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| Notes to the Accounts |
| for the year ended 31 March 2023 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Fixtures & Fittings |
25% reducing balance |
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Computer Equipment |
33% reducing balance |
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Investments |
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Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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Group accounts |
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The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary comprise a small-sized group. The company has therefore taken the advantage of the exemptions provided by section 398 of the Companies Act 2006 not to prepare group accounts. |
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Research and development |
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Research and Development Expenditure on research and development is written off in the year in which it is incurred. |
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| 2 |
Employees |
2023 |
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2022 |
| Number |
Number |
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Average number of persons employed by the company |
8 |
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8 |
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| 3 |
Tangible fixed assets |
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Furniture, fixture and fittings |
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Plant and machinery etc |
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Total |
| £ |
£ |
£ |
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Cost |
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At 1 April 2022 |
9,935 |
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140,810 |
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150,745 |
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Additions |
- |
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8,714 |
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8,714 |
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At 31 March 2023 |
9,935 |
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149,524 |
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159,459 |
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Depreciation |
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At 1 April 2022 |
9,131 |
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127,155 |
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136,286 |
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Charge for the year |
201 |
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4,506 |
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4,707 |
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At 31 March 2023 |
9,332 |
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131,661 |
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140,993 |
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Net book value |
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At 31 March 2023 |
603 |
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17,863 |
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18,466 |
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At 31 March 2022 |
804 |
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13,655 |
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14,459 |
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| 4 |
Investments |
| Investments in |
| subsidiary |
Other |
| undertakings |
investments |
Total |
| £ |
£ |
£ |
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Cost |
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At 1 April 2022 |
16,375 |
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71,638 |
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88,013 |
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Disposals |
(16,375) |
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(71,638) |
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(88,013) |
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At 31 March 2023 |
- |
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- |
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- |
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| 5 |
Debtors |
2023 |
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2022 |
| £ |
£ |
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Trade debtors |
393,308 |
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364,578 |
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Prepayments |
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1,819 |
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13,423 |
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Other debtors |
444 |
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532 |
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395,571 |
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378,533 |
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| 6 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
| £ |
£ |
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Trade creditors |
97,051 |
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74,648 |
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Corporation tax |
4,018 |
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16,407 |
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Other taxes and social security costs |
69,543 |
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57,144 |
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Other creditors * |
17,581 |
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17,581 |
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Accruals and deferred income |
34,514 |
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32,863 |
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222,707 |
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198,643 |
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* Refer to Note 9 Contingent Liabilities. |
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| 7 |
Events after the reporting date |
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Provisions totalling £71,638 was made to reflect demise in the value of investment made in a company which after the year end has gone under forced administration and the directors are not expecting to receive back any of the amount invested..
In addition, after the year end the directors have decided to close its Italian subsidiary which has never traded and therefore a provision of £16,375 has been made to reflect the loss so far. |
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| 8 |
Pension commitments |
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The Company operates a defined contribution scheme for its employees. The company made contributions during year of £61,651 (2022: £55,900) and the balance outstanding at the end of the year was £2,466 (2022: £8,578). |
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| 9 |
Other financial commitments |
2023 |
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2022 |
| £ |
£ |
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Total future minimum payments under non-cancellable operating leases |
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60,343 |
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60,343 |
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| 10 |
Contingent liabilities |
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Other creditors represent unidentified creditors £17,581 (2022: £17581) brought forward from earlier years.
The Directors have confirmed that there were no other contingent liabilities which should be disclosed at 31 March 2023. The company has given following security to the bank:
Debenture including fixed charge over all present freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertaking both present and future. |
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| 11 |
Related Party Transactions & Transactions with directors. |
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The company paid £12,000 (2022:£12,000) for marketing, to a business owned by partner of one of the director.
The company paid £74,370 (2022:£62,007) for software licencing of business portal services, to a business controlled by one of the director and the amount due at the year to this company was £17,626 (2022 £13,896) is shown under creditor. |
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Rent and services also includes £17,825 (2022:£17,577) paid to one of the director for renting offices from him.
In previous year, the company bought back 40 ordinary shares of £1each back from one of its shareholder at the market value of £44,000.
All the transactions were at arms length and market value. |
| 12 |
Going concern |
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The directors have also reviewed post balance sheet period of these financial statements and concluded the company is able to meet all its liabilities as they fall due. As a result it is appropriate to prepare accounts on a going concern basis. |
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| 13 |
Other information |
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Sharecare Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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3000a Parkway |
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Whiteley |
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Hampshire |
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PO15 7FX |
