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Registration number: 11633078

SAAS Technologies Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2022

 

SAAS Technologies Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

SAAS Technologies Ltd

Company Information

Directors

Mr AJ Reed

Ms AM Darnell

Registered office

Premier House
Premier Way
Poulton Business Park
Poulton-Le-Fylde
Lancashire
FY6 8JP

Accountants

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

SAAS Technologies Ltd

(Registration number: 11633078)
Balance Sheet as at 30 September 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

1,314

-

Current assets

 

Stocks

34,654

31,010

Debtors

5

580,118

143,075

Cash at bank and in hand

 

77,150

200,406

 

691,922

374,491

Creditors: Amounts falling due within one year

6

(120,692)

(115,522)

Net current assets

 

571,230

258,969

Total assets less current liabilities

 

572,544

258,969

Creditors: Amounts falling due after more than one year

6

(73,841)

(41,667)

Provisions for liabilities

(250)

-

Net assets

 

498,453

217,302

Capital and reserves

 

Called up share capital

7

150

150

Retained earnings

498,303

217,152

Shareholders' funds

 

498,453

217,302

For the financial year ending 30 September 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 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

SAAS Technologies Ltd

(Registration number: 11633078)
Balance Sheet as at 30 September 2022

Approved and authorised by the Board on 25 October 2023 and signed on its behalf by:
 

.........................................
Ms AM Darnell
Director

 

SAAS Technologies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Premier House
Premier Way
Poulton Business Park
Poulton-Le-Fylde
Lancashire
FY6 8JP
United Kingdom

These financial statements were authorised for issue by the Board on 25 October 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

 

SAAS Technologies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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

Tax

The tax expense for the period comprises deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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:

 

SAAS Technologies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

Asset class

Depreciation method and rate

Plant & Machinery

25% Straight Line

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

SAAS Technologies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2021 - 3).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

1,433

1,433

At 30 September 2022

1,433

1,433

Depreciation

Charge for the year

119

119

At 30 September 2022

119

119

Carrying amount

At 30 September 2022

1,314

1,314

5

Debtors

Current

Note

2022
£

2021
£

Trade debtors

 

162,891

40,065

Amounts owed by related parties

358,058

51,844

Prepayments

 

-

587

Other debtors

 

59,169

50,579

   

580,118

143,075

 

SAAS Technologies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

15,550

8,333

Trade creditors

 

60,602

21,367

Amounts owed to group undertakings and undertakings in which the company has a participating interest

-

36,330

Taxation and social security

 

26,210

37,040

Accruals and deferred income

 

2,000

12,452

Other creditors

 

16,330

-

 

120,692

115,522

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

53,336

41,667

Other non-current financial liabilities

 

20,505

-

 

73,841

41,667

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

150

150

150

150

         
 

SAAS Technologies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

41,529

41,667

Other borrowings

11,807

-

53,336

41,667

2022
£

2021
£

Current loans and borrowings

Bank borrowings

7,216

8,333

Other borrowings

8,334

-

15,550

8,333