Sharpchoice Limited - Period Ending 2014-05-31

Registration number: 01608129

Sharpchoice Limited

Unaudited Abbreviated Accounts

for the Period from 1 August 2013 to 31 May 2014

 

Sharpchoice Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Sharpchoice Limited
for the Period Ended 31 May 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Sharpchoice Limited for the period ended 31 May 2014 set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional -standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Sharpchoice Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Sharpchoice Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sharpchoice Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Sharpchoice Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Sharpchoice Limited. You consider that Sharpchoice Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Sharpchoice Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

NA Associates LLP
Chartered Certified Accountants
Woodgate Studios
2-8 Games Road
Cockfosters
Hertfordshire
EN4 9HN

4 February 2016

Page 1

Sharpchoice Limited
(Registration number: 01608129)
Abbreviated Balance Sheet at 31 May 2014

		Note			31 May 2014 £			31 July 2013 £
Current assets
Debtors					138			138
Creditors: Amounts falling due within one year					(735,620)			(683,078)
Net liabilities					(735,482)			(682,940)
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					(735,582)			(683,040)
Shareholders' deficit					(735,482)			(682,940)

For the year ending 31 May 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 4 February 2016 and signed on its behalf by:

.........................................
Christos Joseph
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Sharpchoice Limited
Notes to the Abbreviated Accounts for the Period from 1 August 2013 to 31 May 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis. After the year end, the company and the group restructured existing bank borrowings and one of the group companies sold two properties which had a combined value of £7m. The directors therefore consider the going concern basis to be appropriate.

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers. Revenue is recognised upon delivery of the service to the customer.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	25% reducing balance

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Sharpchoice Limited
Notes to the Abbreviated Accounts for the Period from 1 August 2013 to 31 May 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 August 2013		7,367			7,367
At 31 May 2014		7,367			7,367
Depreciation
At 1 August 2013		7,367			7,367
At 31 May 2014		7,367			7,367
Net book value
At 31 May 2014		-			-
At 31 July 2013		-			-

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		31 May 2014 £			31 July 2013 £
Amounts falling due within one year		-			114,090

4	Share capital

Allotted, called up and fully paid shares

	31 May 2014						31 July 2013
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

5

Control

The company is controlled by no overall controlling party. The ultimate parent company is Desilu Group Limited.

Page 4