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COMPANY REGISTRATION NUMBER: 04695972
Sharp Focus Limited
Filleted Unaudited Financial Statements
31 March 2024
Sharp Focus Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,111
3
Current assets
Debtors
6
40,407
82,961
Investments
7
100,000
100,000
Cash at bank and in hand
97,554
198,485
---------
---------
237,961
381,446
Creditors: amounts falling due within one year
8
140,341
291,292
---------
---------
Net current assets
97,620
90,154
--------
--------
Total assets less current liabilities
98,731
90,157
--------
--------
Net assets
98,731
90,157
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
98,631
90,057
--------
--------
Shareholders funds
98,731
90,157
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sharp Focus Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 16 August 2024 , and are signed on behalf of the board by:
Mr P Box-Grainger
Director
Company registration number: 04695972
Sharp Focus Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Devonshire House, 582 Honeypot Lane, Stanmore, Middlesex, HA7 1JS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents to value of work done during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
33% straight line
Fixtures, fittings and equipment
-
20% straight line
Computer equipment
-
50% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 4 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
93,320
2,255
22,131
117,706
Additions
1,662
1,662
--------
-------
--------
---------
At 31 March 2024
94,982
2,255
22,131
119,368
--------
-------
--------
---------
Depreciation
At 1 April 2023
93,319
2,254
22,130
117,703
Charge for the year
554
554
--------
-------
--------
---------
At 31 March 2024
93,873
2,254
22,130
118,257
--------
-------
--------
---------
Carrying amount
At 31 March 2024
1,109
1
1
1,111
--------
-------
--------
---------
At 31 March 2023
1
1
1
3
--------
-------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
12,000
53,400
Amounts owed by group undertakings and undertakings in which the company has a participating interest
24,881
24,881
Other debtors
3,526
4,680
--------
--------
40,407
82,961
--------
--------
7. Investments
2024
2023
£
£
Other investments
100,000
100,000
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
10,237
22,747
Social security and other taxes
9,583
35,400
Deferred sales
94,000
175,500
Other creditors
26,521
57,645
---------
---------
140,341
291,292
---------
---------
9. Controlling party
The company is under the control of Mr Paul Box-Grainger. The immediate parent company is Effess Holdings Limited. The ultimate parent company is Sharp Focus 2021 Limited.