REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
SNAPGROUP TECHNOLOGY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
SNAPGROUP TECHNOLOGY LIMITED |
SNAPGROUP TECHNOLOGY LIMITED (REGISTERED NUMBER: 11351191) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 May 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SNAPGROUP TECHNOLOGY LIMITED |
COMPANY INFORMATION |
for the year ended 31 May 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
SNAPGROUP TECHNOLOGY LIMITED (REGISTERED NUMBER: 11351191) |
ABRIDGED BALANCE SHEET |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
CURRENT ASSETS |
Debtors |
Cash in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SNAPGROUP TECHNOLOGY LIMITED (REGISTERED NUMBER: 11351191) |
ABRIDGED BALANCE SHEET - continued |
31 May 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
SNAPGROUP TECHNOLOGY LIMITED (REGISTERED NUMBER: 11351191) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Snapgroup Technology Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared on the going concern basis as the directors are of the opinion that the company will meet its liabilities as and when due, due to the continued support of the directors. |
Computer software |
Computer software, being the amount paid in 2019, is being amortised evenly over its estimated useful life of ten years. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
SNAPGROUP TECHNOLOGY LIMITED (REGISTERED NUMBER: 11351191) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Research and development expenditure |
Expenditure on research activities is recognised as an expense in the period in which it is incurred. |
In the event that an internally generated intangible asset arises from the company's development activities then it will be recognised only if all of the following conditions are met: |
- An asset is created that can be identified; |
- The project from which the asset arises meets the company's criteria for assessing technical feasibility; |
- It is probable that the asset created will generate future economic benefits; and |
- The development cost of the asset can be measured reliably. |
Internally generated intangible assets are amortised on a straight-line basis over their useful lives. Where no |
internally generated intangible asset can be recognised, development expenditure is recognised as an expense in the period in which it is incurred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
5. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdrafts |
Bank overdraft is secured against the director's personal guarantee. |
6. | RELATED PARTY DISCLOSURES |
At the balance sheet date, the company owed £3,701 (2023 - £3,701) to Mr A J Aviram, a director. |