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Company No: 06263418 (England and Wales)

SECTOR GLOBAL LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

SECTOR GLOBAL LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

SECTOR GLOBAL LIMITED

BALANCE SHEET

As at 31 August 2024
SECTOR GLOBAL LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 10,808 14,213
Tangible assets 4 43,823 44,892
Investments 5 1 1
54,632 59,106
Current assets
Debtors 6 158,295 311,545
Cash at bank and in hand 509,999 345,506
668,294 657,051
Creditors: amounts falling due within one year 7 ( 360,395) ( 302,142)
Net current assets 307,899 354,909
Total assets less current liabilities 362,531 414,015
Provision for liabilities ( 11,132) ( 12,089)
Net assets 351,399 401,926
Capital and reserves
Called-up share capital 130 130
Profit and loss account 351,269 401,796
Total shareholders' funds 351,399 401,926

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Sector Global Limited (registered number: 06263418) were approved and authorised for issue by the Board of Directors on 27 November 2024. They were signed on its behalf by:

Philip Paul Summers
Director
SECTOR GLOBAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
SECTOR GLOBAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sector Global Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 Avalon House Lower Strode Road, Clevedon, Bristol, BS21 6UU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Contract revenue recognition

In respect of long-term contracts, turnover represents the value of work done in the year, including estimates of the amounts not invoiced. Turnover in respect of long-term contracts is recognised by reference to their stage of completion.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 4 - 5 years straight line
Research and development

Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same year unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period from which the company is expected to benefit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 20 - 25 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 profit or loss.

Leases

The Company as lessee
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 23 26

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 September 2023 84,213 84,213
At 31 August 2024 84,213 84,213
Accumulated amortisation
At 01 September 2023 70,000 70,000
Charge for the financial year 3,405 3,405
At 31 August 2024 73,405 73,405
Net book value
At 31 August 2024 10,808 10,808
At 31 August 2023 14,213 14,213

4. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 September 2023 16,933 148,386 165,319
Additions 2,172 20,915 23,087
Disposals ( 3,692) ( 18,972) ( 22,664)
At 31 August 2024 15,413 150,329 165,742
Accumulated depreciation
At 01 September 2023 10,213 110,214 120,427
Charge for the financial year 2,988 17,890 20,878
Disposals ( 3,058) ( 16,328) ( 19,386)
At 31 August 2024 10,143 111,776 121,919
Net book value
At 31 August 2024 5,270 38,553 43,823
At 31 August 2023 6,720 38,172 44,892

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 September 2023 1
At 31 August 2024 1
Carrying value at 31 August 2024 1
Carrying value at 31 August 2023 1

6. Debtors

2024 2023
£ £
Trade debtors 67,628 102,156
Amounts owed by Group undertakings 45,529 114,390
Other debtors 45,138 94,999
158,295 311,545

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 16,183 27,818
Taxation and social security 90,599 95,293
Other creditors 253,613 179,031
360,395 302,142