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COMPANY REGISTRATION NUMBER: 05044513
Saraph Limited
Filleted Unaudited Financial Statements
31 March 2024
Saraph Limited
Financial Statements
Period from 1 March 2023 to 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Saraph Limited
Statement of Financial Position
31 March 2024
31 Mar 24
28 Feb 23
Note
£
£
Fixed assets
Tangible assets
5
2,673
2,659
Current assets
Debtors
6
1,721
25,170
Cash at bank and in hand
160,365
168,196
---------
---------
162,086
193,366
Creditors: amounts falling due within one year
7
20,510
52,718
---------
---------
Net current assets
141,576
140,648
---------
---------
Total assets less current liabilities
144,249
143,307
---------
---------
Net assets
144,249
143,307
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
144,247
143,305
---------
---------
Shareholder funds
144,249
143,307
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period 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 member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Saraph Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mr M S Hanchett
Director
Company registration number: 05044513
Saraph Limited
Notes to the Financial Statements
Period from 1 March 2023 to 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 52 Thistle Drive, Whitstable, Kent, CT5 4UN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover shown in the income statement represents amounts invoiced for consulting services during the year, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 (2023: 1 ).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 March 2023
989
5,654
6,643
Additions
930
930
Disposals
( 989)
( 2,763)
( 3,752)
----
-------
-------
At 31 March 2024
3,821
3,821
----
-------
-------
Depreciation
At 1 March 2023
989
2,995
3,984
Charge for the period
916
916
Disposals
( 989)
( 2,763)
( 3,752)
----
-------
-------
At 31 March 2024
1,148
1,148
----
-------
-------
Carrying amount
At 31 March 2024
2,673
2,673
----
-------
-------
At 28 February 2023
2,659
2,659
----
-------
-------
6. Debtors
31 Mar 24
28 Feb 23
£
£
Trade debtors
24,000
Other debtors
1,721
1,170
-------
--------
1,721
25,170
-------
--------
7. Creditors: amounts falling due within one year
31 Mar 24
28 Feb 23
£
£
Trade creditors
1,200
307
Corporation tax
12,425
13,957
Social security and other taxes
6,525
33,602
Other creditors
360
4,852
--------
--------
20,510
52,718
--------
--------
8. Director's advances, credits and guarantees
During the period, the director was advanced £59,000 and made repayments of £55,576. No interest was charged on this loan. At the period end the director owed the company £371 (2023: the company owed the director £3,053).
9. Related party transactions
At the period end, the company was owed £1,350 by a company associated by common control (2023: £1,170).