Company registration number 06873951 (England and Wales)
SAVEKERS SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
SAVEKERS SOLUTIONS LIMITED
CONTENTS
PAGE
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
SAVEKERS SOLUTIONS LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
FIXED ASSETS
Intangible assets
4
4,997
9,995
Tangible assets
5
238,130
287,616
243,127
297,611
CURRENT ASSETS
Stocks
121,512
119,845
Debtors
6
421,244
611,427
Cash at bank and in hand
104,400
412,609
647,156
1,143,881
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
7
(468,498)
(409,143)
NET CURRENT ASSETS
178,658
734,738
TOTAL ASSETS LESS CURRENT LIABILITIES
421,785
1,032,349
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
8
(20,886)
(23,497)
PROVISIONS FOR LIABILITIES
(49,482)
(61,973)
NET ASSETS
351,417
946,879
CAPITAL AND RESERVES
Called up share capital
80
80
Revaluation reserve
9,501
9,501
Profit and loss reserves
341,836
937,298
TOTAL EQUITY
351,417
946,879
SAVEKERS SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 20 March 2025 and are signed on its behalf by:
Mr A Steel
DIRECTOR
Company registration number 06873951 (England and Wales)
SAVEKERS SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
BALANCE AT 1 JULY 2022
80
15,834
815,037
830,951
YEAR ENDED 30 JUNE 2023:
Profit and total comprehensive income
-
-
295,928
295,928
Dividends
-
-
(180,000)
(180,000)
Transfers
-
(6,333)
6,333
-
BALANCE AT 30 JUNE 2023
80
9,501
937,298
946,879
YEAR ENDED 30 JUNE 2024:
Loss and total comprehensive income
-
-
(145,462)
(145,462)
Dividends
-
-
(450,000)
(450,000)
BALANCE AT 30 JUNE 2024
80
9,501
341,836
351,417
SAVEKERS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
ACCOUNTING POLICIES
COMPANY INFORMATION
Savekers Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Norton Street, Radnor Street Corner, Birmingham, B18 5RQ.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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 goods and 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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 9 years from 1st July 2016.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
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.
SAVEKERS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
ACCOUNTING POLICIES
(Continued)
- 5 -
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 land and buildings
6.66% straight line
Plant and equipment
10% straight line
Fixtures and fittings
33.3% straight line
Computers
33.3% staright line
Motor vehicles
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.
1.5
STOCKS
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
CASH AND CASH EQUIVALENTS
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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. 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.
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, 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.
SAVEKERS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
ACCOUNTING POLICIES
(Continued)
- 6 -
1.8
EMPLOYEE BENEFITS
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
RETIREMENT BENEFITS
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
GOVERNMENT GRANTS
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
EMPLOYEES
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
33
30
SAVEKERS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
4
INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 July 2023 and 30 June 2024
66,233
AMORTISATION AND IMPAIRMENT
At 1 July 2023
56,238
Amortisation charged for the year
4,998
At 30 June 2024
61,236
CARRYING AMOUNT
At 30 June 2024
4,997
At 30 June 2023
9,995
5
TANGIBLE FIXED ASSETS
Land and buildings
Plant and machinery etc
Total
£
£
£
COST
At 1 July 2023
83,717
807,670
891,387
Additions
10,704
10,704
At 30 June 2024
83,717
818,374
902,091
DEPRECIATION AND IMPAIRMENT
At 1 July 2023
72,477
531,294
603,771
Depreciation charged in the year
5,581
54,609
60,190
At 30 June 2024
78,058
585,903
663,961
CARRYING AMOUNT
At 30 June 2024
5,659
232,471
238,130
At 30 June 2023
11,240
276,376
287,616
6
DEBTORS
2024
2023
AMOUNTS FALLING DUE WITHIN ONE YEAR:
£
£
Trade debtors
380,040
476,651
Other debtors
41,204
134,776
421,244
611,427
SAVEKERS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
7
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
£
£
Bank loans
5,430
Trade creditors
252,629
240,073
Amounts owed to group undertakings
107,831
1,030
Corporation tax
67,747
Other taxation and social security
89,058
67,786
Other creditors
18,980
27,077
468,498
409,143
8
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024
2023
£
£
Other creditors
20,886
23,497
9
SECURED LIABILTIES
The remaining parent company bank loan of £392,770 is secured by a composite guarantee from the subsidiaries Hawkesley Shopfittings Ltd and Savekers Solutions Ltd. This amount is included in the parent company accounts.
10
OPERATING LEASE COMMITMENTS
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
84,000
84,000
Between two and five years
336,000
336,000
In over five years
420,000
504,000
840,000
924,000
This commitment relates to the lease of the trading property.
11
PARENT COMPNY
The company is wholly owned by Products and Solutions Ltd (06850908) whose registered office address is Norton Street, Hockley, Birmingham, West Midlands. B18 5RQ.