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REGISTERED NUMBER: 06818183 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Sapien IT Services Limited

Sapien IT Services Limited (Registered number: 06818183)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Sapien IT Services Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: S P Turner





SECRETARY: S P Turner





REGISTERED OFFICE: Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR





REGISTERED NUMBER: 06818183 (England and Wales)





ACCOUNTANTS: Knights Lowe Chartered Accountants
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

Sapien IT Services Limited (Registered number: 06818183)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 3,328 4,511
3,328 4,511

CURRENT ASSETS
Debtors 6 13,554 14,277
Investments 7 139,977 169,900
Cash at bank 22,658 11,696
176,189 195,873
CREDITORS
Amounts falling due within one year 8 3,298 6,333
NET CURRENT ASSETS 172,891 189,540
TOTAL ASSETS LESS CURRENT LIABILITIES 176,219 194,051

PROVISIONS FOR LIABILITIES 9 5,886 3,283
NET ASSETS 170,333 190,768

CAPITAL AND RESERVES
Called up share capital 10 110 110
Fair value reserve 11 25,024 13,546
Retained earnings 145,199 177,112
SHAREHOLDERS' FUNDS 170,333 190,768

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Sapien IT Services Limited (Registered number: 06818183)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 October 2024 and were signed by:





S P Turner - Director


Sapien IT Services Limited (Registered number: 06818183)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Sapien IT Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business has been fully amortised evenly over its estimated useful life.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 20% on reducing balance
Computer equipment - 25% on cost

Sapien IT Services Limited (Registered number: 06818183)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from banks or other related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Sapien IT Services Limited (Registered number: 06818183)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and loss.

Current asset investments
Investments comprise current asset investments which are originally recognised at cost. Where the fair value can be reliably determined, the investments are subsequently stated at fair value at each balance sheet date with changes to values being recognised in the profit and loss account. Those current investments where fair values cannot be reliably determined are stated at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 12,500
AMORTISATION
At 1 April 2023
and 31 March 2024 12,500
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

Sapien IT Services Limited (Registered number: 06818183)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 10,616
DEPRECIATION
At 1 April 2023 6,105
Charge for year 1,183
At 31 March 2024 7,288
NET BOOK VALUE
At 31 March 2024 3,328
At 31 March 2023 4,511

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,715 6,797
Other debtors 9,839 7,480
13,554 14,277

7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Listed investments 139,977 169,900

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 144 -
Taxation and social security 1,117 835
Other creditors 2,037 5,498
3,298 6,333

Included within other creditors is an amount owed to the director.

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 5,886 3,283

Sapien IT Services Limited (Registered number: 06818183)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 3,283
Provided during year 2,603
Balance at 31 March 2024 5,886

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100
10 Ordinary 'B' £1 10 10
110 110

11. RESERVES
Fair
value
reserve
£   
At 1 April 2023 13,546
Non-distributable transfer 11,478

At 31 March 2024 25,024

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
S P Turner
Balance outstanding at start of year (3,498 ) 22,087
Amounts advanced 47,059 14,770
Amounts repaid (33,735 ) (40,355 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,826 (3,498 )

During the year the maximum balance outstanding on the director's loan account was £10,502 (2023: £24,087). Interest has been charged.