Company Registration No. 13008158 (England and Wales)
SANO DEVELOPMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
SANO DEVELOPMENT LIMITED
COMPANY INFORMATION
Directors
Mr D T Newns
Mr C J Lord
Mr J McAvoy
(Appointed 19 January 2022)
Company number
13008158
Registered office
Camelia House
76 Water Lane
Wilmslow
SK9 5BB
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
SANO DEVELOPMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SANO DEVELOPMENT LIMITED
BALANCE SHEET
- 1 -
31 May 2023
30 November 2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
113,573
24,050
Tangible assets
4
33,504
6,992
147,077
31,042
Current assets
Debtors
5
125,558
46,149
Cash at bank and in hand
33,497
159,055
46,149
Creditors: amounts falling due within one year
6
(1,493,424)
(239,576)
Net current liabilities
(1,334,369)
(193,427)
Net liabilities
(1,187,292)
(162,385)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(1,187,392)
(162,485)
Total equity
(1,187,292)
(162,385)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 February 2024 and are signed on its behalf by:
Mr J McAvoy
Director
Company registration number 13008158 (England and Wales)
SANO DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information
Sano Development Limited is a private company limited by shares incorporated in England and Wales. The registered office is Camelia House, 76 Water Lane, Wilmslow, SK9 5BB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
During the period the company met its day to day working capital requirements by way of the financial support truefrom its holding company and companies controlled by one of the directors. The directors have agreed to continue to support the company.
On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of this support.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & Trademarks
20% straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
Computers
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
SANO DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons employed by the company during the period was:
2023
2021
Number
Number
Total
7
4
SANO DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
- 4 -
3
Intangible fixed assets
Patents & Trademarks
£
Cost
At 1 December 2021
27,186
Additions
136,733
At 31 May 2023
163,919
Amortisation and impairment
At 1 December 2021
3,136
Amortisation charged for the period
47,210
At 31 May 2023
50,346
Carrying amount
At 31 May 2023
113,573
At 30 November 2021
24,050
4
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 December 2021
9,328
9,328
Additions
17,032
17,738
34,770
At 31 May 2023
17,032
27,066
44,098
Depreciation and impairment
At 1 December 2021
2,336
2,336
Depreciation charged in the period
993
7,265
8,258
At 31 May 2023
993
9,601
10,594
Carrying amount
At 31 May 2023
16,039
17,465
33,504
At 30 November 2021
6,992
6,992
5
Debtors
2023
2021
Amounts falling due within one year:
£
£
Other debtors
125,558
46,149
SANO DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2021
£
£
Trade creditors
25,384
43,865
Amounts owed to group undertakings
1,443,175
168,386
Taxation and social security
14,446
22,974
Other creditors
10,419
4,351
1,493,424
239,576
7
Operating lease commitments
Lessee
At the balance sheet date, the company has operating lease commitments totaling £45,428 (2021 - £nil).
8
Related party transactions
At the reporting date, the company owed £1,442,885 (2021 - £161,898) to its parent company and £290 (2021 - £6,488) to a group company.