Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseTechonology service activities43falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13783501 2023-01-01 2023-12-31 13783501 2022-01-01 2022-12-31 13783501 2023-12-31 13783501 2022-12-31 13783501 c:Director1 2023-01-01 2023-12-31 13783501 d:ComputerEquipment 2023-01-01 2023-12-31 13783501 d:ComputerEquipment 2023-12-31 13783501 d:ComputerEquipment 2022-12-31 13783501 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13783501 d:ComputerSoftware 2023-01-01 2023-12-31 13783501 d:ComputerSoftware 2023-12-31 13783501 d:ComputerSoftware 2022-12-31 13783501 d:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 13783501 d:CurrentFinancialInstruments 2023-12-31 13783501 d:CurrentFinancialInstruments 2022-12-31 13783501 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 13783501 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13783501 d:ShareCapital 2023-12-31 13783501 d:ShareCapital 2022-12-31 13783501 d:SharePremium 2023-12-31 13783501 d:SharePremium 2022-12-31 13783501 d:RevaluationReserve 2023-01-01 2023-12-31 13783501 d:RevaluationReserve 2023-12-31 13783501 d:RevaluationReserve 2022-12-31 13783501 d:RetainedEarningsAccumulatedLosses 2023-12-31 13783501 d:RetainedEarningsAccumulatedLosses 2022-12-31 13783501 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 13783501 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 13783501 c:FRS102 2023-01-01 2023-12-31 13783501 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 13783501 c:FullAccounts 2023-01-01 2023-12-31 13783501 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13783501 d:ComputerSoftware d:InternallyGeneratedIntangibleAssets 2023-01-01 2023-12-31 13783501 d:ComputerSoftware d:OwnedIntangibleAssets 2023-01-01 2023-12-31 13783501 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 13783501









SAAGE LABS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SAAGE LABS LIMITED
REGISTERED NUMBER: 13783501

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
  
146,124
-

Tangible assets
  
5,071
5,316

  
151,195
5,316

Current assets
  

Debtors
  
165,245
507,244

Cash at bank and in hand
  
102,581
246,141

  
267,826
753,385

Creditors: amounts falling due within one year
  
(324,942)
(700,375)

Net current (liabilities)/assets
  
 
 
(57,116)
 
 
53,010

Total assets less current liabilities
  
94,079
58,326

Provisions for liabilities
  

Deferred tax
  
(4,921)
(1,010)

  
 
 
(4,921)
 
 
(1,010)

Net assets
  
89,158
57,316


Capital and reserves
  

Called up share capital 
  
1
1

Share premium account
  
74,928
74,928

Revaluation reserve
  
14,612
-

Profit and loss account
  
(383)
(17,613)

  
89,158
57,316


Page 1

 
SAAGE LABS LIMITED
REGISTERED NUMBER: 13783501
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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 profit and loss account 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 by: 




Mr Peter Argerakis
Director
Date: 20 August 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
SAAGE LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is a private company limited by shares incorporated in England and Wales. The address of
its registered office is: Cannon Place, 78 Cannon Place, London, United Kingdom EC4N 6AF. The financial statements are prepared in GBP ("£") which is the functional and presentational currency of the primary economic environment in which the company operates.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
SAAGE LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
SAAGE LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Digital assets
-
10
years

Page 5

 
SAAGE LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
SAAGE LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Intangible assets are carried at fair value less cost to sell, which requires estimation as to the fair value of the intangible asset. Reference to publicly available market data is used to determine the fair value of each class of intangible asset.


4.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 3).

Page 7

 
SAAGE LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Intangible assets




Digital assets

£



Cost


Additions - internal
146,124


Revaluation surplus
14,612



At 31 December 2023

160,736



Amortisation


Charge for the year on owned assets
14,612



At 31 December 2023

14,612



Net book value



At 31 December 2023
146,124



At 31 December 2022
-



Page 8

 
SAAGE LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2023
6,245


Additions
1,755



At 31 December 2023

8,000



Depreciation


At 1 January 2023
929


Charge for the year on owned assets
2,000



At 31 December 2023

2,929



Net book value



At 31 December 2023
5,071



At 31 December 2022
5,316


7.


Debtors

2023
2022
£
£



Amounts owed by group undertakings
117,526
429,002

Other debtors
47,719
78,088

Prepayments and accrued income
-
154

165,245
507,244


Page 9

 
SAAGE LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
102,581
246,141

102,581
246,141



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
249,224
6,076

Other taxation and social security
23,052
-

Other creditors
47,566
36,966

Accruals and deferred income
5,100
657,333

324,942
700,375



10.


Deferred taxation




2023


£






At beginning of year
(1,010)


Charged to profit or loss
(3,911)



At end of year
(4,921)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(4,921)
(1,010)

(4,921)
(1,010)

Page 10

 
SAAGE LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Reserves

Revaluation reserve

The revaluation reserve is comprised of the revaluation of publicly traded digital assets so that they can be held at their market value at the accounting year end.

 
Page 11