Share Credit Tech Limited - Limited company accounts 18.2
Share Credit Tech Limited - Limited company accounts 18.2
REGISTERED NUMBER: |
Report of the Director and |
Financial Statements for the Year Ended 31 March 2019 |
for |
Share Credit Tech Limited |
Share Credit Tech Limited (Registered number: 09581541) |
Contents of the Financial Statements |
for the Year Ended 31 March 2019 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Report of the Independent Auditors | 3 |
Income Statement | 5 |
Other Comprehensive Income | 6 |
Statement of Financial Position | 7 |
Statement of Changes in Equity | 8 |
Notes to the Financial Statements | 9 |
Share Credit Tech Limited |
Company Information |
for the Year Ended 31 March 2019 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
and Statutory Auditors |
9 St Clare Street |
London |
EC3N 1LQ |
Share Credit Tech Limited (Registered number: 09581541) |
Report of the Director |
for the Year Ended 31 March 2019 |
The director presents her report with the financial statements of the company for the year ended 31 March 2019. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2019. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with |
applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director |
has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not |
approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the director is |
required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and she has taken all the steps that she ought to have taken as a |
director in order to make herself aware of any relevant audit information and to establish that the company's auditors are |
aware of that information. |
AUDITORS |
The auditors, Shinewing Wilson Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual |
General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Share Credit Tech Limited |
Opinion |
We have audited the financial statements of Share Credit Tech Limited (the 'company') for the year ended |
31 March 2019 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, |
Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting |
policies. The financial reporting framework that has been applied in their preparation is applicable law and United |
Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard |
applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2019 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
We draw attention to the going concern paragraph in note 2 in the financial statements, which describe the directors' |
considerations surrounding the Company's ability to continue as a going concern. These events or conditions indicate |
that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. |
Our opinion is not modified in respect of this matter. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Report of |
the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise |
explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or |
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude |
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to |
report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Director has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Share Credit Tech Limited |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible |
for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such |
internal control as the director determines necessary to enable the preparation of financial statements that are free from |
material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic |
alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with |
ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants |
and Statutory Auditors |
9 St Clare Street |
London |
EC3N 1LQ |
Share Credit Tech Limited (Registered number: 09581541) |
Income Statement |
for the Year Ended 31 March 2019 |
31.3.19 | 31.3.18 |
Notes | £ | £ |
TURNOVER | 4 |
Administrative expenses |
OPERATING LOSS and |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | 7 |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Share Credit Tech Limited (Registered number: 09581541) |
Other Comprehensive Income |
for the Year Ended 31 March 2019 |
31.3.19 | 31.3.18 |
Notes | £ | £ |
LOSS FOR THE YEAR | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
Prior year adjustment |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
Share Credit Tech Limited (Registered number: 09581541) |
Statement of Financial Position |
31 March 2019 |
31.3.19 | 31.3.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | (213,045 | ) | (8,317 | ) |
SHAREHOLDERS' FUNDS | (113,045 | ) | 91,683 |
The financial statements were approved by the director on |
Share Credit Tech Limited (Registered number: 09581541) |
Statement of Changes in Equity |
for the Year Ended 31 March 2019 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2017 | ( |
) |
Prior year adjustment | - |
As restated |
Changes in equity |
Total comprehensive income | - | (133,092 | ) | (133,092 | ) |
Balance at 31 March 2018 | 100,000 | (8,317 | ) | 91,683 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 March 2019 | ( |
) | ( |
) |
Share Credit Tech Limited (Registered number: 09581541) |
Notes to the Financial Statements |
for the Year Ended 31 March 2019 |
1. | STATUTORY INFORMATION |
Share Credit Tech Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been presented in Pounds Sterling and rounded to the nearest Pound. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial |
statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland": |
• | the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv); |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of Section 3 Financial Statement Presentation paragraph 3.17(d); |
• | the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of Section 12 Other Financial Instruments paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirement of Section 33 Related Party Disclosures paragraph 33.7. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position 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. |
Share Credit Tech Limited (Registered number: 09581541) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the |
operating result. |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial |
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to |
related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for |
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised |
in the Income Statement. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an |
asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective |
interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is |
the current effective interest rate determined under the contract. |
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when |
there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or |
to realise the asset and settle the liability simultaneously. |
Going concern |
On the basis of long terms financial support from its parent company, the company is expected to continue in |
operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern |
basis in preparing the financial statements. |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the company's accounting policies, the directors are required to make judgments, estimates |
and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other |
sources. The estimates and associated assumptions are based on historical experience and other factors that are |
considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates |
are recognised in the period in which the estimate is revised where the revision affects only that period, or in the |
period of the revision and future period where the revision affects both current and future periods. |
4. | TURNOVER |
The turnover and loss before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
31.3.19 | 31.3.18 |
£ | £ |
United Kingdom |
5. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 31 March 2019 nor for the year ended 31 March 2018. |
Share Credit Tech Limited (Registered number: 09581541) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
5. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
31.3.19 | 31.3.18 |
Director | 1 | 1 |
31.3.19 | 31.3.18 |
£ | £ |
Director's remuneration |
6. | OPERATING LOSS |
The operating loss is stated after charging: |
31.3.19 | 31.3.18 |
£ | £ |
Development costs amortisation |
Auditors' remuneration |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the loss for the year was as follows: |
31.3.19 | 31.3.18 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on loss |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is |
explained below: |
31.3.19 | 31.3.18 |
£ | £ |
Loss before tax | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of (2018 - |
( |
) |
( |
) |
Effects of: |
Utilisation of tax losses | ( |
) |
Adjustments to tax charge in respect of previous periods |
Group loss relief | 34,759 | - |
Loss c/f | 4,139 | - |
Total tax charge | - | 6,595 |
Share Credit Tech Limited (Registered number: 09581541) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
8. | INTANGIBLE FIXED ASSETS |
Development |
costs |
£ |
COST |
At 1 April 2018 |
Additions |
At 31 March 2019 |
AMORTISATION |
At 1 April 2018 |
Amortisation for year |
At 31 March 2019 |
NET BOOK VALUE |
At 31 March 2019 |
At 31 March 2018 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Amounts owed by group undertakings |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Amounts owed to group undertakings |
Tax |
Accrued expenses |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.19 | 31.3.18 |
value: | £ | £ |
Ordinary | 0.000 | 1 | 100,000 | 100,000 |
12. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
Share Credit Tech Limited (Registered number: 09581541) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
The immediate and ultimate parent company is Zion Capital Limited, a company registered in England and |
Wales, by virtue of their shareholding. |
The smallest and largest group for which consolidated financial statements are prepared, is headed by Zion |
Capital Limited. Consolidated financial statements can be obtained from Suite E, 18/F 40 Bank Street, London, |
England, E14 5NR. |
On 16 October 2019, entire shareholding of the Company were transferred to the director Ms. Q Wang. |