Sauro Homes Limited 04424390 false 2022-01-01 2023-03-31 2023-03-31 The principal activity of the company is property construction Digita Accounts Production Advanced 6.30.9574.0 true true 04424390 2022-01-01 2023-03-31 04424390 2023-03-31 04424390 bus:OrdinaryShareClass1 2023-03-31 04424390 bus:OrdinaryShareClass2 2023-03-31 04424390 bus:OrdinaryShareClass3 2023-03-31 04424390 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 04424390 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 04424390 core:CurrentFinancialInstruments 2023-03-31 04424390 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04424390 core:Non-currentFinancialInstruments 2023-03-31 04424390 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 04424390 core:MotorVehicles 2023-03-31 04424390 core:OfficeEquipment 2023-03-31 04424390 core:PlantMachinery 2023-03-31 04424390 1 2023-03-31 04424390 2 2023-03-31 04424390 3 2023-03-31 04424390 bus:SmallEntities 2022-01-01 2023-03-31 04424390 bus:AuditExemptWithAccountantsReport 2022-01-01 2023-03-31 04424390 bus:FullAccounts 2022-01-01 2023-03-31 04424390 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2023-03-31 04424390 bus:RegisteredOffice 2022-01-01 2023-03-31 04424390 bus:CompanySecretary1 2022-01-01 2023-03-31 04424390 bus:Director1 2022-01-01 2023-03-31 04424390 bus:Director2 2022-01-01 2023-03-31 04424390 bus:Director3 2022-01-01 2023-03-31 04424390 bus:OrdinaryShareClass1 2022-01-01 2023-03-31 04424390 bus:OrdinaryShareClass2 2022-01-01 2023-03-31 04424390 bus:OrdinaryShareClass3 2022-01-01 2023-03-31 04424390 bus:PrivateLimitedCompanyLtd 2022-01-01 2023-03-31 04424390 core:MotorVehicles 2022-01-01 2023-03-31 04424390 core:OfficeEquipment 2022-01-01 2023-03-31 04424390 core:PlantMachinery 2022-01-01 2023-03-31 04424390 core:Vehicles 2022-01-01 2023-03-31 04424390 countries:AllCountries 2022-01-01 2023-03-31 04424390 1 2022-01-01 2023-03-31 04424390 2 2022-01-01 2023-03-31 04424390 3 2022-01-01 2023-03-31 04424390 2021-12-31 04424390 core:MotorVehicles 2021-12-31 04424390 core:OfficeEquipment 2021-12-31 04424390 core:PlantMachinery 2021-12-31 04424390 1 2021-12-31 04424390 2 2021-12-31 04424390 3 2021-12-31 04424390 2021-01-01 2021-12-31 04424390 2021-12-31 04424390 bus:OrdinaryShareClass1 2021-12-31 04424390 bus:OrdinaryShareClass2 2021-12-31 04424390 bus:OrdinaryShareClass3 2021-12-31 04424390 core:HirePurchaseContracts core:CurrentFinancialInstruments 2021-12-31 04424390 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2021-12-31 04424390 core:CurrentFinancialInstruments 2021-12-31 04424390 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 04424390 core:Non-currentFinancialInstruments 2021-12-31 04424390 core:Non-currentFinancialInstruments core:AfterOneYear 2021-12-31 04424390 core:MotorVehicles 2021-12-31 04424390 core:OfficeEquipment 2021-12-31 04424390 core:PlantMachinery 2021-12-31 04424390 1 2021-12-31 04424390 2 2021-12-31 04424390 3 2021-12-31 04424390 bus:OrdinaryShareClass2 2021-01-01 2021-12-31 04424390 bus:OrdinaryShareClass3 2021-01-01 2021-12-31 04424390 1 2021-01-01 2021-12-31 04424390 2 2021-01-01 2021-12-31 04424390 3 2021-01-01 2021-12-31 04424390 1 2020-12-31 04424390 2 2020-12-31 04424390 3 2020-12-31 iso4217:GBP xbrli:pure xbrli:shares

Filleted
Registration number: 04424390

Sauro Homes Limited

Unaudited Filleted Financial Statements

for the Period from 1 January 2022 to 31 March 2023

 

Sauro Homes Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Sauro Homes Limited

Company Information

Directors

Mr A Sauro

Mr M A Sauro

Mr P A Sauro

Company secretary

Mrs H C Sauro

Registered office

Ffynnon Fach
Bancffosfelen
Llanelli
SA15 5DW

Accountants

LHP Carmarthen
Chartered Certified Accountants
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

Sauro Homes Limited

(Registration number: 04424390)
Balance Sheet as at 31 March 2023

Note

2023
£

2021
£

Fixed assets

 

Tangible assets

5

72,585

87,025

Current assets

 

Stocks

6

904,061

505,275

Debtors

7

457,967

532,249

Cash at bank and in hand

 

2,171

13,373

 

1,364,199

1,050,897

Creditors: Amounts falling due within one year

8

(254,607)

(153,381)

Net current assets

 

1,109,592

897,516

Total assets less current liabilities

 

1,182,177

984,541

Creditors: Amounts falling due after more than one year

8

(733,414)

(568,452)

Net assets

 

448,763

416,089

Capital and reserves

 

Called up share capital

9

3

1

Retained earnings

448,760

416,088

Shareholders' funds

 

448,763

416,089

For the financial period ending 31 March 2023 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 period 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.

Approved and authorised by the Board on 29 November 2023 and signed on its behalf by:
 

Mr A Sauro
Director

   
     
 

Sauro Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Ffynnon Fach
Bancffosfelen
Llanelli
SA15 5DW

These financial statements were authorised for issue by the Board on 29 November 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.

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.

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.

 

Sauro Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 31 March 2023

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

Plant and machinery

20% Reducing balance

Motor vehicles

20% Reducing balance

Office Equipment

20% Reducing balance

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.

 

Sauro Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 31 March 2023

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

 

Sauro Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 31 March 2023

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 number of persons employed by the company (including directors) during the period, was 9 (2021 - 10).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2021
£

Depreciation expense

23,183

17,527

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2022

95,094

1,046

19,526

115,666

Additions

12,904

1,546

-

14,450

Disposals

(5,900)

-

(2,281)

(8,181)

At 31 March 2023

102,098

2,592

17,245

121,935

Depreciation

At 1 January 2022

24,086

645

3,910

28,641

Charge for the period

19,260

383

3,539

23,182

Eliminated on disposal

(1,652)

-

(821)

(2,473)

At 31 March 2023

41,694

1,028

6,628

49,350

Carrying amount

At 31 March 2023

60,404

1,564

10,617

72,585

At 31 December 2021

71,008

401

15,616

87,025

 

Sauro Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 31 March 2023

6

Stocks

2023
£

2021
£

Work in progress

904,061

505,275

7

Debtors

Current

2023
£

2021
£

Trade debtors

3,002

8,002

Prepayments

1,992

3,158

Other debtors

452,973

521,089

 

457,967

532,249

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2021
£

Due within one year

 

Bank loans and overdrafts

10

17,484

17,049

Trade creditors

 

61,566

56,672

Taxation and social security

 

9,628

6,002

Directors loan account

 

59,555

57,143

Outstanding defined contribution pension costs

 

134

-

Other creditors

 

66,796

14,145

Corporation tax liability

 

39,444

2,370

 

254,607

153,381

Creditors: amounts falling due after more than one year

Note

2023
£

2021
£

Due after one year

 

Loans and borrowings

10

733,414

568,452

 

Sauro Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 31 March 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2021

 

No.

£

No.

£

Ordinary Share of £1 each

1

1

1

1

A Ordinary Share of £1 (2021 - £0) each

1

1

-

-

B Ordinary Share of £1 (2021 - £0) each

1

1

-

-

 

3

3

1

1

10

Loans and borrowings

2023
£

2021
£

Non-current loans and borrowings

Bank borrowings

67,021

79,522

Hire purchase contracts

6,840

16,140

Other borrowings

659,553

472,790

733,414

568,452

2023
£

2021
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

7,484

7,049

17,484

17,049

 

Sauro Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 31 March 2023

11

Related party transactions

Transactions with directors

2023

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr A Sauro

(57,143)

27,588

-

(29,555)

Mr M Sauro

1,000

-

(31,000)

(30,000)

Mr P Sauro

1,000

-

(1,000)

-

 

(55,143)

27,588

(32,000)

(59,555)

       

 

2021

At 1 January 2021
£

Advances to director
£

At 31 December 2021
£

Mr A Sauro

(86,201)

29,058

(57,143)

Mr M Sauro

-

1,000

1,000

Mr P Sauro

-

1,000

1,000

 

(86,201)

31,058

(55,143)

     

 

All directors' loans are interest free with no fixed repayment date.