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Registration number: 08471990

Sagax Consulting Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Sagax Consulting Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Sagax Consulting Limited

Company Information

Directors

Mr P R Challa

Mrs G P Challa

Registered office

19 Visage Apartments
Winchester Road
London
NW3 3NW

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Sagax Consulting Limited

(Registration number: 08471990)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

1,348

1,657

Current assets

 

Debtors

5

65,343

23,442

Investments

6

67,188

67,288

Other investments

7

377,337

331,498

Cash at bank and in hand

 

64,107

217,197

 

573,975

639,425

Creditors: Amounts falling due within one year

8

(56,586)

(81,703)

Net current assets

 

517,389

557,722

Net assets

 

518,737

559,379

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

518,637

559,279

Total equity

 

518,737

559,379

For the financial year ending 31 March 2022 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and delivered 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 Board on 9 September 2022 and signed on its behalf by:
 

.........................................
Mr P R Challa
Director

 

Sagax Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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:
19 Visage Apartments
Winchester Road
London
NW3 3NW
United Kingdom

These financial statements were authorised for issue by the Board on 9 September 2022.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Sagax Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% p.a. Reducing balance basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Sagax Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average monthly number of persons employed by the company (including directors) during the year, was 2 (2021: 2).

 

Sagax Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 April 2021

6,120

6,120

Additions

1,250

1,250

Disposals

(2,735)

(2,735)

At 31 March 2022

4,635

4,635

Depreciation

At 1 April 2021

4,103

4,103

Charge for the year

1,361

1,361

Eliminated on disposal

(2,177)

(2,177)

At 31 March 2022

3,287

3,287

Carrying amount

At 31 March 2022

1,348

1,348

At 31 March 2021

1,657

1,657

5

Debtors

2022
£

2021
£

Trade debtors

27,912

7,755

Other debtors

37,431

15,687

65,343

23,442

6

Current asset investments

2022
£

2021
£

Other investments - unlisted

67,188

67,288

 

Sagax Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

7

Other investments - listed

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

At 1 April 2021

331,498

331,498

Fair value adjustments

(5,335)

(5,335)

Additions

373,003

373,003

Disposals

(321,829)

(321,829)

At 31 March 2022

377,337

377,337

Carrying amount

At 31 March 2022

377,337

377,337

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Trade creditors

 

1,029

660

Taxation and social security

 

13,875

14,369

Other creditors

 

6,323

4,429

Corporation tax payable

 

35,326

62,042

Directors current account

 

33

203

 

56,586

81,703

 

Sagax Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Dividends

   

2022

 

2021

   

£

 

£

Interim dividend of £1,850 (2021 - £2,450) per ordinary share

 

185,000

 

245,000