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Registration number: 10601271

Money Sphere Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 28 February 2025

 

Money Sphere Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Money Sphere Ltd

Company Information

Directors

Mr Graeme Colin Aitken

Mr Lee Alan Nuttall

Registered office

1st Floor
8-12 London Street
Southport
Merseyside
PR9 0UE

Accountants

GMR Accountants Ltd
1st Floor
8-12 London Street
Southport
Merseyside
PR9 0UE

 

Money Sphere Ltd

(Registration number: 10601271)
Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

23,515

692

Current assets

 

Debtors

5

145,943

136,554

Cash at bank and in hand

 

2,900

428

 

148,843

136,982

Creditors: Amounts falling due within one year

6

(147,283)

(133,418)

Net current assets

 

1,560

3,564

Total assets less current liabilities

 

25,075

4,256

Creditors: Amounts falling due after more than one year

6

(20,856)

(4,053)

Provisions for liabilities

(131)

(131)

Net assets

 

4,088

72

Capital and reserves

 

Called up share capital

2

2

Retained earnings

4,086

70

Shareholders' funds

 

4,088

72

For the financial year ending 28 February 2025 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 May 2025 and signed on its behalf by:
 

.........................................
Mr Graeme Colin Aitken
Director

 

Money Sphere Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor
8-12 London Street
Southport
Merseyside
PR9 0UE
United Kingdom

These financial statements were authorised for issue by the Board on 15 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Money Sphere Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixture and Fittings

20% Straight Line

Office Equipment

33% Straight Line

Motor Vehicles

25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Money Sphere Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

 

Money Sphere Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 March 2024

1,546

-

3,199

4,745

Additions

-

23,380

640

24,020

At 28 February 2025

1,546

23,380

3,839

28,765

Depreciation

At 1 March 2024

890

-

3,163

4,053

Charge for the year

510

593

94

1,197

At 28 February 2025

1,400

593

3,257

5,250

Carrying amount

At 28 February 2025

146

22,787

582

23,515

At 29 February 2024

656

-

36

692

5

Debtors

Current

Note

2025
£

2024
£

Trade debtors

 

2,473

4,801

Amounts owed by related parties

8

24

24

Prepayments

 

23,510

23,510

Other debtors

 

119,936

108,219

   

145,943

136,554

6

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

7

4,572

792

Trade creditors

 

-

156

Taxation and social security

 

141,534

132,470

Accruals and deferred income

 

1,177

-

 

147,283

133,418

Creditors: amounts falling due after more than one year

 

Money Sphere Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

7

20,856

4,053

7

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Other borrowings

20,856

4,053

Current loans and borrowings

2025
£

2024
£

Other borrowings

4,572

792

 

Money Sphere Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

8

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2025
£

2024
£

Remuneration

25,140

24,971