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REGISTERED NUMBER: 12871951 (England and Wales)















Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 30 November 2024

for

S.A.R. Corporate Limited

S.A.R. Corporate Limited (Registered number: 12871951)






Contents of the Consolidated Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


S.A.R. Corporate Limited

Company Information
for the Year Ended 30 November 2024







DIRECTOR: Mr J Valentinas





REGISTERED OFFICE: RJA House
Manby Road
Immingham
North Lincolnshire
DN40 2DW





REGISTERED NUMBER: 12871951 (England and Wales)





AUDITORS: S P Crowther & Co Limited Chartered Accountants
and Statutory Auditors
Abacus House
Pennine Business Park
Longbow Close
Huddersfield
West Yorkshire
HD2 1GQ

S.A.R. Corporate Limited (Registered number: 12871951)

Group Strategic Report
for the Year Ended 30 November 2024

The director presents his strategic report for the year ended 30 November 2024.

During 2024, turnover increased by 7.68% from £28.8 million to £31.0 million following the previous years' decrease of 33.2%. Despite the increase in turnover the gross profit margin decreased from 17.8% to 17.1%. Gross profit margin decreased, which resulted in a net loss of £1.06 million compared to a £1.03 million loss for last year.

The director is aware of the strong results for the year and feels that the business is still well placed to deal with future challenges that may arise in the future.

The management accounts for the subsequent period showed that the company is trading at high levels of profitability.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the nature of the group's strategy are subject to a number of risks, of which the director sets out the principal risks below.

Precious metal prices
The sales price of precious metals is market led. This factor reduces the company's control over the level of income which it will receive for the sale of its products which contain precious metals. To help reduce this risk of fluctuations the company is selective over the products which it purchases for resale, so that it holds premium stock, which in turn should hold a higher value, should the market price begin to deteriorate.


Foreign currency fluctuation
Foreign currency fluctuations are governed by the global economy. They present risk to the company because it operates worldwide and trades in sterling, euros and US dollars. In order to reduce the level of risk associated with foreign currency fluctuations, the company observes exchange rates and transfers money from one currency to another at the point the rates of exchange are more favourable.

ON BEHALF OF THE BOARD:





Mr J Valentinas - Director


2 July 2025

S.A.R. Corporate Limited (Registered number: 12871951)

Report of the Director
for the Year Ended 30 November 2024

The director presents his report with the financial statements of the company and the group for the year ended 30 November 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the collection of non-hazardous waste.

DIVIDENDS
The total distribution of dividends for the year ended 30 November 2024 will be £ 4,000,000 .

DIRECTOR
Mr J Valentinas held office during the whole of the period from 1 December 2023 to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
The director's review of the business and their consideration of the risks and uncertainties surrounding the business maybe found in the Strategic Report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, S P Crowther & Co Limited Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr J Valentinas - Director


2 July 2025

Report of the Independent Auditors to the Members of
S.A.R. Corporate Limited

Opinion
We have audited the financial statements of S.A.R. Corporate Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 November 2024 and of the group's 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.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
S.A.R. Corporate Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Using our general commercial and sector experience and through discussions with the directors we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements as well as those arising from management's own assessment of the risks that irregularities may occur either as a result of fraud or error.

We examined the company's regulatory and legal correspondence and discussed with the directors any known or suspected instances of fraud or non-compliance with laws and regulations.

We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

In addressing the risk of management override of controls, we tested the appropriateness of journal entries. We also challenged assumptions and judgements made by management in their significant accounting estimates and judgements.

There are inherent limitations in the audit procedures described above and the further removed we are from the non-compliance with laws and regulations in respect of events and transactions reflected in the financial statements, the less likely we would become aware of identifying issues. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve the deliberate concealment, for example, through forgery or intentional misrepresentation, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
S.A.R. Corporate Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Steven Crowther FCA (Senior Statutory Auditor)
for and on behalf of S P Crowther & Co Limited Chartered Accountants
and Statutory Auditors
Abacus House
Pennine Business Park
Longbow Close
Huddersfield
West Yorkshire
HD2 1GQ

2 July 2025

S.A.R. Corporate Limited (Registered number: 12871951)

Consolidated Income Statement
for the Year Ended 30 November 2024

30.11.24 30.11.23
Notes £ £ £ £

TURNOVER 31,009,068 28,796,938

Cost of sales 25,711,146 23,682,043
GROSS PROFIT 5,297,922 5,114,895

Distribution costs 2,194,546 1,974,918
Administrative expenses 4,703,937 4,424,539
6,898,483 6,399,457
(1,600,561 ) (1,284,562 )

Other operating income - 16,104
OPERATING LOSS 5 (1,600,561 ) (1,268,458 )

Interest receivable and similar income 547,691 234,654
(1,052,870 ) (1,033,804 )

Interest payable and similar expenses 8 5,227 47
LOSS BEFORE TAXATION (1,058,097 ) (1,033,851 )

Tax on loss 9 69,174 (212,849 )
LOSS FOR THE FINANCIAL YEAR (1,127,271 ) (821,002 )
Loss attributable to:
Owners of the parent (1,127,271 ) (821,002 )

S.A.R. Corporate Limited (Registered number: 12871951)

Consolidated Other Comprehensive Income
for the Year Ended 30 November 2024

30.11.24 30.11.23
Notes £ £

LOSS FOR THE YEAR (1,127,271 ) (821,002 )


OTHER COMPREHENSIVE INCOME
Property revaluation
Interest from associates 19,686 17,864
Reversed interest from associates (170,831 ) -
Income tax relating to components of other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(151,145

)

17,864
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(1,278,416

)

(803,138

)

Total comprehensive income attributable to:
Owners of the parent (1,278,416 ) (803,138 )

S.A.R. Corporate Limited (Registered number: 12871951)

Consolidated Balance Sheet
30 November 2024

30.11.24 30.11.23
Notes £ £ £ £
FIXED ASSETS
Intangible assets 12 23,643 36,757
Tangible assets 13 581,204 670,137
Investments 14 122,176 123,613
Investment property 15 773,000 773,000
1,500,023 1,603,507

CURRENT ASSETS
Stocks 16 634,481 1,795,364
Debtors 17 9,157,961 10,918,973
Cash at bank and in hand 6,656,254 8,373,190
16,448,696 21,087,527
CREDITORS
Amounts falling due within one year 18 2,889,488 2,422,561
NET CURRENT ASSETS 13,559,208 18,664,966
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,059,231

20,268,473

PROVISIONS FOR LIABILITIES 20 133,585 64,411
NET ASSETS 14,925,646 20,204,062

CAPITAL AND RESERVES
Called up share capital 21 17 17
Capital redemption reserve 22 83 83
Other reserves 22 12,613 12,613
Retained earnings 22 14,912,933 20,191,349
SHAREHOLDERS' FUNDS 14,925,646 20,204,062

The financial statements were approved by the director and authorised for issue on 2 July 2025 and were signed by:





Mr J Valentinas - Director


S.A.R. Corporate Limited (Registered number: 12871951)

Company Balance Sheet
30 November 2024

30.11.24 30.11.23
Notes £ £ £ £
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 22,988 45,977
Investments 14 36 17
Investment property 15 773,000 773,000
796,024 818,994

CURRENT ASSETS
Debtors 17 3,969,087 4,242,918
Cash at bank 5,034,340 7,432,089
9,003,427 11,675,007
CREDITORS
Amounts falling due within one year 18 14,443 12,000
NET CURRENT ASSETS 8,988,984 11,663,007
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,785,008

12,482,001

CAPITAL AND RESERVES
Called up share capital 21 17 17
Other reserves 12,613 12,613
Retained earnings 9,772,378 12,469,371
SHAREHOLDERS' FUNDS 9,785,008 12,482,001

Company's profit for the financial year 1,324,237 62,660

The financial statements were approved by the director and authorised for issue on 2 July 2025 and were signed by:





Mr J Valentinas - Director


S.A.R. Corporate Limited (Registered number: 12871951)

Consolidated Statement of Changes in Equity
for the Year Ended 30 November 2024

Called up Capital
share Retained redemption Other Total
capital earnings reserve reserves equity
£ £ £ £ £
Balance at 1 December 2022 17 20,994,487 83 12,613 21,007,200

Changes in equity
Total comprehensive income - (803,138 ) - - (803,138 )
Balance at 30 November 2023 17 20,191,349 83 12,613 20,204,062

Changes in equity
Dividends - (4,000,000 ) - - (4,000,000 )
Total comprehensive income - (1,278,416 ) - - (1,278,416 )
Balance at 30 November 2024 17 14,912,933 83 12,613 14,925,646

S.A.R. Corporate Limited (Registered number: 12871951)

Company Statement of Changes in Equity
for the Year Ended 30 November 2024

Called up
share Retained Other Total
capital earnings reserves equity
£ £ £ £
Balance at 1 December 2022 17 12,411,322 12,613 12,423,952

Changes in equity
Total comprehensive income - 58,049 - 58,049
Balance at 30 November 2023 17 12,469,371 12,613 12,482,001

Changes in equity
Dividends - (4,000,000 ) - (4,000,000 )
Total comprehensive income - 1,303,007 - 1,303,007
Balance at 30 November 2024 17 9,772,378 12,613 9,785,008

S.A.R. Corporate Limited (Registered number: 12871951)

Consolidated Cash Flow Statement
for the Year Ended 30 November 2024

30.11.24 30.11.23
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 2,644,242 (1,872,438 )
Interest paid (5,227 ) (47 )
Tax paid (102,769 ) (507,236 )
Taxation refund 277,769 -
Net cash from operating activities 2,814,015 (2,379,721 )

Cash flows from investing activities
Purchase of intangible fixed assets (3,488 ) (16,560 )
Purchase of tangible fixed assets (242,839 ) (324,066 )
Purchase of fixed asset investments (19 ) (131,570 )
Sale of tangible fixed assets 36,390 22,500
Sale of fixed asset investments - 131,570
Interest received 376,861 234,654
Loans with related undertakings 15,472 (69,393 )
Net cash from investing activities 182,377 (152,865 )

Cash flows from financing activities
Loans to associates (1,108,328 ) (721,371 )
Associate loan repayments 395,000 -
Equity dividends paid (4,000,000 ) -
Net cash from financing activities (4,713,328 ) (721,371 )

Decrease in cash and cash equivalents (1,716,936 ) (3,253,957 )
Cash and cash equivalents at beginning of
year

2

8,373,190

11,627,147

Cash and cash equivalents at end of year 2 6,656,254 8,373,190

S.A.R. Corporate Limited (Registered number: 12871951)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 November 2024

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.11.24 30.11.23
£ £
Loss before taxation (1,058,097 ) (1,033,851 )
Depreciation charges 253,203 218,165
Loss on disposal of fixed assets 57,779 13,729
Loss on revaluation of fixed assets - 1,211
Unrealised exchange rate variances 1,456 -
Finance costs 5,227 47
Finance income (547,691 ) (234,654 )
(1,288,123 ) (1,035,353 )
Decrease/(increase) in stocks 1,160,883 (36,894 )
Decrease/(increase) in trade and other debtors 2,304,555 (1,758,946 )
Increase in trade and other creditors 466,927 958,755
Cash generated from operations 2,644,242 (1,872,438 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2024
30.11.24 1.12.23
£ £
Cash and cash equivalents 6,656,254 8,373,190
Year ended 30 November 2023
30.11.23 1.12.22
£ £
Cash and cash equivalents 8,373,190 11,627,147


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.23 Cash flow At 30.11.24
£ £ £
Net cash
Cash at bank and in hand 8,373,190 (1,716,936 ) 6,656,254
8,373,190 (1,716,936 ) 6,656,254
Total 8,373,190 (1,716,936 ) 6,656,254

S.A.R. Corporate Limited (Registered number: 12871951)

Notes to the Consolidated Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

S.A.R. Corporate Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value.

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 £.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases it judgements, estimates and assumptions on historical experience and on various other factors, including expectations of future events, management believes this to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The following judgments have the most significant effect on the amounts recognised in the financial statements:

Investments

On a periodic basis of every three years the company director obtains a professional valuation of the investment properties and any adjustment to the fair value are reflected in the Income Statement. In the intervening years, assessment of fair value is made through observation of similar properties marketed in the local area.

Estimation of useful lives of assets

The company determines the estimated useful lives and related depreciation charges for its property, plant and equipment. The useful lives could change significantly as a result of technical innovations or some other event. The depreciation charge will increase where the useful lives are less than previously estimated. Technically obsolete or non-strategic assets that have been abandoned or sold will be written off or impaired.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

S.A.R. Corporate Limited (Registered number: 12871951)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued

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.

At each reporting date the company assess whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:


Freehold land and property - In accordance with the property
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

No depreciation charge is provided in respect of freehold land, however, the depreciation charge for freehold property is assessed on an annual basis after taking into consideration the condition and value of the property. Subject to this assessment, depreciation is accounted for where deemed necessary.

Investment property
Investment property is recognised at fair value at the year end date. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is derived from the purchase price of materials.

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.
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 future receipts discounted at a market rate of interest. Financial assets classified as receivable in 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.

S.A.R. Corporate Limited (Registered number: 12871951)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued

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 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
30.11.24 30.11.23
£ £
Wages and salaries 2,008,831 1,815,868
Social security costs 202,332 179,671
Other pension costs 38,005 34,001
2,249,168 2,029,540

S.A.R. Corporate Limited (Registered number: 12871951)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30.11.24 30.11.23

Production and maintenance 41 37
Health and safety 2 3
Administration 19 20
62 60

4. DIRECTORS' EMOLUMENTS
30.11.24 30.11.23
£ £
Director's remuneration 48,000 48,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

5. OPERATING LOSS

The operating loss is stated after charging:

30.11.24 30.11.23
£ £
Depreciation - owned assets 237,603 205,115
Loss on disposal of fixed assets 57,779 13,729
Computer software amortisation 16,602 13,048
Foreign exchange differences 594,360 367,507

6. AUDITORS' REMUNERATION
30.11.24 30.11.23
£ £
Fees payable to the company's auditors for the audit of the company's
financial statements

14,350

12,558

7. EXCEPTIONAL ITEMS
30.11.24 30.11.23
£ £
Exceptional items (1,493,643 ) (570,583 )

Last year's exceptional items relate to the write off of a connected company loan in which the director owns
100% of the shares.

This year's exceptional items relate to the impairment loss of a connected company loan in which the director owns 100% of the shares.

8. INTEREST PAYABLE AND SIMILAR EXPENSES
30.11.24 30.11.23
£ £
Bank interest 5,227 47

S.A.R. Corporate Limited (Registered number: 12871951)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

9. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the loss for the year was as follows:
30.11.24 30.11.23
£ £
Current tax:
P/y tax adjustment - (121,981 )

Deferred tax 69,174 (90,868 )
Tax on loss 69,174 (212,849 )

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.11.24 30.11.23
£ £
Loss before tax (1,058,097 ) (1,033,851 )
Loss multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

(264,524

)

(196,432

)

Effects of:
Expenses not deductible for tax purposes 377,156 304,754
Income not taxable for tax purposes (42,707 ) (533 )
Depreciation in excess of capital allowances 16,774 8,309
Utilisation of tax losses (86,695 ) -
Enhanced R&D - (166,750 )
Deferred tax charge/(credit) 69,174 (90,868 )
Supertax deduction - (23,546 )

Adjustment to prior year tax - (121,981 )
Losses carried forward - 74,198
Pension contribution not taxable (4 ) -
Total tax charge/(credit) 69,174 (212,849 )

Tax effects relating to effects of other comprehensive income

30.11.24
Gross Tax Net
£ £ £
Property revaluation
Interest from associates 19,686 - 19,686
Reversed interest from associates (170,831 ) - (170,831 )
(151,145 ) - (151,145 )


S.A.R. Corporate Limited (Registered number: 12871951)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

9. TAXATION - continued
30.11.23
Gross Tax Net
£ £ £
Property revaluation
Interest from group undertakings 17,864 - 17,864
17,864 - 17,864

Factors affecting future tax charge

Based on current capital investment plans, the company expects to continue to be able to claim capital allowances in excess of depreciation in future years.

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


11. DIVIDENDS
30.11.24 30.11.23
£ £
Final 4,000,000 -

12. INTANGIBLE FIXED ASSETS

Group
Computer
software
£
COST
At 1 December 2023 49,805
Additions 3,488
At 30 November 2024 53,293
AMORTISATION
At 1 December 2023 13,048
Amortisation for year 16,602
At 30 November 2024 29,650
NET BOOK VALUE
At 30 November 2024 23,643
At 30 November 2023 36,757

S.A.R. Corporate Limited (Registered number: 12871951)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

13. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 December 2023 854,451 53,270 412,522 6,216 1,326,459
Additions 169,383 2,915 70,541 - 242,839
Disposals (124,858 ) - (127,845 ) - (252,703 )
At 30 November 2024 898,976 56,185 355,218 6,216 1,316,595
DEPRECIATION
At 1 December 2023 478,165 44,172 129,332 4,653 656,322
Charge for year 132,093 7,539 97,315 656 237,603
Eliminated on disposal (72,550 ) - (85,984 ) - (158,534 )
At 30 November 2024 537,708 51,711 140,663 5,309 735,391
NET BOOK VALUE
At 30 November 2024 361,268 4,474 214,555 907 581,204
At 30 November 2023 376,286 9,098 283,190 1,563 670,137

Company
Plant and
machinery
£
COST
At 1 December 2023
and 30 November 2024 114,944
DEPRECIATION
At 1 December 2023 68,967
Charge for year 22,989
At 30 November 2024 91,956
NET BOOK VALUE
At 30 November 2024 22,988
At 30 November 2023 45,977

14. FIXED ASSET INVESTMENTS

Group Company
30.11.24 30.11.23 30.11.24 30.11.23
£ £ £ £
Loans to group undertakings 87,871 87,871 - -
Other investments not loans 34,305 35,742 36 17
122,176 123,613 36 17

S.A.R. Corporate Limited (Registered number: 12871951)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

14. FIXED ASSET INVESTMENTS - continued

Additional information is as follows:

Group
Unlisted
investments
£
COST
At 1 December 2023 35,742
Additions 19
Exchange differences (1,456 )
At 30 November 2024 34,305
NET BOOK VALUE
At 30 November 2024 34,305
At 30 November 2023 35,742
Company
Unlisted
investments
£
COST
At 1 December 2023 17
Additions 19
At 30 November 2024 36
NET BOOK VALUE
At 30 November 2024 36
At 30 November 2023 17

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

UAB Serius
Registered office: Siauliai, Rudes g. 27A, Lithuania
Nature of business: Property Investment
%
Class of shares: holding
Ordinary 55.00
31.12.24 31.12.23
£ £
Aggregate capital and reserves (248,544 ) (149,320 )
Loss for the year (105,305 ) (207,479 )

The group has taken advantage of CA2006 405(2) whereby a subsidiary undertaking may be excluded from consolidation if its inclusion is not material for the purpose of giving a true and fair view.

It is considered that the results of UAB Serius are not material and have therefore not been consolidated into the financial statements of S.A.R. Corporate Limited during the year ended 30 November 2023.


S.A.R. Corporate Limited (Registered number: 12871951)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

14. FIXED ASSET INVESTMENTS - continued
Group
Loans to
group
undertakings
£
At 1 December 2023
and 30 November 2024 87,871


15. INVESTMENT PROPERTY

Group
Total
£
FAIR VALUE
At 1 December 2023
and 30 November 2024 773,000
NET BOOK VALUE
At 30 November 2024 773,000
At 30 November 2023 773,000

Company
Total
£
FAIR VALUE
At 1 December 2023
and 30 November 2024 773,000
NET BOOK VALUE
At 30 November 2024 773,000
At 30 November 2023 773,000

The director has assessed the fair value of residential property included within investment property. The valuation has been made on an open market basis by reference to similar properties. The fair value of commercial property included within investment property has been arrived at based on a valuation carried out on 8 December 2020 by PPH Commercial Chartered Surveyors, who are not connected to the company. The valuation has been made on an open market basis by reference to market evidence of transaction prices for similar properties. The original cost of all properties was £759,528. The directors are satisfied with the valuation of investment properties.

16. STOCKS

Group
30.11.24 30.11.23
£ £
Stocks 634,481 1,795,364

S.A.R. Corporate Limited (Registered number: 12871951)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

17. DEBTORS

Group Company
30.11.24 30.11.23 30.11.24 30.11.23
£ £ £ £
Amounts falling due within one year:
Trade debtors 1,021,317 1,243,076 67,285 -
Amounts owed by group undertakings - - - 36,000
Amounts owed by associates 2,646,381 1,928,442 2,646,381 1,928,442
Other debtors 2,901,322 6,297,406 1,242,707 2,182,443
Tax 5,000 180,000 - -
VAT 363,583 141,103 - -
Deferred tax asset - - 5,188 86,135
Prepayments 1,880,608 346,856 7,526 9,898
8,818,211 10,136,883 3,969,087 4,242,918

Amounts falling due after more than one year:
Amounts owed by group undertakings 339,750 339,147 - -
Other debtors - 442,943 - -
339,750 782,090 - -

Aggregate amounts 9,157,961 10,918,973 3,969,087 4,242,918

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.11.24 30.11.23 30.11.24 30.11.23
£ £ £ £
Trade creditors 308,655 677,405 - -
Other creditors 1,811,517 1,013,018 - -
Accrued expenses 769,316 732,138 14,443 12,000
2,889,488 2,422,561 14,443 12,000

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable
operating leases
30.11.24 30.11.23
£ £
Within one year 13,176 13,176
Between one and five years 26,956 40,132
40,132 53,308

S.A.R. Corporate Limited (Registered number: 12871951)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

20. PROVISIONS FOR LIABILITIES

Group
30.11.24 30.11.23
£ £
Deferred tax 133,585 64,411

Group
Deferred tax
£
Balance at 1 December 2023 64,411
Provided during year 69,174
Balance at 30 November 2024 133,585

Company
Deferred tax
£
Balance at 1 December 2023 (86,135 )
Provided during year 80,947
Balance at 30 November 2024 (5,188 )

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.24 30.11.23
value: £ £
17 Ordinary £1 17 17

22. RESERVES

Group
Capital
Retained redemption Other
earnings reserve reserves Totals
£ £ £ £

At 1 December 2023 20,191,349 83 12,613 20,204,045
Deficit for the year (1,127,271 ) (1,127,271 )
Dividends (4,000,000 ) (4,000,000 )
Group undertakings interest (125,304 ) - - (125,304 )
Discounted loan interest to equity (25,841 ) - - (25,841 )
At 30 November 2024 14,912,933 83 12,613 14,925,629

S.A.R. Corporate Limited (Registered number: 12871951)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

22. RESERVES - continued

Company
Retained Other
earnings reserves Totals
£ £ £

At 1 December 2023 12,469,371 12,613 12,481,984
Profit for the year 1,324,237 1,324,237
Dividends (4,000,000 ) (4,000,000 )
Group undertakings interest 4,611 - 4,611
Discounted loan interest to equity (25,841 ) - (25,841 )
At 30 November 2024 9,772,378 12,613 9,784,991


23. PENSION COMMITMENTS

The group operates a defined contribution pension scheme. The assets of the pension scheme are held separately from those of the group, in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £38,005 (2023 - £34,001) during the year. The contributions accrued at the year end amounted to £7,607 (2023 - £7,325).

24. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

UAB Serius
A company in which 55% of the share capital is owned by S.A.R. Metals Limited.

At the balance sheet date the group was owed £846,365 (2023 - £877,741) by UAB Serius.

Midvaris Limited
A company in which Mr Justas Valentinas is the sole director and shareholder.

At the balance sheet date the group was owed £nil (2023 - £1,388,703) by Midvaris Limited.

S.A.R Group Management Limited
A company in which 59% of the share capital is owned by Suru International DMCC.

At the balance sheet date the company was owed £2,114,766 (2023 - £1,145) by S.A.R Group Management Limited.

Pelham Coffee Shop (Immingham) Limited
A company in which S.A.R. Corporate Limited owns 19% of the share capital.

At the balance sheet date the company was owed £25,000 (2023 - £nil) by Pelham Coffee Shop (Immingham) Limited.

S.A.R. Corporate Limited (Registered number: 12871951)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

25. ULTIMATE CONTROLLING PARTY

The controlling party is SURU International DMCC.

The ultimate controlling party is Mr S Kavleiskij.