Company registration number 12037622 (England and Wales)
SAGAZ HOLDINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
SAGAZ HOLDINGS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
SAGAZ HOLDINGS LTD
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SAGAZ HOLDINGS LTD FOR THE YEAR ENDED 30 JUNE 2023
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sagaz Holdings Ltd for the year ended 30 June 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Sagaz Holdings Ltd, as a body, in accordance with the terms of our engagement letter dated 21 February 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Sagaz Holdings Ltd and state those matters that we have agreed to state to the board of directors of Sagaz Holdings Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sagaz Holdings Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Sagaz Holdings Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sagaz Holdings Ltd. You consider that Sagaz Holdings Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Sagaz Holdings 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.
Carpenter Box
5 March 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
SAGAZ HOLDINGS LTD
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
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2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
166,805
250,208
Investment property
4
2,426,653
2,426,653
2,593,458
2,676,861
Current assets
Debtors
5
30,772
18,636
Cash at bank and in hand
276,788
340,658
307,560
359,294
Creditors: amounts falling due within one year
6
(406,944)
(680,455)
Net current liabilities
(99,384)
(321,161)
Total assets less current liabilities
2,494,074
2,355,700
Creditors: amounts falling due after more than one year
7
(2,198,000)
(2,084,150)
Net assets
296,074
271,550
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
295,974
271,450
Total equity
296,074
271,550
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year 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.
SAGAZ HOLDINGS LTD
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
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The financial statements were approved and signed by the director and authorised for issue on 5 March 2024
Mr R Karlson
Director
Company registration number 12037622 (England and Wales)
SAGAZ HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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1
Accounting policies
Company information
Sagaz Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Kemp House, 160 City Road, London, EC1V 2NX.
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
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. There are net current liabilities at the year end and the company is reliant on the support of the director, which will continue, thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents rent and licence fees and is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
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:
Leasehold land and buildings
Over the term of the lease - 5 years
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.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
SAGAZ HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
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.
Basic financial 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.
1.8
Equity instruments
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.
1.9
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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).
SAGAZ HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
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3
Tangible fixed assets
Land and buildings
£
Cost
At 1 July 2022 and 30 June 2023
417,014
Depreciation and impairment
At 1 July 2022
166,806
Depreciation charged in the year
83,403
At 30 June 2023
250,209
Carrying amount
At 30 June 2023
166,805
At 30 June 2022
250,208
4
Investment property
2023
£
Fair value
At 1 July 2022 and 30 June 2023
2,426,653
The investment property is included in the accounts at market value which is deemed appropriate by the director, therefore no independent valuations were acquired. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
27,942
9,674
Other debtors
2,830
8,962
30,772
18,636
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
2,000
Trade creditors
6,012
39,604
Taxation and social security
20,547
76,474
Other creditors
378,385
564,377
406,944
680,455
SAGAZ HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
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7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,198,000
2,084,150
The loans included in note 6 and 7 above are secured over the underlying property.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100