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REGISTERED NUMBER: 11401350 (England and Wales)












SAPROCO UK LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2024






SAPROCO UK LIMITED (REGISTERED NUMBER: 11401350)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 6

SAPROCO UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: S J Williams
P V Newman
Ms P D Williams





REGISTERED OFFICE: Rainbow Business Centre
Phoenix Way
Swansea Enterprise Park
Swansea
SA7 9FP





REGISTERED NUMBER: 11401350 (England and Wales)





ACCOUNTANTS: Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

SAPROCO UK LIMITED (REGISTERED NUMBER: 11401350)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 3,000,000 3,000,000

CURRENT ASSETS
Debtors 5 100 -
Cash at bank 114,378 107,141
114,478 107,141
CREDITORS
Amounts falling due within one year 6 25,150 22,862
NET CURRENT ASSETS 89,328 84,279
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,089,328

3,084,279

CREDITORS
Amounts falling due after more than one
year

7

(550,000

)

(550,000

)

PROVISIONS FOR LIABILITIES (611,903 ) (611,903 )
NET ASSETS 1,927,425 1,922,376

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Fair value reserve 9 1,835,710 1,835,710
Retained earnings 90,715 85,666
1,927,425 1,922,376

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:





S J Williams - Director


SAPROCO UK LIMITED (REGISTERED NUMBER: 11401350)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Saproco UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The accounts are prepared to 24th March which is within 7 days of the registered year end, as allowed by Companies House.

Significant judgements and estimates
The Company estimates the valuation of its investment properties against current market values of similar properties, at the balance sheet date. The actual sale value of these investment properties may differ from these estimates made, as a result of market fluctuations and unforeseen circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

SAPROCO UK LIMITED (REGISTERED NUMBER: 11401350)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions
Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Presentational and functional currency
The presentational and functional currency is £ sterling.

Going Concern
The company continues to adopt the going concern basis in preparing its financial statements.

Fair value reserve
The fair value reserve held in the financial statement represents the non-distributable reserve of the company at the reporting date. All gains and losses on the fair value of investment properties are recognised through the profit and loss account.

Investment Property
In accordance with FRS 102 the investment properties held within the financial statements are revalued to fair value at each reporting date with changes in fair value recognised in the profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 3,000,000
NET BOOK VALUE
At 31 March 2024 3,000,000
At 31 March 2023 3,000,000

Investment properties were last revalued by Watson Day Chartered Surveyors on the 17th December 2021.

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2020 1,147,613
Valuation in 2021 550,000
Valuation in 2022 750,000
Cost 552,387
3,000,000

SAPROCO UK LIMITED (REGISTERED NUMBER: 11401350)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 100 -

At the period end, there is a balance of £100 (2023: £Nil) owed by Rivalslot Limited, of which the directors of Saproco UK Limited Limited are also directors of this company.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 25,150 22,862

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 550,000 550,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 550,000 550,000

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Handelsbanken loan 550,000 550,000

Svenska Handelsbanken AB (Publ) hold a negative pledge, fixed charge and floating charge over any freehold or leasehold property held by the Company.

9. RESERVES
Fair
value
reserve
£   
At 1 April 2023
and 31 March 2024 1,835,710

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SAPROCO UK LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Saproco UK Limited for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Saproco UK Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Saproco UK Limited and state those matters that we have agreed to state to the Board of Directors of Saproco UK Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Saproco UK Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Saproco UK 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 Saproco UK Limited. You consider that Saproco UK Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Saproco UK 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.






Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA


21 August 2024