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Registration number: 04320686

Sageglen Limited

trading as Pirtek Kings Cross

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Sageglen Limited

trading as Pirtek Kings Cross

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Sageglen Limited

trading as Pirtek Kings Cross

Company Information

Directors

Mr A Williams

Miss C R Williams

Company secretary

Mrs AM Williams

Registered office

Unit 13
149 Roman Way
London
N7 8XH

 

Sageglen Limited

trading as Pirtek Kings Cross

(Registration number: 04320686)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

10,190

21,308

Tangible assets

5

77,222

30,180

 

87,412

51,488

Current assets

 

Stocks

6

90,275

105,041

Debtors

7

163,130

157,535

Cash at bank and in hand

 

252,358

198,557

 

505,763

461,133

Creditors: Amounts falling due within one year

8

(182,239)

(219,260)

Net current assets

 

323,524

241,873

Total assets less current liabilities

 

410,936

293,361

Creditors: Amounts falling due after more than one year

8

(56,317)

(31,345)

Provisions for liabilities

(2,548)

(4,049)

Net assets

 

352,071

257,967

Capital and reserves

 

Called up share capital

50,000

50,000

Retained earnings

302,071

207,967

Shareholders' funds

 

352,071

257,967

 

Sageglen Limited

trading as Pirtek Kings Cross

(Registration number: 04320686)
Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 2024 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 August 2024 and signed on its behalf by:
 

.........................................
Mr A Williams
Director

   
     
 

Sageglen Limited

trading as Pirtek Kings Cross

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
Unit 13
149 Roman Way
London
N7 8XH

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.

Prior period errors

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.

Tax

The tax expense for the period comprises current and deferred 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.

 

Sageglen Limited

trading as Pirtek Kings Cross

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Plant and machinery

10 years straight line

Fixtures and fittings

10 years straight line

Motor vans

3 years straight line

Office equipment

5 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

 

Sageglen Limited

trading as Pirtek Kings Cross

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Franchise licence fees

10 years 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.

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.

 

Sageglen Limited

trading as Pirtek Kings Cross

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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.

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.

 

Sageglen Limited

trading as Pirtek Kings Cross

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 9).

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 April 2023

81,179

30,000

111,179

At 31 March 2024

81,179

30,000

111,179

Amortisation

At 1 April 2023

65,621

24,250

89,871

Amortisation charge

8,118

3,000

11,118

At 31 March 2024

73,739

27,250

100,989

Carrying amount

At 31 March 2024

7,440

2,750

10,190

At 31 March 2023

15,558

5,750

21,308

 

Sageglen Limited

trading as Pirtek Kings Cross

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

23,119

9,542

32,669

91,791

157,121

Additions

-

-

-

64,303

64,303

Disposals

-

-

-

(47,539)

(47,539)

At 31 March 2024

23,119

9,542

32,669

108,555

173,885

Depreciation

At 1 April 2023

16,473

7,595

20,645

82,227

126,940

Charge for the year

2,313

954

5,574

8,420

17,261

Eliminated on disposal

-

-

-

(47,538)

(47,538)

At 31 March 2024

18,786

8,549

26,219

43,109

96,663

Carrying amount

At 31 March 2024

4,333

993

6,450

65,446

77,222

At 31 March 2023

6,645

1,947

12,024

9,564

30,180

 

Sageglen Limited

trading as Pirtek Kings Cross

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Stocks

2024
£

2023
£

Raw materials and consumables

90,275

105,041

7

Debtors

Current

2024
£

2023
£

Trade debtors

141,314

125,909

Prepayments

19,816

29,626

Other debtors

2,000

2,000

 

163,130

157,535

 

Sageglen Limited

trading as Pirtek Kings Cross

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

22,328

14,119

Trade creditors

 

77,189

85,963

Taxation and social security

 

38,640

40,092

Accruals and deferred income

 

25,153

18,632

Other creditors

 

18,929

60,454

 

182,239

219,260

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

56,317

31,345

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,091

23,274

HP and finance lease liabilities

43,226

8,071

56,317

31,345

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,183

9,932

Directors current account

361

361

Hire purchase liabilities

11,784

3,826

22,328

14,119

 

Sageglen Limited

trading as Pirtek Kings Cross

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

10

Related party transactions

Transactions with directors

All directors remuneration was concluded under normal market conditions.

Summary of transactions with other related parties

Dappleflair Ltd, MacBeth 12 Ltd, Pirtek (Watford) Ltd, AW Hydraulic Services Ltd and Hydraulic Solutions Ltd

The companies listed above were under the common control of Mr A and Mrs A Williams.

 Sageglen Ltd has loaned Dappleflair Ltd money which is still outstanding at the year end. They have also received loans from Pirtek (Watford) Ltd which is outstanding at the year end.

All sales and purchases made with the other related parties were concluded under normal market conditions.

 

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

2,000

2,000

At end of period

2,000

2,000

2023

Other related parties
£

Total
£

At start of period

2,000

2,000

At end of period

2,000

2,000

Terms of loans to related parties

There are no terms attached or interest charged to the loans to entities with other related parties.

 

Sageglen Limited

trading as Pirtek Kings Cross

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

10

Related party transactions (continued)

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

58,781

58,781

Repaid

(40,960)

(40,960)

At end of period

17,821

17,821

2023

Other related parties
£

Total
£

At start of period

59,044

59,044

Repaid

(263)

(263)

At end of period

58,781

58,781

Terms of loans from related parties

There are no terms attached or interest charged to the loans to entities with other related parties.