Sagittite Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19 Highfield Road, Edgbaston, Birmingham, B15 3BH.
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 company's financial statements have been prepared on a going concern basis, the validity of which is dependent upon the continued support of the company's parent undertaking, Alycidon Capital Limited, to ensure adequate facilities are available for the company to discharge its liabilities as they fall due.
As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue indefinitely although, at the date of approval of these financial statements, the directors are in receipt of a letter from the company's parent undertaking indicating that support will be available for the foreseeable future.
Based on this undertaking, the directors believe that it remains appropriate to prepare the company's financial statements on a going concern basis. The financial statements do not include any adjustments which would result from the basis of preparation being inappropriate.
The company has recorded a loss after taxation of £53,230 (2022: £51,992) for the year ended 31 December 2023 and at the balance sheet date the company continued to have net liabilities totalling £346,101 (2022: £292,871). The amount due to the company's parent company as at the balance sheet date was £657,766 (2022: £637,745) and the parent company has indicated that the amount due to it will be deferred.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The average monthly number of persons (including directors) employed by the company during the year was:
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The company has taken advantage of exemption of Section 33 of FRS 102 Related Party Disclosures, not to disclose related party transactions with wholly owned subsidiaries within the group.
The parent company and ultimate controlling party is Alycidon Capital Limited, registered office, 19 Highfield Road, Edgbaston, Birmingham, B15 3BH.
The company's financial statements have been prepared on a going concern basis, the validity of which is dependent upon the continued support of the company's parent undertaking, Alycidon Capital Limited, to ensure adequate facilities are available for the company to discharge its liabilities as they fall due.
As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue indefinitely although, at the date of approval of these financial statements, the directors are in receipt of a letter from the company's parent undertaking indicating that support will be available for the foreseeable future.
Based on this undertaking, the directors believe that it remains appropriate to prepare the company's financial statements on a going concern basis. The financial statements do not include any adjustments which would result from the basis of preparation being inappropriate.
The company has recorded a loss after taxation of £53,230 (2022: £51,992) for the year ended 31 December 2023 and at the balance sheet date the company continued to have net liabilities totalling £346,101 (2022: £292,871). The amount due to the company's parent company as at the balance sheet date was £657,766 (2022: £637,745) and the parent company has indicated that the amount due to it will be deferred.