounting period in which the services are rendered.
Turnover from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
3
|
Notes to the financial statements
Year ended 30 June 2024
2.Accounting policies (continued)
|
|
Research and development expenditure
|
Expenditure on research activities, undertaking with the prospect of gaining new scientific or technical knowledge and understanding shall be recognised as an expense in the profit and loss account as incurred.
Development expenditure that is directly attributable to the design and testing of identifiable and unique products controlled by the company, is recognised as an intangible asset when all of the following criteria are met:
- it is technically feasible to complete the product so that it will be available for use;
- management intends to complete the product and use or sell it;
- there is an ability to use or sell the product;
- it can be demonstrated how the product will generate probable future economic benefits;
- adequate, technical, financial and other resources to complete the development and to use or sell
the product are available; and
- the expenditure attributable to the product during its development can be reliably measured.
Other development expenditures that do not meet the above criteria are written off to the profit and loss account as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.
The useful lives and residual values of capitalised development costs are reviewed at the end of each reporting period, and adjusted if appropriate. The effect of any change is accounted for prospectively.
Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure
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 balance sheet. The assets of the plan are held separately from the company in independently administered funds.
4
|
Notes to the financial statements
Year ended 30 June 2024
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Intangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Amortisation is calculated, using the straight line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful lives, as follows:
Capitalised development costs - 5 years straight line
Intellectual property - 20 years straight line
Website - 5 years straight line
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
|
|
|
|
Long-term leasehold property
|
|
|
|
|
|
|
|
|
20% reducing balance and 4 years straight line
|
|
|
|
|
|
|
33% reducing balance and 4 years straight line
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issued' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
5
|
Notes to the financial statements
Year ended 30 June 2024
2.Accounting policies (continued)
|
|
Financial instruments (continued)
|
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
|
The average monthly number of employees, including directors, during the year was 60 (2023: 62).
|
6
|
Notes to the financial statements
Year ended 30 June 2024
7
|
Notes to the financial statements
Year ended 30 June 2024
|
|
Long-term leasehold property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8
|
Notes to the financial statements
Year ended 30 June 2024
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
12,956,538 (2023 - 12,956,538) A shares of £0.000010 each
|
|
|
|
|
4,624,776 (2023 - 4,624,776) C shares of £0.000010 each
|
|
|
|
|
23,100 (2023 - 23,100) D shares of £0.000010 each
|
|
|
|
|
2 (2023 - 2) E shares of £0.000020 each
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party transactions
|
|
During the year the company paid director's fees of £20,000 (2023: £20,000) to Leader Group Investments Limited. At the balance sheet date the company owed Leader Group Investments Ltd owed £Nil (2023: £Nil ) in respect of directors fees.
|
The director's believe that there is no overall controlling party.
9
|
|