ACCOUNTS - Final Accounts

SHEFFIELD DIGITAL LIMITED - Company Information

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Registered number: 09603846

SHEFFIELD DIGITAL LIMITED

(A Company Limited by Guarantee)

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

SHEFFIELD DIGITAL LIMITED

(A Company Limited by Guarantee)

REGISTERED NUMBER: 09603846

BALANCE SHEET

AS AT 31 MAY 2020

		2020		2019
Note		£		£

Fixed assets
Tangible assets	4		100		133
Current assets
Debtors: amounts falling due within one year	5	3,060		1,860
Cash at bank and in hand		40,105		22,225
		43,165		24,085
Creditors: amounts falling due within one year	6	(28,431)		(8,515)
Net current assets			14,734		15,570

Net assets			14,834		15,703

Capital and reserves
Profit and loss account	14,834	15,703
	14,834	15,703

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 February 2021.

M Kanarek

Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

SHEFFIELD DIGITAL LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

1.	General information

Sheffield Digital Limited is a private company limited by guarantee, incorporated in England and Wales (registered number: 09603846). Its registered office is The Workstation, 15 Paternoster Row, Sheffield, S1 2BX. The principal activity of the Company throughout the year continued to be that of providing support to the digital industry.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Taxation

Tax is recognised in the Statement of Income and Retained Earnings.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 2

SHEFFIELD DIGITAL LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

2.Accounting policies (continued)

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

The depreciation rates used are:

Computer equipment

25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.5

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet 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.

Employees

The average monthly number of employees, including directors, during the year was 5 (2019 - 5).

Page 3

SHEFFIELD DIGITAL LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

4.	Tangible fixed assets

		Office equipment
		£
	Cost
	At 1 June 2019	198
	At 31 May 2020	198
	Depreciation
	At 1 June 2019	65
	Charge for the year on owned assets	33
	At 31 May 2020	98
	Net book value
	At 31 May 2020	100
	At 31 May 2019	133

Debtors

					2020	2019
					£	£


Trade debtors	3,060	1,860

6.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	4,800	1,726
Corporation tax	1,297	1,480
Other taxation and social security	4,520	1,088
Accruals and deferred income	17,814	4,221
	28,431	8,515

Page 4

SHEFFIELD DIGITAL LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020


7.	Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

Page 5