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Registration number: 07881634

Saneux (Eu) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Company Information

Directors

Mr Iain Cooper

Mr Romulus Cooper

Registered office

Iain Stewart Centre
Beehive Ring Road
Gatwick
RH6 0PB

Accountants

Lucraft Hodgson & Dawes LLP
2/4 Ash Lane
Rustington
Littlehampton
West Sussex
BN16 3BZ

 

(Registration number: 07881634)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

5,083

12,646

Tangible assets

5

382,800

532,381

 

387,883

545,027

Current assets

 

Stocks

6

1,529,232

2,020,472

Debtors

7

916,837

1,079,202

Cash at bank and in hand

 

28,620

124,549

 

2,474,689

3,224,223

Creditors: Amounts falling due within one year

8

(1,186,537)

(1,936,840)

Net current assets

 

1,288,152

1,287,383

Total assets less current liabilities

 

1,676,035

1,832,410

Creditors: Amounts falling due after more than one year

8

(995,757)

(1,226,085)

Provisions for liabilities

(88,155)

(87,519)

Net assets

 

592,123

518,806

Capital and reserves

 

Called up share capital

122

122

Share premium reserve

340,827

340,827

Capital redemption reserve

34

34

Profit and loss account

251,140

177,823

Shareholders' funds

 

592,123

518,806

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 February 2025 and signed on its behalf by:
 

 

(Registration number: 07881634)
Balance Sheet as at 31 December 2024

.........................................
Mr Iain Cooper
Director

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Iain Stewart Centre
Beehive Ring Road
Gatwick
RH6 0PB
England

These financial statements were authorised for issue by the Board on 14 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Fixtures and fittings

25% reducing balance

Computer equipment

33% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 year straight line

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2023 - 25).

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2024

35,334

35,334

At 31 December 2024

35,334

35,334

Amortisation

At 1 January 2024

22,688

22,688

Amortisation charge

7,563

7,563

At 31 December 2024

30,251

30,251

Carrying amount

At 31 December 2024

5,083

5,083

At 31 December 2023

12,646

12,646

The aggregate amount of research and development expenditure recognised as an expense during the period is £14,686 (2023 - £17,942).
 

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

243,209

273,552

200,987

67,924

785,672

Additions

-

8,073

-

782

8,855

At 31 December 2024

243,209

281,625

200,987

68,706

794,527

Depreciation

At 1 January 2024

60,925

149,102

12,541

30,723

253,291

Charge for the year

24,321

66,812

50,247

17,056

158,436

At 31 December 2024

85,246

215,914

62,788

47,779

411,727

Carrying amount

At 31 December 2024

157,963

65,711

138,199

20,927

382,800

At 31 December 2023

182,284

124,450

188,446

37,201

532,381

Included within the net book value of land and buildings above is £65,598 (2023 - £89,919) in respect of freehold land and buildings and £92,365 (2023 - £92,365) in respect of short leasehold land and buildings.
 

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Stocks

2024
£

2023
£

Work in progress

35,000

35,000

Finished goods and goods for resale

1,494,232

1,985,472

1,529,232

2,020,472

7

Debtors

Current

2024
£

2023
£

Trade debtors

419,367

750,010

Prepayments

95,216

114,082

Other debtors

402,254

215,110

 

916,837

1,079,202

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

741,965

1,027,241

Trade creditors

 

158,212

219,713

Taxation and social security

 

181,177

328,251

Accruals and deferred income

 

96,834

356,351

Other creditors

 

8,349

5,284

 

1,186,537

1,936,840

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

995,757

1,226,085

 

995,757

1,226,085

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

146,667

226,667

Other borrowings

849,090

999,418

995,757

1,226,085

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

9

Loans and borrowings (continued)

2024
£

2023
£

Current loans and borrowings

Bank borrowings

285,517

379,600

Bank overdrafts

318,734

432,227

Hire purchase contracts

135,970

215,414

Other borrowings

1,744

-

741,965

1,027,241