SAVILLE PRODUCTS LIMITED

Company Registration Number:
02838005 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

SAVILLE PRODUCTS LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Balance sheet
Additional notes
Balance sheet notes

SAVILLE PRODUCTS LIMITED

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 13,823 7,624
Total fixed assets: 13,823 7,624
Current assets
Stocks: 4 1,215,608 1,472,282
Debtors: 5 779,560 626,240
Cash at bank and in hand: 7,590 23,230
Total current assets: 2,002,758 2,121,752
Creditors: amounts falling due within one year: 6 ( 912,236 ) ( 977,716 )
Net current assets (liabilities): 1,090,522 1,144,036
Total assets less current liabilities: 1,104,345 1,151,660
Creditors: amounts falling due after more than one year: 7 ( 227,847 ) ( 237,136 )
Total net assets (liabilities): 876,498 914,524
Capital and reserves
Called up share capital: 150,000 150,000
Profit and loss account: 726,498 764,524
Total Shareholders' funds: 876,498 914,524

The notes form part of these financial statements

SAVILLE PRODUCTS LIMITED

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 31 March 2024
and signed on behalf of the board by:

Name: Mr Howard Nelson
Status: Director

The notes form part of these financial statements

SAVILLE PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates, discounts, value added tax and other sales related taxes. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows: Plant & machinery 20% on cost Fixtures & fittings 33% on cost Motor vehicles 20% on cost Assets are not depreciated until they are brought into use. At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised as an expense immediately. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

    Valuation information and policy

    Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is based on the purchase invoice price plus any carriage and duty costs after also allowing for exchange conversion to sterling where applicable.

    Other accounting policies

    These financial statements have been prepared using the historical cost convention. The financial statements represent the results of the individual entity and the functional currency is £ sterling. In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The estimates and assumptions which have a risk of causing an adjustment to the carrying amount of assets and liabilities are as follows: A provision is recognised in the balance sheet when the entity has a present legal or constructive obligation as a result of a past event, that can be reliably measured, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. Depreciation is provided over the estimated useful life of the asset. The directors make estimates as to the length of those useful lives. The carrying amount of tangible fixed assets split by asset class is included within note 3. Amounts recoverable on trade debtors are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. The directors make estimates as to the recoverability of these debts and provide for them accordingly. The tax expense for the period comprises current 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. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income. Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Exchange differences are taken into account in arriving at the operating result. Rentals paid under operating leases are charged to the income statement on a straight-line basis over the period of the lease. The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS l02 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets, which include trade debtors, other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities, including bank loans and overdrafts, trade creditors, other creditors and accrued expenses that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire. The company operates a defined contribution pension scheme for employees and the contributions payable to the scheme are charged to the income statement in the period to which they relate. Based on current and future expectations, the directors are confident the company will continue to trade profitably in future periods and generate sufficient cash flows to meet its obligations as they fall due for payment. For this reason, they continue to adopt the going concern basis in preparing the financial statements for the year ended 31 December 2023.

SAVILLE PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 16 16

SAVILLE PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2023 5,100 17,939 500 23,539
Additions 396 9,500 9,896
Disposals ( 500 ) ( 500 )
Revaluations
Transfers
At 31 December 2023 5,100 18,335 9,500 32,935
Depreciation
At 1 January 2023 1,105 14,310 500 15,915
Charge for year 1,020 1,173 1,504 3,697
On disposals ( 500 ) ( 500 )
Other adjustments
At 31 December 2023 2,125 15,483 1,504 19,112
Net book value
At 31 December 2023 2,975 2,852 7,996 13,823
At 31 December 2022 3,995 3,629 0 7,624

SAVILLE PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Stocks

2023 2022
£ £
Stocks 1,215,608 1,472,282
Total 1,215,608 1,472,282

SAVILLE PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Debtors

2023 2022
£ £
Trade debtors 540,838 542,314
Prepayments and accrued income 210,269 83,926
Other debtors 28,453
Total 779,560 626,240

SAVILLE PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Creditors: amounts falling due within one year note

2023 2022
£ £
Bank loans and overdrafts 402,329 382,606
Trade creditors 156,378 155,021
Taxation and social security 141,493 137,609
Other creditors 212,036 302,480
Total 912,236 977,716

SAVILLE PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

7. Creditors: amounts falling due after more than one year note

2023 2022
£ £
Bank loans and overdrafts 227,847 237,136
Total 227,847 237,136

The bank loan and overdraft are secured by a debenture on the company’s assets and personal guarantees from the directors. The bank loan is denominated in Sterling at a nominal interest rate of 3.7% above the Bank of England base rate with the final instalment falling due on 30 April 2036. The carrying amount at the year end is £238,857 (2022: £249,664).

SAVILLE PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

8. Financial Commitments

At the year end the company has total commitments under operating leases of £nil (2022: £866)