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Company No: 11852903 (England and Wales)

SAVOCARDIO LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

SAVOCARDIO LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

SAVOCARDIO LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
SAVOCARDIO LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Tangible assets 3 4,943 4,044
4,943 4,044
Current assets
Debtors 4 2,448 2,045
Cash at bank and in hand 5 24,858 12,713
27,306 14,758
Creditors: amounts falling due within one year 6 ( 9,567) ( 6,399)
Net current assets 17,739 8,359
Total assets less current liabilities 22,682 12,403
Net assets 22,682 12,403
Capital and reserves
Called-up share capital 100 100
Profit and loss account 22,582 12,303
Total shareholder's funds 22,682 12,403

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Savocardio Limited (registered number: 11852903) were approved and authorised for issue by the Director. They were signed on its behalf by:

Dr Henry Oluwasefunmi Savage
Director

08 November 2024

SAVOCARDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
SAVOCARDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Savocardio Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 8 The Courtyard, Wyncolls Road, Colchester, CO4 9PE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Tools and equipment 3 years straight line
Office equipment 3 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

2. Employees

31.03.2024 31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Leasehold improve-
ments
Tools and equipment Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 April 2023 2,745 203 2,681 3,072 8,701
Additions 0 0 0 2,382 2,382
At 31 March 2024 2,745 203 2,681 5,454 11,083
Accumulated depreciation
At 01 April 2023 182 17 1,386 3,072 4,657
Charge for the financial year 549 68 800 66 1,483
At 31 March 2024 731 85 2,186 3,138 6,140
Net book value
At 31 March 2024 2,014 118 495 2,316 4,943
At 31 March 2023 2,563 186 1,295 0 4,044

4. Debtors

31.03.2024 31.03.2023
£ £
Trade debtors 1,951 1,300
Prepayments 497 745
2,448 2,045

5. Cash and cash equivalents

31.03.2024 31.03.2023
£ £
Cash at bank and in hand 24,858 12,713

6. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Amounts owed to director 2,266 395
Accruals 2,849 2,293
Taxation and social security 4,452 3,711
9,567 6,399