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Shark Finesse Limited
Filleted accounts
31 January 2024
Company registration number: 04352496
Shark Finesse Limited
Directors and other information
Directors S P Jackett
J D Keighley
Company number 04352496
Registered office The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Accountants Cox Hinkins & Co. Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Shark Finesse Limited
Balance sheet
31st January 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 70 70
Tangible assets 6 5,189 10,244
_______ _______
5,259 10,314
Current assets
Debtors 7 140,610 160,236
Cash at bank and in hand 302,649 352,161
_______ _______
443,259 512,397
Creditors: amounts falling due
within one year 8 ( 238,935) ( 296,729)
_______ _______
Net current assets 204,324 215,668
_______ _______
Total assets less current liabilities 209,583 225,982
Provisions for liabilities ( 986) ( 1,946)
_______ _______
Net assets 208,597 224,036
_______ _______
Capital and reserves
Called up share capital 9 10,450 10,450
Profit and loss account 198,147 213,586
_______ _______
Shareholders funds 208,597 224,036
_______ _______
For the year ending 31 January 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 May 2024 , and are signed on behalf of the board by:
J D Keighley
Director
Company registration number: 04352496
Shark Finesse Limited
Notes to the financial statements
Year ended 31st January 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is The Old Dairy, 12 Stephen Road, Headington, Oxford, OX3 9AY. There was no significant change in the company's principal activity during the year which continued to be the provision of software and business services.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at their fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated impairment losses.Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractualarrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 7 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1st February 2023 and 31st January 2024 70 70
_______ _______
Amortisation
At 1st February 2023 and 31st January 2024 - -
_______ _______
Carrying amount
At 31st January 2024 70 70
_______ _______
At 31st January 2023 70 70
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1st February 2023 and 31st January 2024 42,012 42,012
_______ _______
Depreciation
At 1st February 2023 31,768 31,768
Charge for the year 5,055 5,055
_______ _______
At 31st January 2024 36,823 36,823
_______ _______
Carrying amount
At 31st January 2024 5,189 5,189
_______ _______
At 31st January 2023 10,244 10,244
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 114,850 111,024
Other debtors 25,760 49,212
_______ _______
140,610 160,236
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 2,907 5,304
Social security and other taxes 14,997 10,939
Other creditors 221,031 280,486
_______ _______
238,935 296,729
_______ _______
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 10,450 10,450 10,450 10,450
_______ _______ _______ _______