33 false false false true false false false false false false true false false true false true true 2021-01-01 Sage Accounts Production Advanced 2020 - FRS102_2019 1,335,495 309,680 xbrli:pure xbrli:shares iso4217:GBP 09137893 2021-01-01 2021-12-31 09137893 2021-12-31 09137893 2020-12-31 09137893 2020-01-01 2020-12-31 09137893 2020-12-31 09137893 2019-12-31 09137893 core:FurnitureFittings 2021-01-01 2021-12-31 09137893 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 09137893 bus:Director4 2021-01-01 2021-12-31 09137893 bus:Director7 2021-01-01 2021-12-31 09137893 bus:Director2 2021-01-01 2021-12-31 09137893 bus:Director3 2021-01-01 2021-12-31 09137893 bus:Director5 2021-01-01 2021-12-31 09137893 bus:Director6 2021-01-01 2021-12-31 09137893 core:WithinOneYear 2021-12-31 09137893 core:WithinOneYear 2020-12-31 09137893 core:FurnitureFittings 2020-12-31 09137893 core:FurnitureFittings 2021-12-31 09137893 core:AfterOneYear 2021-12-31 09137893 core:AfterOneYear 2020-12-31 09137893 core:ShareCapital 2020-01-01 2020-12-31 09137893 core:CapitalRedemptionReserve 2020-01-01 2020-12-31 09137893 core:RetainedEarningsAccumulatedLosses 2020-01-01 2020-12-31 09137893 core:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 09137893 core:UKTax 2021-01-01 2021-12-31 09137893 core:UKTax 2020-01-01 2020-12-31 09137893 bus:AllOrdinaryShares 2021-01-01 2021-12-31 09137893 bus:AllOrdinaryShares 2020-01-01 2020-12-31 09137893 core:ShareCapital 2021-12-31 09137893 core:ShareCapital 2020-12-31 09137893 core:CapitalRedemptionReserve 2021-12-31 09137893 core:CapitalRedemptionReserve 2020-12-31 09137893 core:RetainedEarningsAccumulatedLosses 2021-12-31 09137893 core:RetainedEarningsAccumulatedLosses 2020-12-31 09137893 core:ShareCapital 2019-12-31 09137893 core:RetainedEarningsAccumulatedLosses 2019-12-31 09137893 core:RestatedAmount 2019-12-31 09137893 core:RestatedAmount 2020-12-31 09137893 core:BetweenOneFiveYears 2021-12-31 09137893 core:BetweenOneFiveYears 2020-12-31 09137893 core:FurnitureFittings 2020-12-31 09137893 bus:Director3 2020-12-31 09137893 bus:Director3 2021-12-31 09137893 bus:Director4 2020-12-31 09137893 bus:Director4 2021-12-31 09137893 bus:Director5 2020-12-31 09137893 bus:Director5 2021-12-31 09137893 bus:Director7 2020-12-31 09137893 bus:Director7 2021-12-31 09137893 bus:Director3 2020-12-31 09137893 bus:Director4 2019-12-31 09137893 bus:Director4 2020-12-31 09137893 bus:Director5 2019-12-31 09137893 bus:Director5 2020-12-31 09137893 bus:Director7 2019-12-31 09137893 bus:Director7 2020-12-31 09137893 bus:Director3 2020-01-01 2020-12-31 09137893 bus:Director4 2020-01-01 2020-12-31 09137893 bus:Director5 2020-01-01 2020-12-31 09137893 bus:Director7 2020-01-01 2020-12-31 09137893 bus:HighestPaidDirector 2021-01-01 2021-12-31 09137893 bus:HighestPaidDirector 2020-01-01 2020-12-31 09137893 bus:SmallEntities 2021-01-01 2021-12-31 09137893 bus:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 09137893 bus:FullAccounts 2021-01-01 2021-12-31 09137893 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 09137893 bus:OrdinaryShareClass1 2021-12-31 09137893 bus:OrdinaryShareClass1 2020-12-31
COMPANY REGISTRATION NUMBER: 09137893
Saragossa Limited
Unaudited Financial Statements
31 December 2021
Saragossa Limited
Financial Statements
Year ended 31 December 2021
Contents
Page
Strategic report
1
Directors' report
2
Statement of comprehensive income
4
Statement of financial position
5
Statement of changes in equity
7
Notes to the financial statements
8
Saragossa Limited
Strategic Report
Year ended 31 December 2021
This report was approved by the board of directors on 12 August 2022 and signed on behalf of the board by:
Mr R Gaston
Mr J Lloyd
Director
Director
Saragossa Limited
Directors' Report
Year ended 31 December 2021
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2021 .
Principal activities
The principal activity of the company during the year was recruitment consultancy.
Incorporation
The company was incorporated and commenced trading on 17 July 2014.
Directors
The directors who served the company during the year were as follows:
Mr B Curnock
Mr G Drever
Mr R Gaston
Mr D Harte
Mr B Johnston
Mr J Lloyd
Dividends
Particulars of recommended dividends are detailed in note 10 to the financial statements.
This report was approved by the board of directors on 12 August 2022 and signed on behalf of the board by:
Mr R Gaston
Mr J Lloyd
Director
Director
Saragossa Limited
Statement of Comprehensive Income
Year ended 31 December 2021
2021
2020
Note
£
£
Turnover
4
14,217,586
9,018,629
Cost of sales
8,979,363
6,312,289
-------------
------------
Gross profit
5,238,223
2,706,340
Administrative expenses
3,545,072
2,290,860
------------
------------
Operating profit
5
1,693,151
415,480
Interest payable and similar expenses
8
35,253
20,317
------------
------------
Profit before taxation
1,657,898
395,163
Tax on profit
9
322,403
85,483
------------
---------
Profit for the financial year and total comprehensive income
1,335,495
309,680
------------
---------
All the activities of the company are from continuing operations.
Saragossa Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
11
42,031
37,660
Current assets
Debtors
12
1,764,163
946,948
Cash at bank and in hand
2,194,410
921,809
------------
------------
3,958,573
1,868,757
Creditors: amounts falling due within one year
13
2,086,013
1,019,577
------------
------------
Net current assets
1,872,560
849,180
------------
---------
Total assets less current liabilities
1,914,591
886,840
Creditors: amounts falling due after more than one year
14
251,852
325,926
------------
---------
Net assets
1,662,739
560,914
------------
---------
Capital and reserves
Called up share capital
16
1,230
1,230
Capital redemption reserve
17
69
69
Profit and loss account
17
1,661,440
559,615
------------
---------
Shareholders funds
1,662,739
560,914
------------
---------
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Saragossa Limited
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 12 August 2022 , and are signed on behalf of the board by:
Mr R Gaston
Mr J Lloyd
Director
Director
Company registration number: 09137893
Saragossa Limited
Statement of Changes in Equity
Year ended 31 December 2021
Called up share capital
Capital redemption reserve
Profit and loss account
Total
£
£
£
£
At 1 January 2020
931
1,240,558
1,241,489
Profit for the year
309,680
309,680
----
----
------------
------------
Total comprehensive income for the year
309,680
309,680
Issue of shares
368
368
Dividends paid and payable
10
( 900,000)
( 900,000)
Redemption of shares
( 69)
69
( 90,623)
( 90,623)
----
----
------------
------------
Total investments by and distributions to owners
299
69
( 990,623)
( 990,255)
At 31 December 2020
1,230
69
559,615
560,914
Profit for the year
1,335,495
1,335,495
-------
----
------------
------------
Total comprehensive income for the year
1,335,495
1,335,495
Dividends paid and payable
10
( 233,670)
( 233,670)
----
----
---------
---------
Total investments by and distributions to owners
( 233,670)
( 233,670)
-------
----
------------
------------
At 31 December 2021
1,230
69
1,661,440
1,662,739
-------
----
------------
------------
Saragossa Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bridge House, 48-52 Baldwin Street, Bristol, BS1 1QB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with 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.
Sales ledger finance facility
The company holds an agreement with its bankers which enables it to be advanced funds based upon its sales ledger. As effectively all significant benefits and risks relating to the sales ledger balances remain with the company, a separate presentation has been adopted. Sales ledger balances are shown within debtors and amounts advanced are shown within creditors amounts falling due within one year. The interest element of the bank's charges are recognised as they accrue and are disclosed within interest payable.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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 & Fittings
-
33% straight line
Equipment
-
33 % straight line
4. Turnover
Turnover arises from:
2021
2020
£
£
Rendering of services
14,217,586
9,018,629
-------------
------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2021
2020
£
£
Depreciation of tangible assets
31,161
32,509
Impairment of trade debtors
4,000
Foreign exchange differences
( 10,717)
34,452
--------
--------
6. Staff costs
The average number of persons employed by the company during the year amounted to 33 (2020: 29 ).
The aggregate payroll costs incurred during the year, relating to the above, were:
2021
2020
£
£
Wages and salaries
2,246,508
1,386,806
Social security costs
265,910
156,332
Other pension costs
42,233
32,182
------------
------------
2,554,651
1,575,320
------------
------------
7. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2021
2020
£
£
Remuneration
485,302
324,662
---------
---------
Remuneration of the highest paid director in respect of qualifying services:
2021
2020
£
£
Aggregate remuneration
299,087
214,292
---------
---------
8. Interest payable and similar expenses
2021
2020
£
£
Interest on debenture loans
8,940
Interest on banks loans and overdrafts
6,996
6,996
Other interest payable and similar charges
19,317
13,321
--------
--------
35,253
20,317
--------
--------
9. Tax on profit
Major components of tax expense
2021
2020
£
£
Current tax:
UK current tax expense
322,403
85,483
---------
--------
Tax on profit
322,403
85,483
---------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2020: higher than) the standard rate of corporation tax in the UK of 19 % (2020: 19 %).
2021
2020
£
£
Profit on ordinary activities before taxation
1,657,898
395,163
------------
---------
Profit on ordinary activities by rate of tax
330,311
75,081
Effect of expenses not deductible for tax purposes
14,967
13,357
Effect of capital allowances and depreciation
( 7,565)
( 2,955)
------------
---------
Tax on profit
337,713
85,483
------------
---------
10. Dividends
2021
2020
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
233,670
900,000
---------
---------
11. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2021
70,537
65,480
136,017
Additions
3,336
32,196
35,532
--------
--------
---------
At 31 December 2021
73,873
97,676
171,549
--------
--------
---------
Depreciation
At 1 January 2021
56,022
42,335
98,357
Charge for the year
12,609
18,552
31,161
--------
--------
---------
At 31 December 2021
68,631
60,887
129,518
--------
--------
---------
Carrying amount
At 31 December 2021
5,242
36,789
42,031
--------
--------
---------
At 31 December 2020
14,515
23,145
37,660
--------
--------
---------
12. Debtors
2021
2020
£
£
Trade debtors
1,482,366
656,175
Prepayments and accrued income
274,154
165,913
Directors loan account
91,178
Other debtors
7,643
33,682
------------
---------
1,764,163
946,948
------------
---------
13. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
522,975
327,674
Trade creditors
148,782
51,133
Accruals and deferred income
557,829
191,143
Corporation tax
322,387
85,496
Social security and other taxes
354,200
326,804
Director loan accounts
5,935
Pension Control
10,822
6,264
Other creditors
163,083
31,063
------------
------------
2,086,013
1,019,577
------------
------------
The bank loans and overdrafts are secured by a debenture over the assets of the company.
14. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
251,852
325,926
---------
---------
The bank loans and overdrafts are secured by a debenture over the assets of the company.
15. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 42,233 (2020: £ 32,182 ).
16. Called up share capital
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary shares of £ 1 each
1,230
1,230
1,230
1,230
-------
-------
-------
-------
17. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
18. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2021
2020
£
£
Not later than 1 year
140,886
140,886
Later than 1 year and not later than 5 years
42,504
183,390
---------
---------
183,390
324,276
---------
---------
19. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr G Drever
24,955
624
25,579
Mr R Gaston
63,545
1,276
( 50,000)
14,821
Mr D Harte
51,997
987
( 50,000)
2,984
Mr J Lloyd
( 49,319)
( 49,319)
--------
-------
---------
--------
91,178
2,887
( 100,000)
( 5,935)
--------
-------
---------
--------
2020
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr G Drever
24,955
24,955
Mr R Gaston
56,948
214,097
( 207,500)
63,545
Mr D Harte
50,729
101,268
( 100,000)
51,997
Mr J Lloyd
87,865
88,986
( 226,170)
( 49,319)
---------
---------
---------
--------
195,542
429,306
( 533,670)
91,178
---------
---------
---------
--------
20. Related party transactions
The directors and their close families received £233,670 dividends during the year. The company had loans with directors as stated in Note 19 and the sum £5,935 was due to the directors at the year end. The loans are unsecured and repayable on demand. Interest was charged to the directors on debit balances, at a commercial rate.