Sherpr Global Ltd Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 10721068

Sherpr Global Ltd

Filleted Unaudited Financial Statements

31 December 2019

Sherpr Global Ltd

Financial Statements

Year ended 31 December 2019

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Sherpr Global Ltd

Statement of Financial Position

31 December 2019

	2019	2018
Note	£	£

Fixed assets

Intangible assets	5	43,097	51,305
Tangible assets	6	13,848	17,160
		--------	--------
		56,945	68,465

Current assets

Stocks		15,615	16,670
Debtors	7	10,072	8,022
Cash at bank and in hand		19,423	115,526
		--------	---------
		45,110	140,218

Creditors: amounts falling due within one year	8	54,813	42,254
		--------	---------
Net current (liabilities)/assets		( 9,703)	97,964
		--------	---------
Total assets less current liabilities		47,242	166,429
		--------	---------
Net assets		47,242	166,429
		--------	---------

Capital and reserves

Called up share capital	141	134
Share premium account	739,310	557,242
Profit and loss account	( 692,209)	( 390,947)
	---------	---------
Shareholders funds	47,242	166,429
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Sherpr Global Ltd

Statement of Financial Position (continued)

31 December 2019

These financial statements were approved by the board of directors and authorised for issue on 24 March 2020 , and are signed on behalf of the board by:

Mr A Watson
Director

Company registration number: 10721068

Sherpr Global Ltd

Notes to the Financial Statements

Year ended 31 December 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 57 Dalston Lane, London, E8 2NG, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

These accounts have been prepared on a going concern basis as the directors believe that the company is able to meet its debts as they fall due for at least the next 12 months.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Development costs	-	33% reducing balance
Web Development	-	33% reducing balance

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	33% reducing balance
Motor vehicles	-	33% reducing balance
Equipment	-	33% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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. Short term debtors and creditors are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2018: 5 ).

5. Intangible assets

	Development costs	Website Development	Total
	£	£	£
Cost
At 1 January 2019	12,196	81,247	93,443
Additions	765	31,612	32,377
	--------	---------	---------
At 31 December 2019	12,961	112,859	125,820
	--------	---------	---------
Amortisation
At 1 January 2019	4,066	38,072	42,138
Charge for the year	2,965	37,620	40,585
	--------	---------	---------
At 31 December 2019	7,031	75,692	82,723
	--------	---------	---------
Carrying amount
At 31 December 2019	5,930	37,167	43,097
	--------	---------	---------
At 31 December 2018	8,130	43,175	51,305
	--------	---------	---------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2019	–	1,819	19,500	4,324	25,643
Additions	185	2,526	–	743	3,454
	----	-------	--------	-------	--------
At 31 December 2019	185	4,345	19,500	5,067	29,097
	----	-------	--------	-------	--------
Depreciation
At 1 January 2019	–	606	6,435	1,442	8,483
Charge for the year	–	1,246	4,311	1,209	6,766
	----	-------	--------	-------	--------
At 31 December 2019	–	1,852	10,746	2,651	15,249
	----	-------	--------	-------	--------
Carrying amount
At 31 December 2019	185	2,493	8,754	2,416	13,848
	----	-------	--------	-------	--------
At 31 December 2018	–	1,213	13,065	2,882	17,160
	----	-------	--------	-------	--------

7. Debtors

	2019	2018
	£	£
Trade debtors	4,916	1,042
Other debtors	5,156	6,980
	--------	-------
	10,072	8,022
	--------	-------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	16,282	1,979
Social security and other taxes	–	10,313
Other creditors	38,531	29,962
	--------	--------
	54,813	42,254
	--------	--------

9. Related party transactions

At the year end the company owed the director £19,935 (2018: £8,400).