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Registered number: 07447910










SAVVY MAINTENANCE & RENOVATIONS LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
SAVVY MAINTENANCE & RENOVATIONS LTD
REGISTERED NUMBER: 07447910

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
67,377
138,647

  
67,377
138,647

Current assets
  

Stocks
  
412,824
395,049

Debtors: amounts falling due within one year
 6 
615,250
826,385

Cash at bank and in hand
 7 
135,544
272,391

  
1,163,618
1,493,825

Creditors: amounts falling due within one year
 8 
(510,471)
(921,944)

Net current assets
  
 
 
653,147
 
 
571,881

Total assets less current liabilities
  
720,524
710,528

Creditors: amounts falling due after more than one year
 9 
-
(21,207)

  

Net assets
  
720,524
689,321


Capital and reserves
  

Called up share capital 
  
4
4

Profit and loss account
  
720,520
689,317

  
720,524
689,321


The directors consider 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 directors acknowledge their 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 statement of comprehensive income 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 on 30 August 2024.
Page 1

 
SAVVY MAINTENANCE & RENOVATIONS LTD
REGISTERED NUMBER: 07447910
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023










Mrs C Dunne
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
SAVVY MAINTENANCE & RENOVATIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Savvy Maintenance & Renovations Ltd is a company registered in England and Wales. It's registered office is Brookside Court, Cuddesdon Road, Horspath, Oxford. OX33 1JP.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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

Turnover 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 turnover 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.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
SAVVY MAINTENANCE & RENOVATIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
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.

 
2.6

Taxation

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.

 
2.7

Intangible assets

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 a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
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.

Page 4

 
SAVVY MAINTENANCE & RENOVATIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25% Reducing balance
Motor vehicles
-
20% Reducing balance
Office equipment
-
25% Reducing balance

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

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
SAVVY MAINTENANCE & RENOVATIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 10).


4.


Intangible assets




Goodwill

£



Cost


At 1 December 2022
10,500



At 30 November 2023

10,500



Amortisation


At 1 December 2022
10,500



At 30 November 2023

10,500



Net book value



At 30 November 2023
-



At 30 November 2022
-



Page 6

 
SAVVY MAINTENANCE & RENOVATIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 December 2022
6,407
226,185
58,052
290,644


Additions
2,552
-
2,015
4,567


Disposals
-
(89,950)
-
(89,950)



At 30 November 2023

8,959
136,235
60,067
205,261



Depreciation


At 1 December 2022
4,517
105,785
41,695
151,997


Charge for the year on owned assets
1,110
12,567
4,592
18,269


Disposals
-
(32,382)
-
(32,382)



At 30 November 2023

5,627
85,970
46,287
137,884



Net book value



At 30 November 2023
3,332
50,265
13,780
67,377



At 30 November 2022
1,890
120,400
16,357
138,647


6.


Debtors

2023
2022
£
£


Trade debtors
385,871
717,856

Other debtors
206,879
86,029

Prepayments and accrued income
22,500
22,500

615,250
826,385


Page 7

 
SAVVY MAINTENANCE & RENOVATIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
135,544
272,391

135,544
272,391



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
42,224
39,457

Corporation tax
57,182
43,324

Other taxation and social security
162,196
114,124

Obligations under finance lease and hire purchase contracts
-
14,804

Other creditors
248,869
710,235

510,471
921,944



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
-
21,207

-
21,207



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
-
14,804

Between 1-5 years
-
21,207

-
36,011

Page 8

 
SAVVY MAINTENANCE & RENOVATIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

11.


Pension commitments

The Company operates a defined contributions 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 £123,633 (2022 - £17,150). Contributions totalling £939 (2022 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 9