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Registered number: 06642990









SATHC PRODUCTS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 29 OCTOBER 2023

 
SATHC PRODUCTS LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SATHC PRODUCTS LIMITED
FOR THE PERIOD ENDED 29 OCTOBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SATHC Products Limited for the year ended 29 October 2023 which comprise  the Statement of Financial Position 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 SATHC Products Limited, as a body, in accordance with the terms of our engagement letter dated [date]Our work has been undertaken solely to prepare for your approval the financial statements of SATHC Products Limited  and state those matters that we have agreed to state to the Board of Directors of SATHC Products Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SATHC Products Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that SATHC Products Limited 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 SATHC Products Limited. You consider that SATHC Products Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of SATHC Products Limited. 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.

  



Nyman Libson Paul LLP
 
Chartered Accountants
  
124 Finchley Road
London
NW3 5JS
23 July 2024
Page 1

 
SATHC PRODUCTS LIMITED
REGISTERED NUMBER: 06642990

STATEMENT OF FINANCIAL POSITION
AS AT 29 OCTOBER 2023

29 October
30 October
2023
2022
Note
£
£

  

Current assets
  

Stocks
  
731,289
737,246

Creditors: amounts falling due within one year
 4 
(561,989)
(616,728)

Net current assets
  
 
 
169,300
 
 
120,518

  

Net assets
  
169,300
120,518


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
169,200
120,418

  
169,300
120,518


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 July 2024.




N J Georgevic
Director

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
SATHC PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

1.


General information

SATHC Products Limited is a limited liability company, incorporated in the United Kingdom, registered at and trading from Scrivens House, 60 Islington Row Middleway, Edgbaston, Birmingham, B15 1PH.  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 comapny's functional and presentational currency is GBP, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company shows net assets at the reporting date of £169,300 (2022: net assets of £120,518). Existing funding facilities, forecasts and projections indicate that the company has adequate resources to continue with some level of activity from a minimal to full levels.
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Based on the above, the directors consider it appropriate to continue adopting the going concern basis in preparing its financial statements.
In making their assessment of going concern, the directors have considered information for a period of at least twelve months from the date the financial statements were authorised for issue.

Page 3

 
SATHC PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

The company sells spectacles and related products. Revenue on these transactions is recognised in
the period at the point of sale.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.5

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties. 

  
2.6

Creditors

Short-term creditors are measured at the transaction price. 

  
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.

Page 4

 
SATHC PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

2.Accounting policies (continued)

  
2.8

Accounting date

Accounts are drawn up for periods of 52 weeks (and, where necessary, 53 weeks) ending on the last
Sunday in October.


3.


Employees

The average monthly number of employees, including directors, during the period was 2 (2022 - 2).


4.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
560,372
615,216

Other taxation and social security
1,617
1,512

561,989
616,728



5.


Related party transactions

The company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions with group companies on the grounds that the company is a wholly owned subsidiary.
The immediate and ultimate parent company is Seamap Limited, a company under the control of N J and
M A Georgevic, directors of the company. Consolidated financial statements are prepared by Seamap Limited, whose registered office address is Scrivens House, 60 Islington Row Middleway, Edgbaston, Birmingham, England, B15 1PH.


6.


Auditors' information

The auditors' report on the financial statements for the period ended 29 October 2023 was unqualified.

The audit report was signed on 23 July 2024 by Richard Paul (Senior Statutory Auditor) on behalf of Nyman Libson Paul LLP.

 
Page 5