Company registration number 10343084 (England and Wales)
SAEPIO SOLUTIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
SAEPIO SOLUTIONS LIMITED
COMPANY INFORMATION
Directors
R Pooley
A Pitt
Company number
10343084
Registered office
5&6 Anglo Office Park
Lincoln Road
High Wycombe
Buckinghamshire
HP12 3RH
Auditor
CLA Evelyn Partners Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
SAEPIO SOLUTIONS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 21
SAEPIO SOLUTIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

Principal activities

Saepio’s mission is to ‘right-size’ our clients’ cyber security and resilience. This mission is rooted in our deep industry expertise and knowledge of cyber security solutions.

Saepio is a cyber specialist and trusted advisor to clients, guiding them through the cyber landscape to make informed choices. We achieve this by being independent, vendor agnostic, and by offering value added services, including assessments of clients’ current security infrastructure.

Our cyber specialisation enables us to help clients understand their risk position, highlight gaps in their operations and/or governance and layout the recommended steps to close those gaps. This includes advice on software solutions and delivery of professional services.

In addition to reselling cyber security software, Saepio provides managed services using in-house skills and experience:

Saepio also offers professional consultancy services:

Review of the business

Revenue for the year to 30 April 2024 improved to £32.4m, a 27% increase on the previous year. Gross profit increased to £7.2m, 31% higher than the previous year. Gross profit margin was 22.3%, compared to 21.7% in the prior year.

 

Operating profit was £4.1m, compared to £2.9m in the previous year. This operating performance was the result of strong growth across all business lines contributing to gross profit and control of administrative expenses.

 

Net working capital deployed increased during the year, resulting in a reduction to cash generated from Operations this year of £2.5m, compared to £3.2m in the prior year.

 

The business finished the year with cash of £4.0m, an increase of £0.5m since the beginning of the year.

Principal risks and uncertainties

This discussion is not exhaustive of all risks facing the company and the risks are not in order of priority.

SAEPIO SOLUTIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Competition

The company operates in a highly competitive environment. To continue improving on the company’s competitive position, the business invests heavily in our solutions-lead approach to sales, ensuring that clients receive a bespoke and trusted service. We have developed and continue to invest further in the growth of our in-house managed and professional consultancy services, offering clients a differentiated service.

Vendor Delivery/Outage Risk

There is inherent risk that our vendors/suppliers will not be able to fulfil or experience outages on services that we have resold to clients. This may result in breaches to our clients’ cyber security, loss of client trade, loss of client reputation, etc.. Whilst we are not directly liable for these risks, our relationship-driven, solutions-lead approach to our clients means that these risks require a rapid response to provide our expertise and potentially alternative solutions to mitigate our clients’ exposure.

Information and Data Security

The company's clients expect and depend on high levels of integrity from Saepio’s internal technology systems. We have appropriate controls in place to protect our clients’ interests and mitigate the risk of systems failure, including backup procedures, disaster recovery plans, software protection, and appropriate network security to prevent unauthorised access to systems and data.

Credit Risk

Saepio is exposed to credit risk on its trade debtors. The company requires appropriate credit checks on potential clients before sales are agreed. Typical payment terms are 30 days and we usually collect cash from clients in time to pay corresponding invoices due to suppliers.

Liquidity Risk

Saepio maintains sufficient cash for ongoing operations and future plans, and is cash generative.  

Currency Risk

Foreign currency markets are consistently volatile. Many of our suppliers sell in US Dollars or other currencies, and in those transactions, many of our clients choose to secure Pound Sterling pricing from us. Where that occurs, Saepio employs appropriate levels of hedging against adverse foreign currency movements.

 

On behalf of the board

R Pooley
Director
23 October 2024
SAEPIO SOLUTIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £1,264,135 (2023 - £1,799,962). The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R Pooley
A Pitt
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
R Pooley
Director
23 October 2024
SAEPIO SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SAEPIO SOLUTIONS LIMITED
- 4 -
Opinion

We have audited the financial statements of SAEPIO Solutions Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

SAEPIO SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SAEPIO SOLUTIONS LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either are to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

SAEPIO SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SAEPIO SOLUTIONS LIMITED (CONTINUED)
- 6 -

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Keir Singleton
Senior Statutory Auditor
For and on behalf of CLA Evelyn Partners Limited
23 October 2024
Chartered Accountants
Statutory Auditor
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
SAEPIO SOLUTIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2024
2023
Notes
£
£
Turnover
2
32,392,084
25,492,945
Cost of sales
(25,166,802)
(19,961,659)
Gross profit
7,225,282
5,531,286
Administrative expenses
(3,099,086)
(2,668,797)
Other operating income
-
0
4,343
Operating profit
3
4,126,196
2,866,832
Interest receivable and similar income
7
66,926
8,229
Interest payable and similar expenses
8
(8,250)
(9,070)
Profit before taxation
4,184,872
2,865,991
Tax on profit
9
(758,940)
(540,584)
Profit for the financial year
3,425,932
2,325,407

The profit and loss account has been prepared on the basis that all operations are continuing operations.

SAEPIO SOLUTIONS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
6,000
9,000
Tangible assets
12
64,812
49,218
70,812
58,218
Current assets
Debtors
13
8,112,033
4,983,284
Cash at bank and in hand
3,985,998
3,492,881
12,098,031
8,476,165
Creditors: amounts falling due within one year
14
(7,613,556)
(6,192,536)
Net current assets
4,484,475
2,283,629
Total assets less current liabilities
4,555,287
2,341,847
Provisions for liabilities
Deferred tax liability
16
16,056
10,777
(16,056)
(10,777)
Net assets
4,539,231
2,331,070
Capital and reserves
Called up share capital
19
1,093
1,055
Share premium account
61,617
15,291
Profit and loss reserves
4,476,521
2,314,724
Total equity
4,539,231
2,331,070

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 23 October 2024 and are signed on its behalf by:
R Pooley
Director
Company registration number 10343084 (England and Wales)
SAEPIO SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
1,038
10,628
1,789,279
1,800,945
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
2,325,407
2,325,407
Issue of share capital
19
17
4,663
-
4,680
Dividends
10
-
-
(1,799,962)
(1,799,962)
Balance at 30 April 2023
1,055
15,291
2,314,724
2,331,070
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
3,425,932
3,425,932
Issue of share capital
19
38
46,326
-
46,364
Dividends
10
-
-
(1,264,135)
(1,264,135)
Balance at 30 April 2024
1,093
61,617
4,476,521
4,539,231
SAEPIO SOLUTIONS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
2,512,330
3,175,793
Interest paid
(8,100)
(9,070)
Income taxes paid
(795,415)
(718,806)
Net cash inflow from operating activities
1,708,815
2,447,917
Investing activities
Purchase of intangible assets
-
0
(6,000)
Purchase of tangible fixed assets
(41,770)
(27,015)
Interest received
43,805
4,234
Net cash generated from/(used in) investing activities
2,035
(28,781)
Financing activities
Proceeds from issue of shares
46,364
4,680
Dividends paid
(1,264,135)
(1,799,962)
Net cash used in financing activities
(1,217,771)
(1,795,282)
Net increase in cash and cash equivalents
493,079
623,854
Cash and cash equivalents at beginning of year
3,492,881
2,869,027
Cash and cash equivalents at end of year
3,985,960
3,492,881
Relating to:
Cash at bank and in hand
3,985,998
3,492,881
Bank overdrafts included in creditors payable within one year
(38)
-
0
SAEPIO SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
1
Accounting policies
Company information

SAEPIO Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5&6 Anglo Office Park, Lincoln Road, High Wycombe, Buckinghamshire, HP12 3RH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services during the provision of IT services, and is shown net of discounts and VAT.

 

Turnover is recognised proportionally over the performance of the service contract, by reference to the stage of completion of the transaction at the end of the reporting period.

 

Additionally, the company sells services provided by third parties. Revenue for services provided by third parties is recognised at the point of sale to the customer as the Company has no ongoing obligations. The Company establishes the selling price and is exposed to customer credit risk on this revenue and therefore considers itself to be acting as principal, measuring revenue as the price charged to the customer, net of VAT.

Revenue in respect of consultancy services is recognised when the service has been satisfactorily completed, or in line with the stage of completed work. It is measured at either the sales price, net of discounts and VAT, or by reference to the costs incurred as a proportion of the total estimated costs of the contract.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
25% Straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

SAEPIO SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 12 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
25% straight line
Plant and equipment
25% straight line
Fixtures and fittings
25% straight line

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.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” 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

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

Basic financial liabilities

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

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

SAEPIO SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -
1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sales of services
32,392,084
25,492,945
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
29,673,185
21,993,682
Rest of world
2,718,899
3,499,263
32,392,084
25,492,945
2024
2023
£
£
Other revenue
Interest income
66,926
8,229
3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(3,918)
55,617
Depreciation of owned tangible fixed assets
26,176
18,752
Amortisation of intangible assets
3,000
3,000
Operating lease charges
89,988
88,790
SAEPIO SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
19,500
3,500
For other services
Accounts and taxation compliance services
6,755
8,174
All other non-audit services
8,172
773
14,927
8,947
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Admin and operations
54
42

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,427,558
2,696,656
Social security costs
473,273
336,985
Pension costs
100,782
128,245
4,001,613
3,161,886
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
33,174
52,535
Company pension contributions to defined contribution schemes
693
38,398
33,867
90,933

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 -2).

SAEPIO SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
56,035
4,234
Other interest income
10,891
3,995
Total income
66,926
8,229
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
56,035
4,234
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
8,250
9,000
Other finance costs:
Other interest
-
0
70
8,250
9,070
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
753,661
555,415
Adjustments in respect of prior periods
-
0
(19,329)
Total current tax
753,661
536,086
Deferred tax
Origination and reversal of timing differences
5,279
4,498
Total tax charge
758,940
540,584
SAEPIO SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Taxation
(Continued)
- 16 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
4,184,872
2,865,991
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
1,046,218
558,673
Tax effect of expenses that are not deductible in determining taxable profit
6,730
3,221
Effect of change in corporation tax rate
-
0
2,536
Depreciation on assets not qualifying for tax allowances
73
863
Tax relief on share options
(294,081)
(4,188)
Under/(over) provided in prior years
-
0
(19,329)
Enhanced capital allowances
-
0
(1,192)
Taxation charge for the year
758,940
540,584
10
Dividends
2024
2023
£
£
Interim paid
1,264,135
1,799,962
11
Intangible fixed assets
Software
£
Cost
At 1 May 2023 and 30 April 2024
12,000
Amortisation and impairment
At 1 May 2023
3,000
Amortisation charged for the year
3,000
At 30 April 2024
6,000
Carrying amount
At 30 April 2024
6,000
At 30 April 2023
9,000
SAEPIO SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
12
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 May 2023
24,369
69,505
19,095
112,969
Additions
-
0
31,662
10,108
41,770
Disposals
-
0
(14,166)
-
0
(14,166)
At 30 April 2024
24,369
87,001
29,203
140,573
Depreciation and impairment
At 1 May 2023
23,490
31,764
8,497
63,751
Depreciation charged in the year
293
20,966
4,917
26,176
Eliminated in respect of disposals
-
0
(14,166)
-
0
(14,166)
At 30 April 2024
23,783
38,564
13,414
75,761
Carrying amount
At 30 April 2024
586
48,437
15,789
64,812
At 30 April 2023
879
37,741
10,598
49,218
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,019,358
4,859,328
Amounts owed by group undertakings
2,610,623
-
0
Other debtors
72,939
40,392
Prepayments and accrued income
409,113
83,564
8,112,033
4,983,284
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
15
38
-
0
Trade creditors
3,920,387
3,014,509
Corporation tax
213,961
255,565
Other taxation and social security
724,208
854,589
Other creditors
-
0
47,774
Accruals and deferred income
2,754,962
2,020,099
7,613,556
6,192,536
SAEPIO SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
15
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
38
-
0
Payable within one year
38
-
0
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
16,056
12,084
Retirement benefit obligations
-
(1,307)
16,056
10,777
2024
Movements in the year:
£
Liability at 1 May 2023
10,777
Charge to profit or loss
5,279
Liability at 30 April 2024
16,056

The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances that are expected to mature within the same period.

17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
100,782
128,245

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

SAEPIO SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
18
Share-based payment transactions

The company has introduced an HMRC approved Enterprise Management Incentive Plan ("EMI Plan") for certain employees of Saepio Solutions Limited. In accordance with provisions of the scheme, employees may be granted options to purchase ordinary shares and must be exercised within 10 years from the date of grant. The EMI options granted are personal to the option holder and are not transferable, assignable or chargeable. Vesting conditions of the options dictate that the employees must remain in the employment of the company for the whole period or a good leaver status and on the occurrence of an exit event that the board of directors considers justifies the EMI Option(s) becoming exercisable to qualify, and all the options are equity settled.

 

Movement in issued share options during the year

Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 May 2023
382,090
552,090
-
0
-
0
Exercised
(382,090)
(170,000)
3.20
0.03
Outstanding at 30 April 2024
-
0
382,090
-
0
-
0
Exercisable at 30 April 2024
-
0
-
0
-
0
-
0

As at 30 April 2024 there were no options outstanding.

 

No share based payment charge is recognised in the Statement of comprehensive income for the year ending 30 April 2024.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.01p each
10,932,090
10,550,000
1,093
1,055

During the year the company issued 382,090 (2023: 170,000) 0.01p ordinary shares for a total consideration of £46,364 (2023: £4,680).

 

SAEPIO SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
20
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
113,844
65,076
Between two and five years
191,829
199,716
305,673
264,792
21
Multilateral guarantee

A composite company multilateral guarantee has been provided by Saepio Solutions Limited in respect of its ultimate parent company Aurias Topco Limited and its subsidiaries. This security provides a fixed and floating charge over the assets and the shares of Saepio Solutions Limited. At 30 April 2024 the amount of borrowing on which security has been provided was £15m.

 

22
Related party transactions

The company is a wholly owned member of the group and as such has taken advantage of the exemption permitted by Section 1AC.35 'Related Party Disclosures', not to provide disclosures of transactions entered into with other wholly-owned members of the group.

23
Directors' transactions

At the balance sheet date, the directors were owed £nil (2023 - £45,036) by the company.

24
Ultimate controlling party

The immediate parent undertaking of Saepio Solutions Limited is Aurias Bidco Ltd a company incorporated in the United Kingdom. The company was incorporated on 28 March 2024 and became the parent company on the 10 April 2024. Its registered office is 5 & 6 Anglo Business Park First Floor, Lincoln Road, High Wycombe, England, HP12 3RH.

 

The ultimate controlling party of Saepio Solutions Limited from the 10 April 2024 is Aurias Topco Ltd. No singular individual has control of Aurias Topco Ltd. Before this date, the ultimate controlling party was A Pitt and R Pooley through their majority ownership of Saepio Solutions Limited.

SAEPIO SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
25
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
3,425,932
2,325,407
Adjustments for:
Taxation charged
758,940
540,584
Finance costs
8,250
9,070
Investment income
(43,805)
(4,234)
Amortisation and impairment of intangible assets
3,000
3,000
Depreciation and impairment of tangible fixed assets
26,176
18,752
Prior year tax adjustment
-
19,329
Movements in working capital:
Increase in debtors
(3,128,749)
(3,225,696)
Increase in creditors
1,462,586
3,489,581
Cash generated from operations
2,512,330
3,175,793
26
Analysis of changes in net funds
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
3,492,881
493,117
3,985,998
Bank overdrafts
-
0
(38)
(38)
3,492,881
493,079
3,985,960
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