Company registration number 08329065 (England and Wales)
SABREFISH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
SABREFISH LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
SABREFISH LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
11
11
Tangible assets
5
4,123
1,128
Investments
6
57,827
57,827
61,961
58,966
Current assets
Debtors
7
815,224
733,243
Cash at bank and in hand
1,124,890
606,940
1,940,114
1,340,183
Creditors: amounts falling due within one year
8
(666,353)
(574,013)
Net current assets
1,273,761
766,170
Net assets
1,335,722
825,136
Capital and reserves
Called up share capital
9
212,300
212,300
Profit and loss reserves
1,123,422
612,836
Total equity
1,335,722
825,136
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have 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 by the board of directors and authorised for issue on 24 February 2025 and are signed on its behalf by:
C Harvey
J Garaway
Director
Director
Company registration number 08329065 (England and Wales)
SABREFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
Sabrefish Limited is a private company limited by shares incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.
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 made up of the services rendered during the period for fixed price contracts, time and material based contracts, support contracts, hosting contracts, third party software & licence sales and RiskWrite licence sales.
Fixed Price Contracts - Turnover is recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations by reference to the proportion of the total work performed. Revenue not billed to clients is included in accrued income and payments on account in excess of the relevant amount of revenue are included in creditors.
Support & Hosting Contracts - These are invoiced in advance, either monthly or quarterly, and are recognised as turnover in the period to which they relate.
Time & Material Based Contracts - Services provided on a time and material basis are recognised as turnover in the period they are provided.
Third Party Software & period based License Sales - Turnover is recognised in the period to which they relate.
RiskWrite Perpetual Licenses – Turnover is recognised in the period the sale is made.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets - goodwill
Goodwill is recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. The acquired goodwill is negligible in value and therefore not amortised.
SABREFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
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.
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:
Trademarks
over 7 years
Intellectual property rights
over 5 years
1.6
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, fittings & equipment
25% to 100% 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.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.8
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
SABREFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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.
1.13
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
Business review
Sabrefish has made satisfactory progress in the achievement of the goals set in the review of the business for the year ending May 2024.
Revenue from customers using all or part of our Cloud Managed Service has increased year on year by approximately 29%.
We continue to invest heavily in R&D in our core products RiskWrite and RiskWrite Analytics:
Improvements to both the Underwriter and Broker user experience and process efficiency are in test and due to be released early next year.
‘Headless’ RiskWrite allowing our clients to access the system from external applications via an API library is in use and continues to attract interest.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
14
14
SABREFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
4
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 June 2023 and 31 May 2024
3
213,041
213,044
Amortisation and impairment
At 1 June 2023 and 31 May 2024
213,033
213,033
Carrying amount
At 31 May 2024
3
8
11
At 31 May 2023
3
8
11
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023
50,670
Additions
6,896
At 31 May 2024
57,566
Depreciation and impairment
At 1 June 2023
49,542
Depreciation charged in the year
3,901
At 31 May 2024
53,443
Carrying amount
At 31 May 2024
4,123
At 31 May 2023
1,128
6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
57,827
57,827
Fixed asset investments not carried at market value
The fixed asset investment relates to an investment made by the company in an unlisted entity where less than a significant influence is held. The fair value of this investment cannot be reliably measured in line with the hierarchy in Section 11 of FRS 102, as a result it is held at cost.
SABREFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
542,092
438,964
Corporation tax recoverable
97
36,423
Other debtors
273,035
257,856
815,224
733,243
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
153,305
128,689
Taxation and social security
130,725
68,146
Other creditors
382,323
377,178
666,353
574,013
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
21,230,000
21,230,000
212,300
212,300
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
£
£
140,620
79,250