Company registration number 10187772 (England and Wales)
SAGITTITE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SAGITTITE LIMITED
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
2 - 7
SAGITTITE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
FIXED ASSETS
Intangible assets
3
274,545
304,587
CURRENT ASSETS
Debtors
4
28
204
Cash at bank and in hand
6
8
34
212
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5
(10,276)
(1,227)
NET CURRENT LIABILITIES
(10,242)
(1,015)
NET ASSETS
264,303
303,572
CAPITAL AND RESERVES
Called up share capital
6
1
1
Profit and loss reserves
264,302
303,571
TOTAL EQUITY
264,303
303,572
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 20 March 2025
Mr R G Tompsett
DIRECTOR
Company registration number 10187772 (England and Wales)
SAGITTITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
ACCOUNTING POLICIES
COMPANY INFORMATION
Sagittite Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19 Highfield Road, Edgbaston, Birmingham, B15 3BH.
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
GOING CONCERN
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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:
Patents & licences
over 15 years
1.4
IMPAIRMENT OF FIXED ASSETS
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
SAGITTITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 3 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
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.
1.6
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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
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.
SAGITTITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 4 -
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.
2
EMPLOYEES
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
INTANGIBLE FIXED ASSETS
Patents & licences
£
COST
At 1 January 2024
809,093
Additions
24,359
At 31 December 2024
833,452
AMORTISATION AND IMPAIRMENT
At 1 January 2024
504,506
Amortisation charged for the year
54,401
At 31 December 2024
558,907
CARRYING AMOUNT
At 31 December 2024
274,545
At 31 December 2023
304,587
4
DEBTORS
2024
2023
AMOUNTS FALLING DUE WITHIN ONE YEAR:
£
£
Other debtors
28
204
SAGITTITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
5
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
£
£
Trade creditors
165
1,227
Other creditors
10,111
10,276
1,227
6
CALLED UP SHARE CAPITAL
2024
2023
£
£
ISSUED AND FULLY PAID
1 Ordinary share of £1 each
1
1
7
AUDIT REPORT INFORMATION
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
OPINION
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Neal Aston FCA FCCA
Statutory Auditor:
JW Hinks LLP
Date of audit report:
20 March 2025
8
RELATED PARTY TRANSACTIONS
The company has taken advantage of exemption of Section 33 of FRS 102 Related Party Disclosures, not to disclose related party transactions with wholly owned subsidiaries within the group.
9
PARENT COMPANY
The parent company and ultimate controlling party is Alycidon Capital Limited, registered office, 19 Highfield Road, Edgbaston, Birmingham, B15 3BH.
SAGITTITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
10
PRIOR PERIOD ADJUSTMENT
CHANGES TO THE BALANCE SHEET
As previously reported
Adjustment
As restated at 31 Dec 2023
£
£
£
CURRENT ASSETS
Debtors due within one year
8,298
(8,094)
204
CREDITORS DUE WITHIN ONE YEAR
Other creditors
(658,994)
657,767
(1,227)
Net assets
(346,101)
649,673
303,572
CAPITAL AND RESERVES
Profit and loss reserves
(346,102)
649,673
303,571
CHANGES TO THE PROFIT AND LOSS ACCOUNT
As previously reported
Adjustment
As restated
PERIOD ENDED 31 DECEMBER 2023
£
£
£
Amounts written off investments
-
649,673
649,673
(Loss)/profit for the financial period
(53,230)
649,673
596,443
RECONCILIATION OF CHANGES IN EQUITY
1 January
31 December
2023
2023
£
£
ADJUSTMENTS TO PRIOR YEAR
Intercompany loan write off
-
649,673
Equity as previously reported
(292,871)
(346,101)
Equity as adjusted
(292,871)
303,572
ANALYSIS OF THE EFFECT UPON EQUITY
Profit and loss reserves
-
649,673
RECONCILIATION OF CHANGES IN (LOSS)/PROFIT FOR THE PREVIOUS FINANCIAL PERIOD
2023
£
ADJUSTMENTS TO PRIOR YEAR
Intercompany loan write off
649,673
Loss as previously reported
(53,230)
Profit as adjusted
596,443
SAGITTITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
PRIOR PERIOD ADJUSTMENT
(Continued)
- 7 -
NOTES TO RECONCILIATION
A prior year adjustment has been included in respect of the year ended 31 December 2023. The adjustment relates to intercompany loans that have been written off between the group companies, this has resulted in a profit of £596,443 being realised for the year ended 31 December 2023. The corresponding intercompany loan write offs have been adjusted for in the respective financial statements of the other group companies.