Company registration number 10770382 (England and Wales)
SAICHO LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SAICHO LTD.
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SAICHO LTD.
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
31 December 2023
31 May 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
14,558
13,576
Tangible assets
4
11,202
12,192
Investments
5
2
2
25,762
25,770
Current assets
Stocks
75,856
79,900
Debtors
6
412,514
227,469
Cash at bank and in hand
152,220
62,525
640,590
369,894
Creditors: amounts falling due within one year
7
(213,484)
(199,619)
Net current assets
427,106
170,275
Total assets less current liabilities
452,868
196,045
Provisions for liabilities
(1,432)
Net assets
451,436
196,045
Capital and reserves
Called up share capital
9
4
4
Share premium account
10
474,962
299,975
Profit and loss reserves
10
(23,530)
(103,934)
Total equity
451,436
196,045
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 period ended 31 December 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 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.
SAICHO LTD.
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 6 April 2024
Dr Charles Winkworth-Smith
Director
Company Registration No. 10770382
SAICHO LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Saicho Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is 12 Stoneleigh Road, Solihull, B91 1DG. The company registration number is 10770382.
1.1
Reporting period
The company has shortened it's year end to 31 December 2023, therefore the financial statements reflect the trading activities for the 7 months ended 31 December 2023 and the comparatives are not entirely comparable.
1.2
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.
1.3
Going concern
As at the balance sheet date the company has net assets of £451,436 (2023: £196,045). Its profit and loss reserves remain negative. The director has agreed to provide funding to the company to meet any liabilities that may fall due, for a period of at least 12 months from the date of signing these financial statements. The director and shareholders will not withdraw any loans or amounts due to them unless the company has sufficient funds available.true
The director is continually reviewing his plans and forecasts and believes that the going concern basis is appropriate in the short term. During the financial year, the Company received significant investment from 5 investors which will support the businesses in achieving it strategic plans.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
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.
SAICHO LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Intangible fixed assets other than goodwill
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have finite useful life. The useful life of website costs is deemed to be 5 years. Trademarks are amortised over their useful life of 10 years.
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% reducing balance
Office equipment
25% reducing balance
1.8
Fixed asset investments
Investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.
1.11
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.
SAICHO LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Employees
The average monthly number of employees, including directors, during the year was 4 (2023 - 4).
SAICHO LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 6 -
3
Intangible fixed assets
Website costs
Trademarks
Total
£
£
£
Cost
At 1 June 2023
2,000
13,176
15,176
Additions
3,000
3,000
At 31 December 2023
2,000
16,176
18,176
Amortisation
At 1 June 2023
1,600
1,600
Amortisation charged for the period
400
1,618
2,018
At 31 December 2023
2,000
1,618
3,618
Carrying amount
At 31 December 2023
14,558
14,558
At 31 May 2023
400
13,176
13,576
4
Tangible fixed assets
Plant and equipment
Office equipment
Total
£
£
£
Cost
At 1 June 2023
12,876
2,213
15,089
Additions
556
556
At 31 December 2023
12,876
2,769
15,645
Depreciation and impairment
At 1 June 2023
2,262
635
2,897
Depreciation charged in the period
1,288
258
1,546
At 31 December 2023
3,550
893
4,443
Carrying amount
At 31 December 2023
9,326
1,876
11,202
At 31 May 2023
10,614
1,578
12,192
5
Fixed asset investments
2023
2023
£
£
Investments in subsidiary
2
2
SAICHO LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 7 -
6
Debtors
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
134,173
51,147
Amounts owed by group undertakings
266,737
137,459
Other debtors
9,295
36,554
Prepayments and accrued income
2,309
2,309
412,514
227,469
7
Creditors: amounts falling due within one year
31 December
31 May
2023
2023
£
£
Trade creditors
21,267
7,733
Taxation and social security
3,979
2,497
Other creditors
188,238
189,389
213,484
199,619
8
Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £12,036 (2023 - £2,310). Contributions totalling £nil (2023: £nil) were payable to the fund at the balance sheet date and are included within other creditors.
9
Called up share capital
2023
2023
Ordinary share capital
£
£
Issued and fully paid
36,697,800 Ordinary shares of £0.0000001p each
4
4
2023
2023
Preference share capital
£
£
Issued and fully paid
5,266,811 (2023:4,077,530) Preference shares of £0.0000001p each
-
-
-
-
During the year the Company issued 1,189,281 Preference Shares of £0.0000001p each.
The Ordinary and Preference shares rank pari passu in all respects. The Preference shares do not have voting rights but have full rights to dividends.
SAICHO LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 8 -
10
Reserves
The purpose of each reserve within equity is as follows:
Share premium account
This reserve records the value of allotted and fully paid share capital, paid in excess of nominal value.
Profit and loss account
This reserve records all current and prior period retained profits and losses.
11
Related party transactions
Included in Other creditors are amounts of £122,996 (2023: £122,996) due to related parties. The amount owed is interest free and holds no conditions.
Included in Other creditors are amounts of £56,899 (2023: £56,899) due to the director of the business. The amount owed is interest free and hold no conditions.
The Company has taken advantage of the exemption in paragraph 33.1A of the Financial Reporting Standard 102, not to disclose transactions entered into between two members of a group provided that any subsidiary which is a party to the transaction is wholly owned.
12
Controlling party
There is no single controlling party.