Company registration number 11718667 (England and Wales)
SAOIRSE CAPITAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SAOIRSE CAPITAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
SAOIRSE CAPITAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
31 December 2023
30 June 2022
Notes
£
£
£
£
Fixed assets
Investments
4
1,712,959
1,662,959
Current assets
Debtors
5
4,281,159
5,757,015
Cash at bank and in hand
2,996
15,734
4,284,155
5,772,749
Creditors: amounts falling due within one year
6
(4,915,517)
(7,817,765)
Net current liabilities
(631,362)
(2,045,016)
Total assets less current liabilities
1,081,597
(382,057)
Creditors: amounts falling due after more than one year
7
(33,074)
Net assets/(liabilities)
1,048,523
(382,057)
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
1,048,323
(382,257)
Total equity
1,048,523
(382,057)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period 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 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 members have not required the company to obtain an audit of its financial statements for the period 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.
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Mr M J Leader
Director
Company registration number 11718667 (England and Wales)
SAOIRSE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Saoirse Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is 16-26 Albert Road, Middlesbrough, United Kingdom, TS1 1QA.
1.1
Reporting period
The company has changed the accounting period to 31 December annually. The reason for the change was to align company year ends within the group. The comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.5
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 current liabilities.
SAOIRSE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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.
1.7
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.
2
Judgements and key sources of estimation uncertainty
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.
SAOIRSE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
2
2
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1,712,959
1,662,959
Movements in fixed asset investments
Shares in subsidiaries and associates
£
Cost or valuation
At 1 July 2022
1,662,959
Additions
50,000
At 31 December 2023
1,712,959
Carrying amount
At 31 December 2023
1,712,959
At 30 June 2022
1,662,959
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
4,281,159
5,751,015
Other debtors
6,000
4,281,159
5,757,015
SAOIRSE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan
5,633
Amounts owed to group undertakings and undertakings in which the company has a participating interest
4,894,744
7,816,325
Other creditors
15,140
1,440
4,915,517
7,817,765
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
33,074
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
9,086
-
8
Bank Loan
2023
2022
£
£
Bank loan
38,707
Payable within one year
5,633
Payable after one year
33,074
The bank loan relates to a bounceback loan. Interest is charged at 2.5% and repayable by monthly instalments of £544.64.
SAOIRSE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 6 -
9
Related party transactions
The Company has taken the exemption set out in FRS 102 from disclosing transactions with wholly owned group members.
iConvert Limited
(Related by virtue of common directorship)
As at the balance sheet date, the company was owed by iConvert Limited £980,841 (30 June 2022- £740,852),
The loan is unsecured, interest free and no specific repayment terms
Referrey Limited
(Related by virtue of common directorship)
As at the balance sheet date, the company was owed by Referrey Limited £69,546 (30 June 2022 - £60,000)
The loan is unsecured, interest free and no specific repayment terms.
Leader Online Limited
(Related by virtue of common directorship)
As at the balance sheet date, the company was owed by Leader Online Limited £1,008,277 (30 June 2022 - £1,008,277)
The loan is unsecured, interest free and no specific repayment terms