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Filleted
Registration number: 08130612

Sauro Architectural Design Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Sauro Architectural Design Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Sauro Architectural Design Limited

Company Information

Directors

Mr P A Sauro

Mr M A Sauro

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

Accountants

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

 

Sauro Architectural Design Limited

(Registration number: 08130612)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

286,447

289,853

Current assets

 

Stocks

5

35,704

38,950

Debtors

6

663,559

269,098

Cash at bank and in hand

 

15,446

6,334

 

714,709

314,382

Creditors: Amounts falling due within one year

7

(146,878)

(107,022)

Net current assets

 

567,831

207,360

Total assets less current liabilities

 

854,278

497,213

Creditors: Amounts falling due after more than one year

7

(441,783)

(184,076)

Net assets

 

412,495

313,137

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

412,493

313,135

Shareholders' funds

 

412,495

313,137

For the financial year 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 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.

Approved and authorised by the Board on 1 December 2023 and signed on its behalf by:
 

Mr P A Sauro
Director

Mr M A Sauro
Director

 
     
 

Sauro Architectural Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

The principal place of business is:
9 Elliston Terrace
Carmarthen
SA31 1HA

These financial statements were authorised for issue by the Board on 1 December 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.

 

Sauro Architectural Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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

Office Equipment

25% Reducing balance

Fixtures & Fittings

25% Reducing balance

Freehold buildings

2% 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.

 

Sauro Architectural Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 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 Architectural Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 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 year, was 6 (2022 - 2).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

283,658

10,845

38,903

20,244

353,650

Additions

-

-

6,820

5,500

12,320

At 31 March 2023

283,658

10,845

45,723

25,744

365,970

Depreciation

At 1 April 2022

28,366

7,140

19,411

8,880

63,797

Charge for the year

5,673

927

5,789

3,337

15,726

At 31 March 2023

34,039

8,067

25,200

12,217

79,523

Carrying amount

At 31 March 2023

249,619

2,778

20,523

13,527

286,447

At 31 March 2022

255,292

3,705

19,492

11,364

289,853

Included within the net book value of land and buildings above is £249,619 (2022 - £255,292) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Work in progress

35,704

38,950

 

Sauro Architectural Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

42,632

47,576

Amounts owed by related parties

10

609,826

212,370

Prepayments

 

1,906

2,769

Other debtors

 

9,195

6,383

   

663,559

269,098

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

40,359

29,372

Trade creditors

 

17,051

1,795

Taxation and social security

 

34,036

29,008

Other related parties

 

883

12,996

Outstanding defined contribution pension costs

 

405

305

Other creditors

 

3,067

1,799

Corporation tax liability

 

51,077

31,747

 

146,878

107,022

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

441,783

184,076

 

Sauro Architectural Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A Share of £1 each

1

1

1

1

Ordinary B Share of £1 each

1

1

1

1

 

2

2

2

2

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

441,783

181,842

Hire purchase contracts

-

2,234

441,783

184,076

2023
£

2022
£

Current loans and borrowings

Bank borrowings

35,569

26,852

Bank overdrafts

2,556

-

Hire purchase contracts

2,234

2,520

40,359

29,372

 

Sauro Architectural Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

10

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Mr P A Sauro

Interest free loan repayable on demand

6,383

2,812

9,195

       
     

Mr M A Sauro

Interest free loan repayable on demand

(12,995)

12,114

(881)

       
     

 

2022

At 1 April 2021
£

Other payments made to company by director
£

At 31 March 2022
£

Mr P A Sauro

Interest free loan repayable on demand

15,716

(9,333)

6,383

       
     

Mr M A Sauro

Interest free loan repayable on demand

(13,148)

153

(12,995)

       
     

 

Sauro Architectural Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

Loans to related parties

 

Other related parties

2023
£

2022
£

At start of period

212,369

79,208

Advanced

397,455

133,161

At end of period

609,824

212,369

Terms of loans to related parties

Loans owed by other related parties are interest free with no fixed repayments and are repayable on demand.

Loans from related parties

 

Other related parties

2022
£

At start of period

13,339

Repaid

(13,339)

At end of period

-

Terms of loans from related parties

Loans owed to other related parties are interest free with no fixed repayments and are repayable on demand.