Company Registration No. 08884933 (England and Wales)
SALVARE WORLDWIDE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
Lawfords Consulting Limited
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
SALVARE WORLDWIDE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
SALVARE WORLDWIDE LIMITED
Company Registration No. 08884933
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
735,000
735,000
Current assets
Debtors
5
1,838
5,730
Cash at bank and in hand
1,631
2,807
3,469
8,537
Creditors: amounts falling due within one year
6
(556,165)
(543,714)
Net current liabilities
(552,696)
(535,177)
Total assets less current liabilities
182,304
199,823
Creditors: amounts falling due after more than one year
7
(263,186)
(280,515)
Net liabilities
(80,882)
(80,692)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(80,883)
(80,693)
Total equity
(80,882)
(80,692)
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 year 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 her 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 year 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.
SALVARE WORLDWIDE LIMITED
Company Registration No. 08884933
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 3 September 2024
R Fordyce
Director
SALVARE WORLDWIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Salvare Worldwide Limited is a private company limited by shares incorporated in England and Wales. The registered office is .
1.1
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.
1.2
Going concern
The company has net liabilities of £80,180. The directors are confident about the company's ability to trade as a going concern and meet its financial obligations and have confirmed their support for the company for the foreseeable future. Therefore the company continues to adopt the going concern basis of accounting in the preparing of the annual financial statements. This is contingent on the company continuing to be supported by it's shareholders and the bank. The financial statements do not reflect any adjustments that may be required should this support be withdrawn.
1.3
Turnover
Turnover represents fees accrued for the research and development work done by the company.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
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.
SALVARE WORLDWIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
10,408
Depreciation and impairment
At 1 January 2023 and 31 December 2023
10,408
Carrying amount
At 31 December 2023
At 31 December 2022
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
735,000
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,838
5,730
SALVARE WORLDWIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Debtors
(Continued)
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
28,437
27,842
Trade creditors
67,914
60,000
Amounts owed to group undertakings
439,608
451,577
Taxation and social security
7,652
2,045
Other creditors
12,554
2,250
556,165
543,714
The bank loan is secured against the property of the company.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
263,186
280,515
The bank loan is secured against the property of the company.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
203,243
221,826
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
9
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose related party transactions with wholly owned subsidiaries within the group.
10
Parent company
The ultimate parent company is Salvare IP Limited, a company whose registered office is 86 Spyrou Kyprianou Avenue, Nicolaids Shopping City, Joanna Court, 2nd Floor, PO Box 42529, 6500 Larnaca, Cyprus