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Registered number: 02696152
Saros Technology Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
TaxAssist Accountants
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 02696152
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 11,585 15,275
Investments 5 1,641,581 907,277
1,653,166 922,552
CURRENT ASSETS
Debtors 6 118,820 285,197
Cash at bank and in hand 374,484 488,978
493,304 774,175
Creditors: Amounts Falling Due Within One Year 7 (399,860 ) (598,343 )
NET CURRENT ASSETS (LIABILITIES) 93,444 175,832
TOTAL ASSETS LESS CURRENT LIABILITIES 1,746,610 1,098,384
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,896 ) (2,902 )
NET ASSETS 1,743,714 1,095,482
CAPITAL AND RESERVES
Called up share capital 8 10,000 10,000
Capital redemption reserve 10,000 10,000
Income Statement 1,723,714 1,075,482
SHAREHOLDERS' FUNDS 1,743,714 1,095,482
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit 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 company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Carey Sayer
Director
Mrs Dianne Sayer
Director
30/09/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Saros Technology Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02696152 . The registered office is Timbers, Nuffield, Henley-On-Thames, Oxfordshire, RG9 5SU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles @ 25% RBM
Computer Equipment @ 15% RBM
2.4. 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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2.5. Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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2.6. 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.
2.7. Employee Ownership Trust
On the 1 March 2022 the company established the Saros Technology Employee Ownership Trust with the objective of ensuring that shares in the company are held by the Trustees for the benefit of the company's employees and for those employees to have an interest in the company's business, a voice in its operations and a share of the profits.
The distributions made by the company to the Trust are treated as payments to the Trust so that the Trust can meet its obligations.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 33,117 2,091 35,208
As at 31 March 2024 33,117 2,091 35,208
Depreciation
As at 1 April 2023 19,132 801 19,933
Provided during the period 3,496 194 3,690
As at 31 March 2024 22,628 995 23,623
Net Book Value
As at 31 March 2024 10,489 1,096 11,585
As at 1 April 2023 13,985 1,290 15,275
5. Investments
Listed
£
Cost
As at 1 April 2023 907,277
Additions 50,046
Disposals (169,448 )
Revaluations 853,706
As at 31 March 2024 1,641,581
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 1,641,581
As at 1 April 2023 907,277
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 118,820 285,197
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 179,030 272,069
Corporation tax 123,261 201,574
Other taxes and social security 4,790 4,996
VAT 87,193 114,263
Other creditors 476 1,491
Accruals and deferred income 5,110 3,950
399,860 598,343
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10,000 10,000
9. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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
Basic financial assets, which include 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
10. Related Party Transactions
In 2024 the company made a capital distribution to the EOT of 400,000£ (2023 - £17,00,000)
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