Schoop Ltd Filleted accounts for Companies House (small and micro)
Schoop Ltd Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
08403573
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FINANCIAL STATEMENTS |
Year ended 30 September 2020
CONTENTS |
PAGE |
Balance sheet |
1 |
Notes to the financial statements |
3 |
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BALANCE SHEET |
2020 |
2019 |
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Note |
£ |
£ |
FIXED ASSETS
Intangible assets |
5 |
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Tangible assets |
6 |
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-------- |
-------- |
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CURRENT ASSETS
Debtors |
7 |
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Cash at bank and in hand |
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– |
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-------- |
-------- |
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CREDITORS: amounts falling due within one year |
8 |
(
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(
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--------- |
--------- |
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NET CURRENT LIABILITIES |
(
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(
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--------- |
--------- |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
(
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(
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CREDITORS: amounts falling due after more than one year |
9 |
(
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– |
-------- |
-------- |
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NET LIABILITIES |
(
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(
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-------- |
-------- |
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CAPITAL AND RESERVES
Called up share capital |
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Share premium account |
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Profit and loss account |
(
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(
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--------- |
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SHAREHOLDERS FUNDS |
(
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(
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--------- |
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In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
Directors' responsibilities:
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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
;
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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 financial statements
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BALANCE SHEET (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
28 September 2021
, and are signed on behalf of the board by:
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Director |
Company registration number:
08403573
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NOTES TO THE FINANCIAL STATEMENTS |
Year ended 30 September 2020
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Cedar House, Hazell Drive, Newport, NP10 8FY. The address of the principal place of business is Abacus House, Caxton Place, Cardiff, CF23 8HA.
2.
STATEMENT OF COMPLIANCE
3.
ACCOUNTING POLICIES
Basis of preparation
Going concern
Turnover
Taxation
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:
Intangible Assets |
- |
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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
Tangible assets
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:
Plant & Machinery |
- |
20% reducing balance |
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Motor Vehicles |
- |
33% reducing balance |
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Computer Equipment |
- |
33% straight line |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
4
(2019:
4
).
5.
INTANGIBLE ASSETS
Development costs |
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£ |
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Cost |
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At 1 October 2019 |
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Additions |
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--------- |
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At 30 September 2020 |
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Amortisation |
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At 1 October 2019 |
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Charge for the year |
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--------- |
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At 30 September 2020 |
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Carrying amount |
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At 30 September 2020 |
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At 30 September 2019 |
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Project costs have been capitalised in connection with the development of an application which is expected to generate future revenues.
6.
TANGIBLE ASSETS
Plant and machinery |
Equipment |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 October 2019 and 30 September 2020 |
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------- |
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Depreciation |
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At 1 October 2019 |
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Charge for the year |
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------- |
------- |
-------- |
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At 30 September 2020 |
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Carrying amount |
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At 30 September 2020 |
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At 30 September 2019 |
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7.
DEBTORS
2020 |
2019 |
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£ |
£ |
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Trade debtors |
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Other debtors |
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-------- |
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8.
CREDITORS:
amounts falling due within one year
2020 |
2019 |
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£ |
£ |
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Bank loans and overdrafts |
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Trade creditors |
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Social security and other taxes |
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Convertible debt |
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Other creditors |
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--------- |
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The convertible loan notes were issued on 2 October 2017. On maturity of the debt the Company can opt to deliver the market value of the ordinary shares in cash at that date, rather than delivering the ordinary shares.
9.
CREDITORS:
amounts falling due after more than one year
2020 |
2019 |
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£ |
£ |
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Bank loans and overdrafts |
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– |
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10.
EVENTS AFTER THE END OF THE REPORTING PERIOD
Subsequent to the period end, economies and financial markets around the world experienced financial falls arising from uncertainties linked to the COVID-19 pandemic. There is currently no material impact on the company and this is a non-adjusting event. The future impact of the pandemic on the company will be quantified as the situation evolves.
11.
DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
Included within debtors is a balance of £3,758 (2019 - £5,061) due from the directors. This balance is interest free and repayable on demand. The following transactions took place between the directors and the company during the year:
£ | ||
Opening balance | 5,061 | |
Repayments | (1,400) | |
Drawings | 97 | |
Closing balance | 3,758 | |