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Registered number: 10126220









SAVERA WARWICK LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SAVERA WARWICK LIMITED
REGISTERED NUMBER: 10126220

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,119,583
3,126,342

  
3,119,583
3,126,342

Current assets
  

Debtors: amounts falling due within one year
 5 
4,628,724
3,098,672

Cash at bank and in hand
 6 
91,654
2,353

  
4,720,378
3,101,025

Creditors: amounts falling due within one year
 7 
(2,381,157)
(2,363,163)

Net current assets
  
 
 
2,339,221
 
 
737,862

Total assets less current liabilities
  
5,458,804
3,864,204

  

Net assets
  
5,458,804
3,864,204


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
5,458,704
3,864,104

  
5,458,804
3,864,204


Page 1

 
SAVERA WARWICK LIMITED
REGISTERED NUMBER: 10126220
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 comprehensive income 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: 



Jasbir Singh Johal
Director

Date: 4 October 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SAVERA WARWICK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Savera Warwick Limited is a private limited company guaranteed by shares. The company is incorporated in England & Wales and its registered office is Rsc, Penns Lane, Sutton Coldfield, B76 1LH. 

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

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.

Page 3

 
SAVERA WARWICK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

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 balance sheet date in the countries where the Company operates and generates income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 4

 
SAVERA WARWICK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
no depreciation
Fixtures and fittings
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
SAVERA WARWICK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 20 (2022 - 22).


4.


Tangible fixed assets





Freehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
3,099,305
38,011
3,137,316



At 31 December 2023

3,099,305
38,011
3,137,316



Depreciation


At 1 January 2023
-
10,974
10,974


Charge for the year on owned assets
-
6,759
6,759



At 31 December 2023

-
17,733
17,733



Net book value



At 31 December 2023
3,099,305
20,278
3,119,583



At 31 December 2022
3,099,305
27,037
3,126,342

Page 6

 
SAVERA WARWICK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           4.Tangible fixed assets (continued)

The cost of the freehold property amounted to £3,099,305 (2022 - £3,099,305).


5.


Debtors

2023
2022
£
£


Trade debtors
1,296
-

Amounts owed by group undertakings
4,141,224
3,049,480

Other debtors
406,188
-

Prepayments and accrued income
80,016
49,192

4,628,724
3,098,672



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
91,654
2,353



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
219,222
141,492

Amounts owed to group undertakings
-
32,126

Corporation tax
670,801
470,932

Other taxation and social security
207,103
193,370

Other creditors
1,200,513
1,444,098

Accruals and deferred income
83,518
81,145

2,381,157
2,363,163



8.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £4,368 (2022 - £10,676). Contributions totalling £1,140 (2022 - £614) were payable to the fund at the balance sheet date and are included in creditors.

Page 7

 
SAVERA WARWICK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Related party transactions

The company has taken advantage of exemptions available from disclosing transactions with wholly owned members of the group.
Related parties include entities under the common control of the directors. At the balance sheet date, the total amount due from connected entities was £4,547,311 (2022 - £3,049,380) and the total amount due to connected entities was £1,199,373 (2022 - £1,307,785). These amounts are interest free and repayable on demand.


10.


Controlling party

The immediate parent company is Savera Group UK Limited, a company incorporated in England and Wales. 
The smallest and largest group in which the results of the company are included are the consolidated financial statements of Savera Group UK Limited and these can be obtained from Companies House.


11.


Auditors' information

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

In their report, the auditors emphasised the following matter without qualifying their report:
The comparative figures included within these financial statements are unaudited. Sufficient appropriate audit evidence that the opening balances do not contain mistatement that materially affect the current period's financial statements has been obtained.

The audit report was signed on 4 October 2024 by Engin Zekia Bsc FCA (senior statutory auditor) on behalf of Adler Shine LLP.

 
Page 8