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COMPANY REGISTRATION NUMBER: 02118488
SAGEWOOD LIMITED
Filleted Unaudited Financial Statements
31 March 2024
SAGEWOOD LIMITED
Balance Sheet
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,074,139
1,066,134
Investments
6
1,000
1,000
------------
------------
1,075,139
1,067,134
Current assets
Stocks
48,660
412,771
Debtors
7
3,298,083
3,326,590
Cash at bank and in hand
6,646,079
5,070,835
------------
------------
9,992,822
8,810,196
Creditors: amounts falling due within one year
8
( 1,537,294)
( 592,706)
------------
------------
Net current assets
8,455,528
8,217,490
------------
------------
Total assets less current liabilities
9,530,667
9,284,624
Provisions
Taxation including deferred tax
( 29,632)
( 56,887)
------------
------------
Net assets
9,501,035
9,227,737
------------
------------
Capital and reserves
Called up share capital
10,500
10,500
Profit and loss account
9,490,535
9,217,237
------------
------------
Shareholders funds
9,501,035
9,227,737
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SAGEWOOD LIMITED
Balance Sheet (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 21 February 2025 , and are signed on behalf of the board by:
M V Parekh
Director
Company registration number: 02118488
SAGEWOOD LIMITED
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Bruce Grove, Tottenham, London, N17 6RA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant impact on the amounts recognised in the financial statements are set out below. The company exercises judgement to determine useful lives and residual values of property, plant and equipment. Tangible fixed assets are depreciated to their estimated residual values over their estimated useful lives. The company also assesses annually any indicators that leasehold property might be impaired. In such case, the property is tested for impairment. No impairment loss was recognised in the current year or previous year.
Revenue recognition
Turnover comprise sales to external customers after discounts, excluding Value Added Tax. Sales are recognised when the significant risks and rewards of ownership of the goods are transferred to the customer, the sales price agreed and the receipt of payment can be reasonably assured.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
Straight line over 4 to 5 years
Motor vehicles
-
Straight line over 5 years
Fixtures, fittings and equipment
-
15 % reducing balance
No depreciation is provided on the land and buildings as in the opinion of the director the residual value of the property is at least equal to the book value and the resultant depreciation is immaterial.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 24 (2023: 20 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Fixtures, fittings and equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
712,160
31,740
386,753
282,494
1,413,147
Additions
103,393
6,852
4,709
114,954
Disposals
( 16,500)
( 16,500)
---------
--------
---------
---------
------------
At 31 March 2024
815,553
38,592
386,753
270,703
1,511,601
---------
--------
---------
---------
------------
Depreciation
At 1 April 2023
19,834
176,525
150,654
347,013
Charge for the year
4,843
69,703
18,379
92,925
Disposals
( 2,476)
( 2,476)
---------
--------
---------
---------
------------
At 31 March 2024
24,677
246,228
166,557
437,462
---------
--------
---------
---------
------------
Carrying amount
At 31 March 2024
815,553
13,915
140,525
104,146
1,074,139
---------
--------
---------
---------
------------
At 31 March 2023
712,160
11,906
210,228
131,840
1,066,134
---------
--------
---------
---------
------------
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
1,000
-------
Impairment
At 1 April 2023 and 31 March 2024
-------
Carrying amount
At 31 March 2024
1,000
-------
At 31 March 2023
1,000
-------
The company owns 100% of the share capital of Sagewood Properties Limited, a company incorporated in England and Wales, which was dormant throughout the year.
7. Debtors
2024
2023
£
£
Trade debtors
3,178,181
3,233,033
Prepayments and accrued income
88,266
29,525
Corporation tax repayable
17,762
Other debtors
31,636
46,270
------------
------------
3,298,083
3,326,590
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Payments received on account
32,775
3,358
Trade creditors
764,567
419,719
Accruals and deferred income
494,604
141,253
Corporation tax
219,074
Social security and other taxes
6,933
10,645
Director loan accounts
613
3,996
Other creditors
18,728
13,735
------------
---------
1,537,294
592,706
------------
---------
9. Deferred tax
The deferred tax included in the balance sheet is as follows:
2024
2023
£
£
Included in provisions
29,632
56,887
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
40,875
57,787
Other timing differences
(11,243)
(900)
--------
--------
29,632
56,887
--------
--------
10. Related party transactions
Included in creditors due within one year is an amount of £613 (2023: £3,996) owed to the director. This loan is interest-free and has no fixed repayment term. The bank facilities are secured by a fixed and floating charge over the company's assets.