Acorah Software Products - Accounts Production 15.0.600 false true 31 August 2020 1 September 2019 false 1 September 2020 31 August 2021 31 August 2021 04507365 Mr Andrew Sharp Mr Andrew Sharp iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04507365 2020-08-31 04507365 2021-08-31 04507365 2020-09-01 2021-08-31 04507365 frs-core:CurrentFinancialInstruments 2021-08-31 04507365 frs-core:Non-currentFinancialInstruments 2021-08-31 04507365 frs-core:ComputerEquipment 2021-08-31 04507365 frs-core:ComputerEquipment 2020-09-01 2021-08-31 04507365 frs-core:ComputerEquipment 2020-08-31 04507365 frs-core:FurnitureFittings 2021-08-31 04507365 frs-core:FurnitureFittings 2020-09-01 2021-08-31 04507365 frs-core:FurnitureFittings 2020-08-31 04507365 frs-core:OtherReservesSubtotal 2021-08-31 04507365 frs-core:ShareCapital 2021-08-31 04507365 frs-core:RetainedEarningsAccumulatedLosses 2021-08-31 04507365 frs-bus:PrivateLimitedCompanyLtd 2020-09-01 2021-08-31 04507365 frs-bus:FilletedAccounts 2020-09-01 2021-08-31 04507365 frs-bus:SmallEntities 2020-09-01 2021-08-31 04507365 frs-bus:AuditExempt-NoAccountantsReport 2020-09-01 2021-08-31 04507365 frs-bus:SmallCompaniesRegimeForAccounts 2020-09-01 2021-08-31 04507365 frs-core:CostValuation 2020-08-31 04507365 frs-core:AdditionsToInvestments 2021-08-31 04507365 frs-core:DisposalsRepaymentsInvestments 2021-08-31 04507365 frs-core:RevaluationsIncreaseDecreaseInInvestments 2021-08-31 04507365 frs-core:CostValuation 2021-08-31 04507365 frs-core:ProvisionsForImpairmentInvestments 2020-08-31 04507365 frs-core:ProvisionsForImpairmentInvestments 2021-08-31 04507365 frs-bus:Director1 2020-09-01 2021-08-31 04507365 frs-bus:CompanySecretary1 2020-09-01 2021-08-31 04507365 1 2020-09-01 2021-08-31 04507365 frs-countries:EnglandWales 2020-09-01 2021-08-31 04507365 2019-08-31 04507365 2020-08-31 04507365 2019-09-01 2020-08-31 04507365 frs-core:CurrentFinancialInstruments 2020-08-31 04507365 frs-core:Non-currentFinancialInstruments 2020-08-31 04507365 frs-core:OtherReservesSubtotal 2020-08-31 04507365 frs-core:ShareCapital 2020-08-31 04507365 frs-core:RetainedEarningsAccumulatedLosses 2020-08-31 04507365 1 2019-09-01 2020-08-31
Registered number: 04507365
Sharp and Hill I.T. Services Limited
Unaudited Financial Statements
For The Year Ended 31 August 2021
Holden Associates
Qualified Accountants, Taxation & Business Growth Advisors
V12 Merlin Park Ringtail Road
Burscough Industrial Estate
Ormskirk
L40 8JY
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04507365
2021 2020
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 14 28
Intangible Assets - Cryptocurrency Investments 4 15,731 -
15,745 28
CURRENT ASSETS
Debtors 5 1,141 10,948
Cash at bank and in hand 66,527 97,109
67,668 108,057
Creditors: Amounts Falling Due Within One Year 6 (41,505 ) (36,026 )
NET CURRENT ASSETS (LIABILITIES) 26,163 72,031
TOTAL ASSETS LESS CURRENT LIABILITIES 41,908 72,059
Creditors: Amounts Falling Due After More Than One Year 7 (32,916 ) -
NET ASSETS 8,992 72,059
CAPITAL AND RESERVES
Called up share capital 8 1 1
Other reserves 8,115 -
Profit and Loss Account 876 72,058
SHAREHOLDERS' FUNDS 8,992 72,059
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For the year ending 31 August 2021 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 Profit and Loss Account.
On behalf of the board
Mr Andrew Sharp
Director
23rd October 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 50% reducing balance
Computer Equipment 50% reducing balance
1.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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1.5. Cryptocurrency as a Fixed Asset Investment
Introduction
In accordance with Financial Reporting Standard (FRS) 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland, Sygem Limited classifies cryptocurrency as a fixed asset investment on its balance sheet. This note aims to provide an overview of the accounting treatment applied to cryptocurrency investments in line with FRS 102 Section 18 - Intangible Assets.
Classification and Measurement
Cryptocurrency investments held are classified as fixed asset investments, as they meet the definition of intangible assets under FRS 102. The revaluation model, as prescribed by FRS 102 Section 18, has been adopted for the measurement of these cryptocurrency investments.
Revaluation Model
Under the revaluation model, changes in the fair value of cryptocurrency investments are recognised and accounted for as follows:
1.  Increase in Market Value: Any increase in the market value of cryptocurrency investments is recognised in other comprehensive income in other reserves within Capital and Reserves.
2.  Profit and Loss Recognition: Increases in the value of the cryptocurrency investment that reverse a previously recognised revaluation decrease (which was accounted for in the Profit and Loss Account) are recognised in the Profit and Loss Account. However, recognition in the Profit and Loss Account is limited to the extent of the previously recognised revaluation decrease.
3.  Decrease in Market Value: If there is a decrease in the value of the cryptocurrency investment, the decrease is recognised in other comprehensive income. This recognition is limited to the amount of any previously recognised increase in value for the same asset.
4.  Excess Decrease: Any decrease in value beyond the previously recognised increase is recognised in the Profit and Loss Account.
Disposal of Cryptocurrency Investment
Profits or losses resulting from the actual disposal of cryptocurrency investments are recognised in the Profit and Loss Account as "Profit or Loss on Disposal of Intangible Fixed Assets."
This accounting treatment ensures that the financial statements reflect the appropriate valuation and recognition of its cryptocurrency investments in accordance with FRS 102.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2021 2020
Office and administration 1 1
Director 1 1
2 2
3. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 September 2020 114 6,003 6,117
As at 31 August 2021 114 6,003 6,117
Depreciation
As at 1 September 2020 114 5,975 6,089
Provided during the period - 14 14
As at 31 August 2021 114 5,989 6,103
...CONTINUED
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Net Book Value
As at 31 August 2021 - 14 14
As at 1 September 2020 - 28 28
4. Intangible Assets - Cryptocurrency Investments
Other
£
Cost
As at 1 September 2020 -
Additions 12,512
Disposals (4,897 )
Revaluations 8,116
As at 31 August 2021 15,731
Provision
As at 1 September 2020 -
As at 31 August 2021 -
Net Book Value
As at 31 August 2021 15,731
As at 1 September 2020 -
5. Debtors
2021 2020
£ £
Due within one year
Trade debtors - (143 )
Prepayments and accrued income - 10,200
Other debtors 1,051 -
VAT 90 -
Net wages - 891
1,141 10,948
6. Creditors: Amounts Falling Due Within One Year
2021 2020
£ £
Trade creditors - 50
Bank loans and overdrafts 6,584 -
Corporation tax 32,963 21,841
Other taxes and social security 397 226
VAT - 14,584
Other creditors - (692 )
Director's loan account 1,561 17
41,505 36,026
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7. Creditors: Amounts Falling Due After More Than One Year
2021 2020
£ £
Bank loans 32,916 -
32,916 -
8. Share Capital
2021 2020
£ £
Allotted, Called up and fully paid 1 1
9. Transition to FRS 102
In the current year, the company has transitioned from FRS 105 to FRS 102 Section 1A for its financial reporting. The
financial statements for 31 August 2020 were prepared under FRS 105 and those for 31 Augsut 2021 are prepared in
accordance with FRS 102 Section 1A.
There is no impact from the transition to FRS 102 Section 1A on the company's financial statements between 31 August 2020 and 31 August 2021.
10. General Information
Sharp and Hill I.T. Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04507365 . The registered office is 212 Tonbridge Road, Wateringbury, Maidstone, Kent, ME18 5NU.
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