Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-03-03false1The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrue 13952635 2022-03-02 13952635 2022-03-03 2023-03-31 13952635 2021-03-03 2022-03-02 13952635 2023-03-31 13952635 c:Director1 2022-03-03 2023-03-31 13952635 d:ComputerEquipment 2022-03-03 2023-03-31 13952635 d:ComputerEquipment 2023-03-31 13952635 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-03-03 2023-03-31 13952635 d:CurrentFinancialInstruments 2023-03-31 13952635 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 13952635 d:ShareCapital 2023-03-31 13952635 d:RetainedEarningsAccumulatedLosses 2023-03-31 13952635 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 13952635 c:FRS102 2022-03-03 2023-03-31 13952635 c:AuditExemptWithAccountantsReport 2022-03-03 2023-03-31 13952635 c:FullAccounts 2022-03-03 2023-03-31 13952635 c:PrivateLimitedCompanyLtd 2022-03-03 2023-03-31 13952635 e:PoundSterling 2022-03-03 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 13952635










SEPAAS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE 13 MONTHS ENDED 31 MARCH 2023

 
SEPAAS LTD
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OFSEPAAS LTD
FOR THE 13 MONTHS ENDED 31 MARCH 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sepaas Ltd for the 13 months ended 31 March 2023 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given to us.
 

This report is made solely to the director of Sepaas Ltd in accordance with the terms of our agreement. Our work has been undertaken solely to prepare for your approval the financial statements of Sepaas Ltd and state those matters that we have agreed to state to her in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sepaas Ltd and its  director for our work or for this report.
 
 
It is your duty to ensure that Sepaas Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the Company's assets, liabilities, financial position and profit. You consider that Sepaas Ltd is exempt from the statutory audit requirement for the 13 months.
 
 
We have not been instructed to carry out an audit or review of the financial statements of Sepaas Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.





Shipleys Tax Planning

1 March 2024
Page 1

 
SEPAAS LTD
REGISTERED NUMBER: 13952635

BALANCE SHEET
AS AT 31 MARCH 2023

2023
Note
£

Fixed assets
  

Tangible assets
  
1,677

  
1,677

Current assets
  

Debtors: amounts falling due within one year
  
64,250

Cash at bank and in hand
  
12,479

  
76,729

Creditors: amounts falling due within one year
  
(21,852)

Net current assets
  
 
 
54,877

Total assets less current liabilities
  
56,554

  

Net assets
  
56,554


Capital and reserves
  

Called up share capital 
  
100

Profit and loss account
  
56,454

  
56,554


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the 13 months in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 March 2024.




Ayeh Mahdmina
Director

Page 2

 
SEPAAS LTD
REGISTERED NUMBER: 13952635

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
SEPAAS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 13 MONTHS ENDED 31 MARCH 2023

1.


General information

Sepaas Ltd is a company domiciled in England & Wales, registration number 13952635. The registered office is Wharf House, Victoria Quays, Wharf Street, Sheffield, S2 5SY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
SEPAAS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 13 MONTHS ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial
Page 5

 
SEPAAS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 13 MONTHS ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 
SEPAAS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 13 MONTHS ENDED 31 MARCH 2023

3.


Employees




The average monthly number of employees, including directors, during the 13 months was 1.


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


Additions
2,516



At 31 March 2023

2,516



Depreciation


Charge for the 13 months on owned assets
839



At 31 March 2023

839



Net book value



At 31 March 2023
1,677


5.


Debtors

2023
£


Other debtors
64,250

64,250



6.


Cash and cash equivalents

2023
£

Cash at bank and in hand
12,479

12,479


Page 7

 
SEPAAS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 13 MONTHS ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
£

Corporation tax
13,311

Other creditors
7,401

Accruals and deferred income
1,140

21,852



8.


Financial instruments

2023
£

Financial assets


Financial assets measured at fair value through profit or loss
12,479




Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


9.


Related party transactions

During the period the company loaned £64,250 to Sepaas Living Ltd (a company which the director has 65% shareholding of). At the balance sheet date other debtors included £64,250 as amounts owed to the company by Sepaas Living Ltd.


10.


Controlling party

The company is controlled by the director Ayeh Mahdmina.


Page 8