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COMPANY REGISTRATION NUMBER: 05450513
SARIK Limited
Filleted Unaudited Financial Statements
31 May 2023
SARIK Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
3,004
4,310
Investments
6
2,629,417
1,433,680
------------
------------
2,632,421
1,437,990
Current assets
Debtors
7
213,044
87,590
Cash at bank and in hand
341,244
1,313,421
---------
------------
554,288
1,401,011
Creditors: amounts falling due within one year
8
140,571
111,586
---------
------------
Net current assets
413,717
1,289,425
------------
------------
Total assets less current liabilities
3,046,138
2,727,415
Creditors: amounts falling due after more than one year
9
684,069
687,121
Provisions
Taxation including deferred tax
3,515
------------
------------
Net assets
2,358,554
2,040,294
------------
------------
Capital and reserves
Called up share capital
18,178
18,178
Fair value reserve
9,339
( 15,803)
Profit and loss account
2,331,037
2,037,919
------------
------------
Shareholders funds
2,358,554
2,040,294
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 May 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 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 .
SARIK Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 23 January 2024 , and are signed on behalf of the board by:
Dr R Trivedi
Director
Company registration number: 05450513
SARIK Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Stables, Teversham Hall, 2 Church Road, Cambridge, CB1 9AZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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:
Plant & machinery
-
20% straight line
Fixtures & fittings
-
20% straight line
Equipment
-
20% straight line
Investments
Investments are initially recorded at cost, and subsequently stated at their fair value at the balance sheet date. Gains and losses are recognised in the Statement of Comprehensive Income.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Revenue
The turnover shown in the profit and loss account represents amounts invoiced during the year.
Turnover is derived from the following sources:
£
Medicolegal income 188,777
Unindemnified income 147,163
Indemnified income 194,880
Rental income 25,504
Non-medical Consultancy 11,945
5. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 June 2022 and 31 May 2023
4,170
2,945
9,113
16,228
-------
-------
-------
--------
Depreciation
At 1 June 2022
4,170
2,945
4,803
11,918
Charge for the year
1,306
1,306
-------
-------
-------
--------
At 31 May 2023
4,170
2,945
6,109
13,224
-------
-------
-------
--------
Carrying amount
At 31 May 2023
3,004
3,004
-------
-------
-------
--------
At 31 May 2022
4,310
4,310
-------
-------
-------
--------
6. Investments
Property investments
Listed investments
Total
£
£
£
Cost
At 1 June 2022
1,025,000
408,680
1,433,680
Additions
817,483
350,000
1,167,483
Revaluations
28,254
28,254
------------
---------
------------
At 31 May 2023
1,842,483
786,934
2,629,417
------------
---------
------------
Impairment
At 1 June 2022 and 31 May 2023
------------
---------
------------
Carrying amount
At 31 May 2023
1,842,483
786,934
2,629,417
------------
---------
------------
At 31 May 2022
1,025,000
408,680
1,433,680
------------
---------
------------
Investment property was valued on an open market basis on 31 May 2023 by the directors.
The value of listed investments at the balance sheet date was £786,934 (2022: £408,680), with details as follows:
Cost
Valuation
£
£
Meteor FTSE Annual Kickout Plan
61,110
69,971
Meteor FTSE Defensive Kickout Plan
240,870
240,870
Meteor FTSE Autocall Plan
106,700
126,093
Meteor MBSI UK Step Down Kickout Plan
350,000
350,000
---------
Total
786,934
---------
There were no disposals during the current year and as such no gain or loss on disposal of investments is included for the year to 31st May 2023.
7. Debtors
2023
2022
£
£
Trade debtors
151,078
72,631
Other debtors
61,966
14,959
---------
--------
213,044
87,590
---------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,965
2,965
Trade creditors
185
Corporation tax
73,750
60,734
Social security and other taxes
5,382
6,144
Other creditors
58,474
41,558
---------
---------
140,571
111,586
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,718
5,683
Other creditors
681,351
681,438
---------
---------
684,069
687,121
---------
---------
Other creditors consists of mortgages secured over the properties to which they relate.
10. Related party transactions
The company was under the control of Dr R Trivedi and Dr S Trivedi, directors and shareholders throughout the current and previous year.