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Company registration number: 2221664
SAA Consultants Limited
Audited filleted financial statements
31 December 2023
SAA Consultants Limited
Contents
Directors and other information
Director's responsibilities statement
Statement of financial position
Notes to the financial statements
SAA Consultants Limited
Directors and other information
Director Mr Alex Lochhead
Company number 2221664
Registered office 4a Derriford Business Park
Plymouth
Devon
PL6 5QZ
Business address 4a Derriford Business Park
Plymouth
Devon
PL6 5QZ
Auditor Franklins Accountants Ltd
Astor House
Mutley Plain
Plymouth
Devon
PL4 7JR
SAA Consultants Limited
Director's responsibilities statement
Year ended 31 December 2023
The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
SAA Consultants Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 4,211 8,641
_______ _______
4,211 8,641
Current assets
Debtors 6 308,692 390,399
Investments 7 5,155,665 4,961,922
Cash at bank and in hand 2,131,075 3,499,194
_______ _______
7,595,432 8,851,515
Creditors: amounts falling due
within one year 8 ( 2,877,182) ( 2,934,631)
_______ _______
Net current assets 4,718,250 5,916,884
_______ _______
Total assets less current liabilities 4,722,461 5,925,525
_______ _______
Net assets 4,722,461 5,925,525
_______ _______
Capital and reserves
Called up share capital 95 95
Capital redemption reserve 5 5
Profit and loss account 4,722,361 5,925,425
_______ _______
Shareholder funds 4,722,461 5,925,525
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 July 2024 , and are signed on behalf of the board by:
Mr Alex Lochhead
Director
Company registration number: 2221664
SAA Consultants Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is SAA Consultants Limited, 4a Derriford Business Park, Plymouth, Devon, PL6 5QZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of land and buildings and certain financial assets and liabilities measured at fair value through profit or loss.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for software supplied and services rendered, net of discounts and Value Added Tax.Revenue from the sale of software is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on issue of a licence; the amount of revenue can be measured reliably.Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Revenue Recognition
Software sales are recognised upon acceptance of the software agreement by the customer or expiry of the previous warranty. Income arising from ongoing software maintenance is recognised on the accruals basis. This matches the revenue appropriately to the period when the services are provided to the customer. Consultancy income is recognised when consultancy time is spent on a customer.
Taxation
The enhanced research and development expenditure for the year is utilised to create a repayable tax credit.The taxation figure represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Items included are computer equipment, office furniture and cars.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - straight line over 3 years
Fittings fixtures and equipment - straight line over 2 years
Motor vehicles - 1st year 50% then 25% next 2 years allowing for a residual estimated value
- after 3 years depreciation is charged at 12.5% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents compose cash at bank and in hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
The company operates a defined contribution pension scheme which is externally funded and covers the majority of employees. Contributions to this scheme are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2022: 24 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 January 2023 32,918 20,763 14,170 67,851
Additions - - 1,818 1,818
_______ _______ _______ _______
At 31 December 2023 32,918 20,763 15,988 69,669
_______ _______ _______ _______
Depreciation
At 1 January 2023 32,918 20,763 5,529 59,210
Charge for the year - - 6,248 6,248
_______ _______ _______ _______
At 31 December 2023 32,918 20,763 11,777 65,458
_______ _______ _______ _______
Carrying amount
At 31 December 2023 - - 4,211 4,211
_______ _______ _______ _______
At 31 December 2022 - - 8,641 8,641
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 5,520 6,899
Research and Development tax credit 227,950 311,650
Other debtors 75,222 71,850
_______ _______
308,692 390,399
_______ _______
7. Investments
2023 2022
£ £
95 Day Cash Deposit Accounts 5,155,665 4,961,922
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 19,461 6,389
Social security and other taxes 35,722 32,863
Other creditors 2,821,999 2,895,379
_______ _______
2,877,182 2,934,631
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 33,225 44,300
_______ _______
10. Summary audit opinion
The auditor's report for the year dated 19 July 2024 was unqualified.
The senior statutory auditor was Mr Peter Franklin for and on behalf of Franklins Accountants Ltd
11. Related party transactions
During the year Mr A Lochhead (sole director and shareholder) received dividends of £95,000.Mr A Lochhead also recieved £183,395 (2022 £95,743) gross interest as compensation for the loan made to the company throughout the year.As at the year end Mr A Lochhead loaned to the company £2,738,030. This loan is to be repaid on demand.
12. Controlling party
The company is controlled by Mr A Lochhead (sole director and shareholder).