Silverfin false false 31/12/2023 01/01/2023 31/12/2023 S Elango 10/07/2023 T Hau 01/08/2023 01/01/2021 24 June 2024 The principal activity of the company continued to be that of the provision of information technology services. 09933132 2023-12-31 09933132 bus:Director1 2023-12-31 09933132 bus:Director2 2023-12-31 09933132 2022-12-31 09933132 core:CurrentFinancialInstruments 2023-12-31 09933132 core:CurrentFinancialInstruments 2022-12-31 09933132 core:ShareCapital 2023-12-31 09933132 core:ShareCapital 2022-12-31 09933132 core:RetainedEarningsAccumulatedLosses 2023-12-31 09933132 core:RetainedEarningsAccumulatedLosses 2022-12-31 09933132 core:OtherPropertyPlantEquipment 2022-12-31 09933132 core:OtherPropertyPlantEquipment 2023-12-31 09933132 core:ImmediateParent core:CurrentFinancialInstruments 2023-12-31 09933132 core:ImmediateParent core:CurrentFinancialInstruments 2022-12-31 09933132 2021-12-31 09933132 2023-01-01 2023-12-31 09933132 bus:FilletedAccounts 2023-01-01 2023-12-31 09933132 bus:SmallEntities 2023-01-01 2023-12-31 09933132 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09933132 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09933132 bus:Director1 2023-01-01 2023-12-31 09933132 bus:Director2 2023-01-01 2023-12-31 09933132 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 09933132 2022-01-01 2022-12-31 09933132 1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 09933132 (England and Wales)

EDT SAAS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

EDT SAAS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

EDT SAAS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
EDT SAAS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,577 2,491
1,577 2,491
Current assets
Debtors 4 238,417 106,825
Cash at bank and in hand 9,513 9,595
247,930 116,420
Creditors: amounts falling due within one year 5 ( 350,743) ( 221,382)
Net current liabilities (102,813) (104,962)
Total assets less current liabilities (101,236) (102,471)
Net liabilities ( 101,236) ( 102,471)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 101,336 ) ( 102,571 )
Total shareholder's deficit ( 101,236) ( 102,471)

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of EDT SAAS Limited (registered number: 09933132) were approved and authorised for issue by the Director. They were signed on its behalf by:

S Elango
Director

24 June 2024

EDT SAAS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
EDT SAAS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

EDT SAAS Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 80 Grove Lane, Holt, NR25 6ED, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources, including the support of its Parent Company, to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents 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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 5,005 5,005
Disposals ( 1,883) ( 1,883)
At 31 December 2023 3,122 3,122
Accumulated depreciation
At 01 January 2023 2,514 2,514
Charge for the financial year 914 914
Disposals ( 1,883) ( 1,883)
At 31 December 2023 1,545 1,545
Net book value
At 31 December 2023 1,577 1,577
At 31 December 2022 2,491 2,491

4. Debtors

2023 2022
£ £
Trade debtors 136,220 4,193
Deferred tax asset 102,197 102,632
238,417 106,825

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 14,937 1,213
Amounts owed to Parent undertakings 297,997 216,577
Other taxation and social security 33,117 613
Other creditors 4,692 2,979
350,743 221,382

6. Deferred tax

2023 2022
£ £
At the beginning of financial year 102,632 66,279
(Charged)/credited to the Income Statement ( 435) 36,353
At the end of financial year 102,197 102,632

7. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Balance owed to the parent company at the year end - interest free loan 297,997 216,577
Exceptional item - Amount of loan owed to the parent company written off 0 205,306
Income from parent company during the year 14,961 73,278
Services from group companies during the year 33,176 22,156

8. Ultimate controlling party

The company is ultimately controlled by Weexa Simplified Joint Stock Company by virtue of its majority shareholding in EDT SAS, the company owning the shares of EDT SAAS Limited. The registered office of Weexa Joint Stock Company is 202 Quai Clichy, 92110, Clichy, France.