Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2022-12-01false74trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12999955 2022-12-01 2023-12-31 12999955 2021-12-01 2022-11-30 12999955 2023-12-31 12999955 2022-11-30 12999955 c:Director2 2022-12-01 2023-12-31 12999955 d:Buildings d:ShortLeaseholdAssets 2022-12-01 2023-12-31 12999955 d:Buildings d:ShortLeaseholdAssets 2023-12-31 12999955 d:Buildings d:ShortLeaseholdAssets 2022-11-30 12999955 d:PlantMachinery 2022-12-01 2023-12-31 12999955 d:PlantMachinery 2023-12-31 12999955 d:PlantMachinery 2022-11-30 12999955 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-12-01 2023-12-31 12999955 d:OfficeEquipment 2022-12-01 2023-12-31 12999955 d:OfficeEquipment 2023-12-31 12999955 d:OfficeEquipment 2022-11-30 12999955 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-12-31 12999955 d:ComputerEquipment 2022-12-01 2023-12-31 12999955 d:ComputerEquipment 2023-12-31 12999955 d:ComputerEquipment 2022-11-30 12999955 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-12-31 12999955 d:OwnedOrFreeholdAssets 2022-12-01 2023-12-31 12999955 d:ComputerSoftware 2023-12-31 12999955 d:ComputerSoftware 2022-11-30 12999955 d:OtherResidualIntangibleAssets 2022-12-01 2023-12-31 12999955 d:CurrentFinancialInstruments 2023-12-31 12999955 d:CurrentFinancialInstruments 2022-11-30 12999955 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12999955 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 12999955 d:ShareCapital 2023-12-31 12999955 d:ShareCapital 2022-11-30 12999955 d:SharePremium 2023-12-31 12999955 d:SharePremium 2022-11-30 12999955 d:RetainedEarningsAccumulatedLosses 2023-12-31 12999955 d:RetainedEarningsAccumulatedLosses 2022-11-30 12999955 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 12999955 d:TaxLossesCarry-forwardsDeferredTax 2022-11-30 12999955 c:OrdinaryShareClass1 2022-12-01 2023-12-31 12999955 c:OrdinaryShareClass1 2023-12-31 12999955 c:OrdinaryShareClass1 2022-11-30 12999955 c:OrdinaryShareClass2 2022-12-01 2023-12-31 12999955 c:OrdinaryShareClass2 2023-12-31 12999955 c:OrdinaryShareClass2 2022-11-30 12999955 c:FRS102 2022-12-01 2023-12-31 12999955 c:AuditExemptWithAccountantsReport 2022-12-01 2023-12-31 12999955 c:FullAccounts 2022-12-01 2023-12-31 12999955 c:PrivateLimitedCompanyLtd 2022-12-01 2023-12-31 12999955 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2022-12-01 2023-12-31 12999955 d:ComputerSoftware d:OwnedIntangibleAssets 2022-12-01 2023-12-31 12999955 e:PoundSterling 2022-12-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12999955










SABROSA LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
SABROSA LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SABROSA LIMITED
FOR THE PERIOD ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sabrosa Limited for the period ended 31 December 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Sabrosa Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Sabrosa Limited and state those matters that we have agreed to state to the Board of Directors of Sabrosa Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sabrosa Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Sabrosa Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Sabrosa Limited. You consider that Sabrosa Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of Sabrosa Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Simmons Gainsford Professional Services Limited
 
Chartered Accountants
  
52 New Town
Uckfield
East Sussex
TN22 5DE
23 December 2024
Page 1

 
SABROSA LIMITED
REGISTERED NUMBER: 12999955

BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December
As restated
30 November
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
44,334
27,011

Tangible assets
 5 
91,354
17,121

  
135,688
44,132

Current assets
  

Stocks
  
90,918
67,000

Debtors: amounts falling due within one year
 6 
59,816
24,107

Cash at bank and in hand
 7 
15,724
80,915

  
166,458
172,022

Creditors: amounts falling due within one year
 8 
(972,746)
(382,154)

Net current liabilities
  
 
 
(806,288)
 
 
(210,132)

Total assets less current liabilities
  
(670,600)
(166,000)

Provisions for liabilities
  

Deferred tax
 9 
(22,702)
(11,033)

  
 
 
(22,702)
 
 
(11,033)

Net liabilities
  
(693,302)
(177,033)


Capital and reserves
  

Called up share capital 
  
3,425
3,250

Share premium account
  
254,577
149,752

Profit and loss account
  
(951,304)
(330,035)

  
(693,302)
(177,033)


Page 2

 
SABROSA LIMITED
REGISTERED NUMBER: 12999955
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 profit and loss account 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: 




J A Higginson
Director

Date: 23 December 2024

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
SABROSA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Sabrosa Limited is a private company limited by shares and incorporated in England and Wales. The registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW and the registered number is 12999955.

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

The financial statements have been prepared on a going concern basis based on the continued support of the company's creditors and financiers which, in the opinion of the directors, the company has for the foreseeable future.

 
2.3

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.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

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.

Page 4

 
SABROSA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.7

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.

 
2.8

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
SABROSA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Website
-
5
years straight line

 
2.10

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over 10 years
Plant and machinery
-
Over 6 years
Office equipment
-
Over 5 years
Computer equipment
-
Over 5 years

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.

 
2.11

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.

 
2.12

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.

Page 6

 
SABROSA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

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.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

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.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

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.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is
Page 7

 
SABROSA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees




The average monthly number of employees, including directors, during the period was 7 (2022 -4).

Page 8

 
SABROSA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Intangible assets






Website

£



Cost


At 1 December 2022
29,557


Additions
25,647



At 31 December 2023

55,204



Amortisation


At 1 December 2022
2,546


Charge for the period on owned assets
8,324



At 31 December 2023

10,870



Net book value



At 31 December 2023
44,334



At 30 November 2022
27,010



Page 9

 
SABROSA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Tangible fixed assets







Leasehold improvements
Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost


At 1 December 2022
-
14,470
1,393
5,245
21,108


Additions
57,640
21,740
-
-
79,380



At 31 December 2023

57,640
36,210
1,393
5,245
100,488



Depreciation


At 1 December 2022
-
3,475
357
154
3,986


Charge for the period on owned assets
820
3,001
278
1,049
5,148



At 31 December 2023

820
6,476
635
1,203
9,134



Net book value



At 31 December 2023
56,820
29,734
758
4,042
91,354



At 30 November 2022
-
10,994
1,035
5,091
17,120


6.


Debtors

31 December
30 November
2023
2022
£
£


Trade debtors
11,423
-

Other debtors
45,392
21,106

Called up share capital not paid
3,001
3,001

59,816
24,107


Page 10

 
SABROSA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Cash and cash equivalents

31 December
30 November
2023
2022
£
£

Cash at bank and in hand
15,724
80,915

Less: bank overdrafts
(926)
-

14,798
80,915



8.


Creditors: Amounts falling due within one year

31 December
30 November
2023
2022
£
£

Bank overdrafts
926
-

Trade creditors
123,127
29,537

Other taxation and social security
16,000
2,780

Other creditors
831,143
341,187

Accruals and deferred income
1,550
8,650

972,746
382,154



9.


Deferred taxation






2023


£






At beginning of year
(11,033)


Charged to profit or loss
(11,669)



At end of year
(22,702)

Page 11

 
SABROSA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
 
9.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

31 December
30 November
2023
2022
£
£


Accelerated capital allowances
(22,702)
(11,033)

At the end of year
(22,702)
(11,033)


10.


Share capital

31 December
As restated
30 November
2023
2022
£
£
Allotted, called up and fully paid



3,000,000 (2022 -3,000,000) Ordinary shares of £0.001 each
3,000
3,000
425,003 (2022 -250,000) A Ordinary shares of £0.001 each
425
250

3,425

3,250


During the period the company issued 175,000 A Ordinary £0.001 shares for a consideration of £0.60 per share.


11.


Related party transactions

Included within other creditors is £187 (2022: £187) due to the directors. These amounts are interest free and repayable on demand.
Also included within other creditors is £489,000 (2022: £341,000) due to a close family member of the directors. These amounts are interest free and repayable on demand.


12.


Prior year adjustment

The accounts have been restated to identify the split between the nominal value of the share capital and the share premium paid on those shares. The change has not resulted in any adjustment to the retained losses.

 
Page 12