Company registration number 11062398 (England and Wales)
SAYKIN HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SAYKIN HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SAYKIN HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
31 March 2023
30 November 2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,143
1,739
Investment property
4
-
0
98,777
1,143
100,516
Current assets
Debtors
5
10,882
7,200
Cash at bank and in hand
413
4,833
11,295
12,033
Creditors: amounts falling due within one year
6
(13,320)
(111,242)
Net current liabilities
(2,025)
(99,209)
Total assets less current liabilities
(882)
1,307
Provisions for liabilities
113
(330)
Net (liabilities)/assets
(769)
977
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(869)
877
Total equity
(769)
977

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

SAYKIN HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 October 2023 and are signed on its behalf by:
Mr E J Jenkins
Director
Company registration number 11062398 (England and Wales)
SAYKIN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Saykin Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 3, Raglan House, Llantarnum Business Park, Cwmbran, Torfaen, NP44 3AB.

1.1
Reporting period

The current reporting period has been extended for commercial reasons and covers a period of 16 months.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
20% Straight line
1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

SAYKIN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

SAYKIN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2021
Number
Number
Total
2
2
3
Tangible fixed assets
Computers
£
Cost
At 1 December 2021 and 31 March 2023
2,236
Depreciation and impairment
At 1 December 2021
497
Depreciation charged in the period
596
At 31 March 2023
1,093
Carrying amount
At 31 March 2023
1,143
At 30 November 2021
1,739
4
Investment property
2023
£
Fair value
At 1 December 2021
98,777
Disposals
(98,777)
At 31 March 2023
-
0
5
Debtors
2023
2021
Amounts falling due within one year:
£
£
Trade debtors
-
0
7,200
Amounts owed by group undertakings
10,882
-
0
10,882
7,200
SAYKIN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2021
£
£
Trade creditors
3,245
3,245
Corporation tax
7,675
7,609
Other taxation and social security
-
0
1,514
Other creditors
2,400
98,874
13,320
111,242
7
Called up share capital
2023
2021
2023
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Directors' transactions

Dividends totalling £33,796 (2021 - £35,669) were paid in the period in respect of shares held by the company's directors.

The directors operate current loan accounts with the company, which are debited with payments made by the company on behalf of the directors and credited with funds introduced and undrawn director's fees. At the period end, the amount outstanding to the directors was £1,080 (2021 - £5,003); this amount being included in creditors: amounts falling due within one year.

9
Related party transactions

During the period, the company loaned money to Expanding Horizons Limited. At the period end the amount due from Expanding Horizons Limited was £10,882 (2021 - (£92,000); this amount is included in debtors: amounts falling due within one year.

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