Company registration number 10187772 (England and Wales)
SAGITTITE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SAGITTITE LIMITED
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
2 - 6
SAGITTITE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
FIXED ASSETS
Intangible assets
3
304,587
344,475
CURRENT ASSETS
Debtors
4
8,298
11,185
Cash at bank and in hand
8
10
8,306
11,195
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5
(658,994)
(648,541)
NET CURRENT LIABILITIES
(650,688)
(637,346)
NET LIABILITIES
(346,101)
(292,871)
CAPITAL AND RESERVES
Called up share capital
6
1
1
Profit and loss reserves
(346,102)
(292,872)
TOTAL EQUITY
(346,101)
(292,871)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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 27 March 2024 and are signed on its behalf by:
Mr R G Tompsett
DIRECTOR
Company registration number 10187772 (England and Wales)
SAGITTITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
ACCOUNTING POLICIES
COMPANY INFORMATION

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.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
GOING CONCERN

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.

1.3
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.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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 & licences
over 15 years
1.4
IMPAIRMENT OF FIXED ASSETS

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

SAGITTITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
ACCOUNTING POLICIES
(Continued)
- 3 -

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.

1.5
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.

1.6
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.

 

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 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.

Classification of financial liabilities

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

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.

1.7
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.

SAGITTITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
ACCOUNTING POLICIES
(Continued)
- 4 -
1.8
EMPLOYEE BENEFITS

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
EMPLOYEES

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
2
3
INTANGIBLE FIXED ASSETS
Patents & licences
£
COST
At 1 January 2023
795,753
Additions - separately acquired
13,340
At 31 December 2023
809,093
AMORTISATION AND IMPAIRMENT
At 1 January 2023
451,278
Amortisation charged for the year
53,228
At 31 December 2023
504,506
CARRYING AMOUNT
At 31 December 2023
304,587
At 31 December 2022
344,475
4
DEBTORS
2023
2022
AMOUNTS FALLING DUE WITHIN ONE YEAR:
£
£
Amounts owed by group undertakings
8,093
9,547
Other debtors
205
1,638
8,298
11,185
SAGITTITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
2022
£
£
Trade creditors
1,228
10,796
Amounts owed to group undertakings
657,766
637,745
658,994
648,541
6
CALLED UP SHARE CAPITAL
2023
2022
£
£
ISSUED AND FULLY PAID
1 Ordinary share of £1 each
1
1
7
AUDIT REPORT INFORMATION

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.

EMPHASIS OF MATTER - GOING CONCERN

In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosure made in the notes to the financial statements concerning the company's ability to continue as a going concern. The company experienced a loss of £53,230 during the year ended 31 December 2023, and it had net liabilities of £346,101 at the balance sheet date. These conditions, along with other matters disclosed in the financial statements, indicate the existence of some uncertainty which may cast doubt about the company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.

The senior statutory auditor was Neal Aston ACA ACCA.
The auditor was JW Hinks LLP.
8
RELATED PARTY TRANSACTIONS

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.

9
PARENT COMPANY

The parent company and ultimate controlling party is Alycidon Capital Limited, registered office, 19 Highfield Road, Edgbaston, Birmingham, B15 3BH.

SAGITTITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
10
GOING CONCERN

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.

 

 

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