Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Mr P J Sharp 09/06/2003 Mr B J Sharp 09/06/2003 Mr P R Tappin 31/12/2007 Mr K D Tappin 09/06/2003 20 February 2025 The principal activity of the Company during the year was that of manufacturing computers and peripheral equipment. 04779982 2024-05-31 04779982 bus:Director1 2024-05-31 04779982 bus:Director2 2024-05-31 04779982 bus:Director3 2024-05-31 04779982 bus:Director4 2024-05-31 04779982 2023-05-31 04779982 core:CurrentFinancialInstruments 2024-05-31 04779982 core:CurrentFinancialInstruments 2023-05-31 04779982 core:Non-currentFinancialInstruments 2024-05-31 04779982 core:Non-currentFinancialInstruments 2023-05-31 04779982 core:ShareCapital 2024-05-31 04779982 core:ShareCapital 2023-05-31 04779982 core:RetainedEarningsAccumulatedLosses 2024-05-31 04779982 core:RetainedEarningsAccumulatedLosses 2023-05-31 04779982 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-31 04779982 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-05-31 04779982 core:PlantMachinery 2023-05-31 04779982 core:OfficeEquipment 2023-05-31 04779982 core:PlantMachinery 2024-05-31 04779982 core:OfficeEquipment 2024-05-31 04779982 bus:OrdinaryShareClass1 2024-05-31 04779982 2023-06-01 2024-05-31 04779982 bus:FilletedAccounts 2023-06-01 2024-05-31 04779982 bus:SmallEntities 2023-06-01 2024-05-31 04779982 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 04779982 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 04779982 bus:Director1 2023-06-01 2024-05-31 04779982 bus:Director2 2023-06-01 2024-05-31 04779982 bus:Director3 2023-06-01 2024-05-31 04779982 bus:Director4 2023-06-01 2024-05-31 04779982 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2023-06-01 2024-05-31 04779982 core:PlantMachinery 2023-06-01 2024-05-31 04779982 core:PlantMachinery core:TopRangeValue 2023-06-01 2024-05-31 04779982 core:OfficeEquipment 2023-06-01 2024-05-31 04779982 2022-06-01 2023-05-31 04779982 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-01 2024-05-31 04779982 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 04779982 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04779982 (England and Wales)

SHARP & TAPPIN TECHNOLOGY LTD

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

SHARP & TAPPIN TECHNOLOGY LTD

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

SHARP & TAPPIN TECHNOLOGY LTD

BALANCE SHEET

As at 31 May 2024
SHARP & TAPPIN TECHNOLOGY LTD

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 143,119 95,883
Tangible assets 4 141,793 33,484
284,912 129,367
Current assets
Stocks 90,437 163,250
Debtors 5 513,533 418,992
Cash at bank and in hand 1,785 493
605,755 582,735
Creditors: amounts falling due within one year 6 ( 586,528) ( 466,406)
Net current assets 19,227 116,329
Total assets less current liabilities 304,139 245,696
Creditors: amounts falling due after more than one year 7 ( 9,995) ( 19,998)
Provision for liabilities ( 41,163) ( 27,181)
Net assets 252,981 198,517
Capital and reserves
Called-up share capital 8 3,055 3,055
Profit and loss account 249,926 195,462
Total shareholders' funds 252,981 198,517

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Sharp & Tappin Technology Ltd (registered number: 04779982) were approved and authorised for issue by the Board of Directors on 20 February 2025. They were signed on its behalf by:

Mr B J Sharp
Director
SHARP & TAPPIN TECHNOLOGY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
SHARP & TAPPIN TECHNOLOGY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 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

Sharp & Tappin Technology Ltd (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 Unit 1 Tamar Technology Park River Tamar Way, Holsworthy Industrial Estate, Holsworthy, EX22 6EW, 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.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

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 average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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:

Development costs 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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:

Plant and machinery 10 - 25 % reducing balance
10 years straight line
Office equipment 25 % reducing balance

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 16 16

3. Intangible assets

Development costs Total
£ £
Cost
At 01 June 2023 184,327 184,327
Additions 73,396 73,396
At 31 May 2024 257,723 257,723
Accumulated amortisation
At 01 June 2023 88,444 88,444
Charge for the financial year 26,160 26,160
At 31 May 2024 114,604 114,604
Net book value
At 31 May 2024 143,119 143,119
At 31 May 2023 95,883 95,883

4. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 June 2023 255,705 35,379 291,084
Additions 115,000 5,860 120,860
At 31 May 2024 370,705 41,239 411,944
Accumulated depreciation
At 01 June 2023 229,584 28,016 257,600
Charge for the financial year 10,087 2,464 12,551
At 31 May 2024 239,671 30,480 270,151
Net book value
At 31 May 2024 131,034 10,759 141,793
At 31 May 2023 26,121 7,363 33,484

5. Debtors

2024 2023
£ £
Trade debtors 290,011 241,211
Other debtors 223,522 177,781
513,533 418,992

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 10,000 56,684
Trade creditors 240,332 253,470
Amounts owed to directors 106,179 89,842
Other loans 58,779 0
Accruals and deferred income 159,660 50,684
Other taxation and social security 2,597 4,469
Other creditors 8,981 11,257
586,528 466,406

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 9,995 19,998

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
3,055 Ordinary shares of £ 1.00 each 3,055 3,055