Little Sharers Limited - Period Ending 2020-06-30

Little Sharers Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 4

Little Sharers Limited

(Registration number: 09629253)
Balance Sheet as at 30 June 2020

	Note	2020 £	2019 £
Fixed assets
Intangible assets	4	-	6,925
Current assets
Debtors		180	223
Cash at bank and in hand		362	601
		542	824
Creditors: Amounts falling due within one year	5	(75,555)	(75,101)
Net current liabilities		(75,013)	(74,277)
Net liabilities		(75,013)	(67,352)
Capital and reserves
Called up share capital		10	10
Profit and loss account		(75,023)	(67,362)
Shareholders' deficit		(75,013)	(67,352)

For the financial year ending 30 June 2020 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges her 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.

Approved and authorised by the director on 11 November 2020
 

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

AS Brenninkmeijer
Director

Little Sharers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
31A Charnham Street
Hungerford
Berkshire
RG17 0EJ
United Kingdom

2	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.

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 company continues to remain in startup mode with sales now being made. As such the company continues to rely on the support of its director, Mrs ASCE Brenninkmeijer, who has no intention of seeking repayment of her loan account in the forseeable future.
Therefore the financial statements have been prepared on a going concern basis.

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.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Website development costs	25% Straight line basis

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.

Little Sharers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2019 - 1).

Little Sharers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020

4	Intangible assets

	Website development costs  £	Total £
Cost or valuation
At 1 July 2019	35,700	35,700
At 30 June 2020	35,700	35,700
Amortisation
At 1 July 2019	28,775	28,775
Amortisation charge	6,925	6,925
At 30 June 2020	35,700	35,700
Carrying amount
At 30 June 2020	-	-
At 30 June 2019	6,925	6,925

5

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Trade creditors	-	1,122
Other creditors	75,555	73,979
	75,555	75,101

6	Related party transactions

Other transactions with directors

During the year the director made loans to the company. At the balance sheet date the amount owed to the director was £74,581 (2019: £73,021). The loans are repayable on demand and are non interest bearing.