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Registration number: 06646364

Savace Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Savace Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Savace Limited

Company Information



 

Director

Mr Paul Hearn

Registered office

The TAX Partnership
2 Cheapside
Derby
Derbyshire
DE1 1BR

Accountants

The TAX Partnership
2 Cheapside
Derby
Derbyshire
DE1 1BR

 

Savace Limited

(Registration number: 06646364)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,138,663

3,187,928

Current assets

 

Stocks

1,850

1,850

Debtors

5

7,239,610

7,413,727

Cash at bank and in hand

 

131,071

124,267

 

7,372,531

7,539,844

Creditors: Amounts falling due within one year

6

(2,475,392)

(2,364,874)

Net current assets

 

4,897,139

5,174,970

Total assets less current liabilities

 

8,035,802

8,362,898

Creditors: Amounts falling due after more than one year

6

(4,527,083)

(4,792,083)

Net assets

 

3,508,719

3,570,815

Capital and reserves

 

Called up share capital

7

400

400

Share premium reserve

1,261,875

1,261,875

Revaluation reserve

1,354,174

1,354,174

Retained earnings

892,270

954,366

Shareholders' funds

 

3,508,719

3,570,815

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Savace Limited

(Registration number: 06646364)
Balance Sheet as at 31 December 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 September 2024
 

.........................................
Mr Paul Hearn
Director

 

Savace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The TAX Partnership
2 Cheapside
Derby
Derbyshire
DE1 1BR
England

The principal place of business is:
Sandringham Drive
Bramcote
Nottingham
NG9 3EJ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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 sales/value added tax, returns, rebates and discounts.

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.

 

Savace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% on cost

Property improvements

2% on cost

Plant and machinery

25% on reducing balance

Fixtures and fittings

25% on reducing balance

Computer equipment

25% on reducing balance

stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Savace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Functional Currency

Items included in financial statements are measured in sterling, the functional currency of the company.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 50 (2022 - 48).

 

Savace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

3,454,671

210,178

5,299

29,069

3,699,217

Additions

-

5,735

4,000

-

9,735

At 31 December 2023

3,454,671

215,913

9,299

29,069

3,708,952

Depreciation

At 1 January 2023

329,649

152,605

3,062

25,973

511,289

Charge for the year

42,063

15,068

1,095

774

59,000

At 31 December 2023

371,712

167,673

4,157

26,747

570,289

Carrying amount

At 31 December 2023

3,082,959

48,240

5,142

2,322

3,138,663

At 31 December 2022

3,125,022

57,573

2,237

3,096

3,187,928

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

158,298

104,498

Amounts owed by related parties

9

7,029,349

7,252,899

Prepayments

 

41,351

45,718

Other debtors

 

10,612

10,612

   

7,239,610

7,413,727

 

Savace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

265,000

265,000

Trade creditors

 

79,316

90,923

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

1,914,157

1,822,157

Taxation and social security

 

16,974

10,700

Accruals and deferred income

 

110,189

121,105

Other creditors

 

89,756

54,989

 

2,475,392

2,364,874

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

4,527,083

4,792,083

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

400

400

400

400

         
 

Savace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

4,527,083

4,792,083

2023
£

2022
£

Current loans and borrowings

Bank borrowings

265,000

265,000

9

Related party transactions

Summary of transactions with other related parties

During the year loans were made to and from related companies under common control
 The loan are interest free and repayable on demand.
 

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

7,252,899

7,252,899

Advanced

95,630

95,630

Repaid

(319,180)

(319,180)

At end of period

7,029,349

7,029,349

2022

Other related parties
£

Total
£

At start of period

1,863,488

1,863,488

Advanced

5,694,622

5,694,622

Repaid

(305,211)

(305,211)

At end of period

7,252,899

7,252,899

Loans from related parties

 

Savace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023

Other related parties
£

Total
£

At start of period

1,822,157

1,822,157

Advanced

122,000

122,000

Repaid

(30,000)

(30,000)

At end of period

1,914,157

1,914,157

2022

Other related parties
£

Total
£

At start of period

1,150,302

1,150,302

Advanced

686,855

686,855

Repaid

(15,000)

(15,000)

At end of period

1,822,157

1,822,157