REGISTERED NUMBER: 10076269 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2024

for

Sharpstack Hosting Limited

Trading as

Prostack

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mr M D Cole

Mr J G Crutchfield

REGISTERED OFFICE:

Office 222

25 Town Square

Stevenage

SG1 1BP

REGISTERED NUMBER:

10076269 (England and Wales)

ACCOUNTANTS:

Stewarts Accountants Limited

271 High Street

Berkhamsted

Hertfordshire

HP4 1AA

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sharpstack Hosting Limited for the year ended 31 March 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Sharpstack Hosting Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sharpstack Hosting Limited and state those matters that we have agreed to state to the Board of Directors of Sharpstack Hosting Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sharpstack Hosting Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Sharpstack Hosting Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sharpstack Hosting Limited. You consider that Sharpstack Hosting Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Sharpstack Hosting Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Stewarts Accountants Limited

271 High Street

Berkhamsted

Hertfordshire

HP4 1AA

25 October 2024

FIXED ASSETS

Intangible assets

4

302,009

122,259

Tangible assets

5

234,418

173,534

536,427

295,793

CURRENT ASSETS

Debtors

6

84,111

66,216

Cash at bank

94,499

36,305

178,610

102,521

CREDITORS

Amounts falling due within one year

7

191,002

129,712

NET CURRENT LIABILITIES

(12,392

)

(27,191

)

TOTAL ASSETS LESS CURRENT LIABILITIES

524,035

268,602

CREDITORS

Amounts falling due after more than one year

8

(85,130

)

(52,942

)

PROVISIONS FOR LIABILITIES

(56,484

)

(43,383

)

NET ASSETS

382,421

172,277

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

382,419

172,275

SHAREHOLDERS' FUNDS

382,421

172,277

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2024 and were signed on its behalf by:

Mr M D Cole - Director

1.	STATUTORY INFORMATION

Sharpstack Hosting Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements for the year ended 31 March 2024 are the first financial statements of Sharpstack Hosting Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The reported financial position and financial performance for the previous period are unaffected by the transition to FRS 102 other than by the inclusion of Deferred tax and capitilisation of development cost amounting to £43,383 and £122,259 respectively as at 1 April 2022, the date of transition to FRS 102.

Turnover

Sales is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development

Expenditure on research and development is capitalised in the year in which it is incurred.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 April 2023

128,827

Additions

202,491

At 31 March 2024

331,318

AMORTISATION

At 1 April 2023

6,568

Amortisation for year

22,741

At 31 March 2024

29,309

NET BOOK VALUE

At 31 March 2024

302,009

At 31 March 2023

122,259

5.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2023

77,586

199,909

277,495

Additions

58,635

47,957

106,592

At 31 March 2024

136,221

247,866

384,087

DEPRECIATION

At 1 April 2023

9,504

94,457

103,961

Charge for year

12,183

33,525

45,708

At 31 March 2024

21,687

127,982

149,669

NET BOOK VALUE

At 31 March 2024

114,534

119,884

234,418

At 31 March 2023

68,082

105,452

173,534

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2023

77,586

Additions

58,635

At 31 March 2024

136,221

DEPRECIATION

At 1 April 2023

9,504

Charge for year

12,183

At 31 March 2024

21,687

NET BOOK VALUE

At 31 March 2024

114,534

At 31 March 2023

68,082

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.24

31.3.23

£

£

Trade debtors

79,936

55,613

Other debtors

4,175

4,175

Prepayments and accrued income

-

6,428

84,111

66,216

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.24

31.3.23

£

£

Hire purchase contracts

17,435

10,223

Trade creditors

8,136

13,548

Corporation tax

74,688

55,975

Social security and other taxes

369

7,491

Pensions creditor

193

316

VAT

23,319

21,274

Other creditors

52,706

15,965

Directors' current accounts

12,379

4,920

Accrued expenses

1,777

-

191,002

129,712

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.24

31.3.23

£

£

Hire purchase contracts

85,130

52,942

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.24

31.3.23

value:

£

£

2

Ordinary

£0.50

1

1

2

Ordinary A

£0.50

1

1

2

2

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24

31.3.23

£

£

Mr M D Cole

Balance outstanding at start of year

-

9,820

Amounts repaid

-

(9,820

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

Mr J G Crutchfield

Balance outstanding at start of year

-

6,285

Amounts repaid

-

(6,285

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-