SDART Ltd - Period Ending 2017-09-30
SDART Ltd - Period Ending 2017-09-30
Registration number:
SDART Ltd
for the Year Ended 30 September 2017
Beaver House
23 - 38 Hythe Bridge Street
Oxford
OX1 2EP
SDART Ltd
Contents
Balance Sheet |
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Notes to the Financial Statements |
SDART Ltd
(Registration number: 05728895)
Balance Sheet as at 30 September 2017
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2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 and the option not to file the Profit and Loss Account has been taken.
Page 1 |
SDART Ltd
(Registration number: 05728895)
Balance Sheet as at 30 September 2017
Approved and authorised by the
.........................................
Director
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SDART Ltd
Notes to the Financial Statements for the Year Ended 30 September 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
For the periods from 1 April 2015 up to and including the year ended 30 September 2016, SDART Ltd prepared its financial statements in accordance with International Financial Reporting Standards as adopted by the EU ('IFRS'). The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
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. The parent company Financial Microscope Limited has confirmed to the directors that it will continue to support the company for a period of 12 months after the date of signing the financial statements.
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 deferred 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.
Page 3 |
SDART Ltd
Notes to the Financial Statements for the Year Ended 30 September 2017
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 statement of financial position 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 |
Fixtures and Fittings |
5 year straight-line |
Computer Equipment |
3 year straight-line |
Intangible assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
Amortisation
Amortisation is accounted for based on cost less residual value of assets. Amortisation is accounted for in profit or loss using the straight-line method over the estimated useful lives of intangible assets from the date that they are available for use.
The amortisation is accounted for based on cost less residual values are reviewed on each reporting date and are adjusted if appropriate.
Based on the management's decision the estimated useful life of the software tool is seven years. The amortisation was accounted for in profit or loss using straight-line method with no residual value. Subsequent expenditure capitalised will be amortised over the useful life.
Asset class |
Amortisation method and rate |
Software Tool |
7 year straight-line |
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.
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SDART Ltd
Notes to the Financial Statements for the Year Ended 30 September 2017
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
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.
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.
Changes to the presentation currency.
SDART Ltd has changed its presentation currency from USD to GBP beginning with the reporting period 1st October 2016 to 30th September 2017. The comparative period data has also been translated to GBP.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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SDART Ltd
Notes to the Financial Statements for the Year Ended 30 September 2017
Intangible assets |
Internally generated software development costs |
Total |
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Cost or valuation |
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At 1 October 2016 |
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Additions internally developed |
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At 30 September 2017 |
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Amortisation |
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At 1 October 2016 |
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Amortisation charge |
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At 30 September 2017 |
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Carrying amount |
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At 30 September 2017 |
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At 30 September 2016 |
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SDART Ltd
Notes to the Financial Statements for the Year Ended 30 September 2017
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 October 2016 |
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Additions |
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At 30 September 2017 |
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Depreciation |
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At 1 October 2016 |
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Charge for the year |
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At 30 September 2017 |
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Carrying amount |
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At 30 September 2017 |
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At 30 September 2016 |
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Debtors |
2017 |
2016 |
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Prepayments |
- |
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Other debtors |
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As at the balance sheet date, the company had an unrecognised deferred tax asset totalling £315,968 relating predominately to taxable losses which are not expected to be utilised in the short term. In 2017 the asset was recognised.
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SDART Ltd
Notes to the Financial Statements for the Year Ended 30 September 2017
Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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- |
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Accruals and deferred income |
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Other creditors |
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- |
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SDART Ltd
Notes to the Financial Statements for the Year Ended 30 September 2017
Creditors: amounts falling due after more than one year
Note |
2017 |
2016 |
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Due after one year |
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Loans and borrowings |
- |
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Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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100.60 |
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100.60 |
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2,616,053 |
- |
- |
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During the year an additional 3,367,990 $1 shares were issued at par as part of a debt to equity transaction.
Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Other borrowings |
- |
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2017 |
2016 |
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Current loans and borrowings |
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Bank overdrafts |
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Financial commitments, guarantees and contingencies |
Amounts disclosed in the balance sheet
Included in the balance sheet are pensions of £496 (2016 - £Nil).
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SDART Ltd
Notes to the Financial Statements for the Year Ended 30 September 2017
Related party transactions |
The company has taken advantage of the exemption available per paragraph 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary of the group.
KPMG Capital Operations Limited
The above company was previously a fellow shareholder in the parent company, Financial Microscope Limited.
During the year the above named company undertook a debt to equity exercise with SDART Limited whereby the total value of outstanding loans as at the transaction date were converted to newly issued share capital. The shares were then transferred to the parent company, Financial Microscope Limited.
During the year KPMG Capital Operations Limited loaned SDART Ltd £751,781 (2016: £1,611,660).
As at the balance sheet date the company owed KPMG Capital Operations Limited £nil (2016: £1,831,560).
Capital Operations (US) LLC
The above company was a fellow group company of KPMG Capital Operations Limited.
As at the balance sheet date the company owed Capital Operations (US) LLC £nil (2016: £20,192).
Other transactions with directors |
Directors remuneration in the year totalled £236,902. The remuneration expense in both the current and prior year has been capitalised as part of the ongoing development project
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is
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