Company registration number 11494777 (England and Wales)
SAGE & CO ESTATE AGENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SAGE & CO ESTATE AGENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
SAGE & CO ESTATE AGENTS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,680
5,850
Tangible assets
4
42,602
19,004
47,282
24,854
Current assets
Debtors
5
29,633
45,673
Cash at bank and in hand
79,620
81,614
109,253
127,287
Creditors: amounts falling due within one year
6
(54,503)
(63,086)
Net current assets
54,750
64,201
Total assets less current liabilities
102,032
89,055
Creditors: amounts falling due after more than one year
7
(17,238)
(10,000)
Provisions for liabilities
(8,024)
(3,553)
Net assets
76,770
75,502
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
76,670
75,402
Total equity
76,770
75,502
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 27 January 2025
Mr S Sage
Director
Company Registration No. 11494777
SAGE & CO ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Sage & Co Estate Agents Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, NP20 2DW.
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 as applicable to companies subject to the small companies regime. 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 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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
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:
Fixtures and fittings
20% reducing balance
Motor vehicles
25% reducing balance
SAGE & CO ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
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.
1.6
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
SAGE & CO ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
8
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
11,700
Amortisation and impairment
At 1 October 2023
5,850
Amortisation charged for the year
1,170
At 30 September 2024
7,020
Carrying amount
At 30 September 2024
4,680
At 30 September 2023
5,850
SAGE & CO ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 October 2023
7,153
33,663
40,816
Additions
13,470
25,191
38,661
Disposals
(29,480)
(29,480)
At 30 September 2024
20,623
29,374
49,997
Depreciation and impairment
At 1 October 2023
1,935
19,877
21,812
Depreciation charged in the year
2,483
3,446
5,929
Eliminated in respect of disposals
(20,346)
(20,346)
At 30 September 2024
4,418
2,977
7,395
Carrying amount
At 30 September 2024
16,205
26,397
42,602
At 30 September 2023
5,218
13,786
19,004
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,309
8,531
Other debtors
27,324
37,142
29,633
45,673
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
6,000
6,000
Trade creditors
5,956
6,444
Corporation tax
4,456
6,848
Other taxation and social security
16,593
20,912
Other creditors
21,498
22,882
54,503
63,086
Included in other creditors is an amount of £4,539 secured by the fixed charge over the asset to which it relates.
SAGE & CO ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,000
10,000
Other creditors
13,238
17,238
10,000
Included in other creditors is an amount of £13,238 secured by the fixed charge over the asset to which it relates
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
9
Related party transactions
During the year the company made a loan to Sage & Co Auctions Limited, a company in which Mr S Sage is the director. At the year end a balance of £162 due to the company (2023- £10,811 due from the company) remained outstanding, being included in debtors (2023 - creditors); amounts falling due within one year.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
15,120
19,730
SAGE & CO ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
11
Directors' transactions
Dividends totalling £34,000 (2023 - £39,000) were paid in the year in respect of shares held by the company's director.
Advances or credits have been granted by the company to its director as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr S Sage -
-
26,691
36,607
(45,705)
17,593
26,691
36,607
(45,705)
17,593