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Registered number: 11751156









SABA ENERGY LIMITED
 
Formerly LMSA Engineering Limited









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023


STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
555,323
404,378

Cash at bank and in hand
  
1,254
3,858

  
556,577
408,236

Creditors: amounts falling due within one year
 5 
(344,926)
(273,507)

Net current assets
  
 
 
211,651
 
 
134,729

Total assets less current liabilities
  
211,651
134,729

  

Net assets
  
211,651
134,729


Capital and reserves
  

Called up share capital 
 6 
100
100

Profit and loss account
  
211,551
134,629

  
211,651
134,729


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






L Fares
Director

Date: 30 September 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1


1.


General information

The Company is a private company limited by shares and is incorporated in England and Wales.
The registered office is 35 Ballards Lane, London, N3 1XW.
The principal activity of the company is that of the distribution and supply of renewable energy solutions, UPS Systems, Batteries, Generators and Energy Storage Solutions in Europe, the Middle East and Africa.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the director continues to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 2

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.6

Financial instruments

(i) Financial assets
Basic financial assets, including trade and other debtors and amounts owed by group undertaking, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and amounts owed to group undertaking, 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 receipts discounted at a market rate of interest.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual
Page 3


2.6
Financial instruments (continued)

obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Debtors

2023
2022
£
£


Trade debtors
544,038
375,102

Other debtors
11,036
7,116

Prepayments and accrued income
249
22,160

555,323
404,378



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
1,567

Trade creditors
41,439
10,602

Amounts owed to group undertakings
246,284
189,545

Corporation tax
40,499
27,423

Other taxation and social security
2,875
-

Other creditors
5,894
1,731

Accruals and deferred income
7,935
42,639

344,926
273,507



6.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



7.


Related party transactions

Where possible, the Company has taken advantge of Section 33.1A of FRS102 not to disclose transactions with other wholly owned group undertakings.

Page 4


8.


Controlling party

At 31 December 2023 the company was a wholly owned subsidiary of BCI for Communication and Advanced Technology Co.LLC, a company registered in Jordan. The Registered Office and principal place of business is E'mar Towers 6th, Circle Zahran Street, No. 196, 16th Floor, Amman, Jordan, 11195.
On 25 June 2024 the company became a wholly owned subsidiary of EMEA Saba Energy Limited, a company incorporated in Cyprus. 


9.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 30 September 2024 by Ian Saunderson FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

 
Page 5