| REGISTERED NUMBER: 03166497 (England and Wales) |
| Group Strategic Report, Directors' Report and |
| Consolidated Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| SAV Holding (UK) Limited |
| REGISTERED NUMBER: 03166497 (England and Wales) |
| Group Strategic Report, Directors' Report and |
| Consolidated Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| SAV Holding (UK) Limited |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Directors' Report | 5 |
| Independent Auditors' Report | 7 |
| Consolidated Statement of Comprehensive Income | 10 |
| Consolidated Statement of Financial Position | 11 |
| Company Statement of Financial Position | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Statement of Cash Flows | 15 |
| Notes to the Consolidated Statement of Cash Flows | 16 |
| Notes to the Consolidated Financial Statements | 18 |
| SAV Holding (UK) Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| 2nd Floor |
| Midas House |
| 62 Goldsworth Road |
| Woking |
| Surrey |
| GU21 6LQ |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Group Strategic Report |
| for the Year Ended 31 December 2024 |
| The directors present their strategic report of the group for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group during the year was that of the supply of heating and plumbing systems and the components therein. The principal activity of the company during the year was that of a holding company. |
| REVIEW OF BUSINESS |
| The group's performance in the year was impacted by the overall decline in the construction industry due to political uncertainty in the UK, the impact of regulations arising from Grenfell and and higher interest rates causing projects to be delayed. This resulted in a slight decrease in turnover compared to the prior year £30,444,306 (2023: £32,847,640), a decrease of 7.3%. |
| However, the group was able to improve its gross profit margin year on year to 27.6% (2023: 24.7%.) and as such gross profits showed a slight increased from £8,118,059 to £8,401,650. |
| The group maintained its headcount to ensure it has the infrastructure for future growth, however was impacted by general inflationary pressures, and an increase in bad debts, so consequently despite the increase in gross profit the operating profit decreased from £1,024,138 to £720,784. |
| The group's balance sheet improved with net assets increasing from £11,162,713 to £11,378,650. |
| The strategic objective of the group continues to be the leading provider of innovative solutions to improve energy efficiency and energy performance in UK buildings. |
| FUTURE DEVELOPMENTS |
| The group, like many businesses expects to continue to be affected by the higher interest rates and its impact on the construction sector as well as inflationary pressures. It is therefore forecasting for margins to be under pressure and for operational and logistical challenges during 2025. However the group has a strong order book and so remains positive for the year ahead. |
| KEY PERFORMANCE INDICATORS |
| The group considers its Key Performance Indicators to be turnover, gross profit, net assets and cash. |
| 2024 | 2023 | 2022 |
| £ | £ | £ |
| Sales | 30,444,306 | 32,847,640 | 30,841,059 |
| Gross profit | 8,401,650 | 8,118,059 | 7,725,997 |
| Gross profit margin | 27.6% | 24.7% | 25.1% |
| Net assets | 11,378,650 | 11,162,713 | 10,683,917 |
| Cash | 1,552,249 | 1,707,415 | 119,403 |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Group Strategic Report |
| for the Year Ended 31 December 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The group's principal financial instruments comprise bank balances, bank loans, inventories, trade debtors, the commercial financing of its invoices, trade creditors and forward contracts. The main purpose of these instruments is to provide funds for the group's operations. Their existence exposes the group to a number of financial risks, which have been considered and are managed as follows: |
| Credit risk: |
| The group has a significant and diverse customer base, ranging from large contractors to individual operations. This, combined with undertaking stringent credit checks and the implementation of further safeguards, where necessary, minimises credit risk. |
| Operational risk: |
| Operational risk is the risk of a direct or indirect loss resulting from the inadequacies or failures of processes or controls due to technology, staff, organisation or external factors. To monitor and control operational risk, the group maintains a system of comprehensive policies and a control framework which is designed to provide a sound and well-controlled operational environment. |
| Liquidity risk: |
| Liquidity risk is the risk that the group will have insufficient resources to meet its financial liabilities as they fall due. The group's strategy to managing liquidity risk is to control its cash flow by utilising commercial financing of its invoices, secured by its book debts and minimising inventory levels. The directors monitor this on a daily basis to maintain the group's cash flow and manage the timing of purchases of inventories. |
| Price risk: |
| Price risk is the risk that financial performance of the group will be adversely affected by pricing changes or price pressure from competitors. The group has managed this risk by securing long term contracts with its key suppliers that sets out defined parameters and pricing. |
| Interest rate risk: |
| Interest rate risk is the risk that the financial performance of the group will be adversely affected by adverse fluctuations on interest rates being charged to the group on its financial instruments. The group holds a number of bank loans with both variable and fixed rates of interest. The interest rate risk is managed by having four of the loans at fixed interest rates for the term of the loan, with the other two loans on a variable position, the directors monitor and assess its borrowings and the interest rate charged on an on-going basis. |
| Currency risk: |
| Currency risk is the risk that the financial performance of the group will be adversely affected by fluctuations in foreign currencies used by the group. The group manages its exposure to short term fluctuations in currency with the use of forward exchange contracts to provide certainty over sterling values. |
| The directors review the principal risks and uncertainties facing the group on a regular basis and ensure systems and policies are continuously updated to reflect any changes, they work in an efficient manner to minimise those risks and help achieve the group's objectives. |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Group Strategic Report |
| for the Year Ended 31 December 2024 |
| GOING CONCERN |
| The group's business activities, together with the factors likely to affect its future development, performance and position are set out above. |
| After making enquiries, the directors have an expectation that the group's net assets as at 31 December 2024 of £11.4m and the group's cash position, forecasts and projections for a period of 12 months from the accounts signing date are more than sufficient to provide adequate resources to continue in operational existence for the foreseeable future. The directors have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis. |
| ON BEHALF OF THE BOARD: |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Directors' Report |
| for the Year Ended 31 December 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024. |
| DIVIDENDS |
| The total distribution of dividends for the year ended 31 December 2024 was £nil (2023: £6,240) (Note 11). |
| RESEARCH AND DEVELOPMENT |
| The group is engaged in ongoing research and development aimed at improving and developing the next generation of Combined Heat & Power (CHP) units and improving the energy efficiency and monitoring systems of heating systems. |
| The natural evolution of the energy efficiency has migrated into the broader challenge that the UK now encounters, described as The Energy Trilemma, which represents the over arching technological challenge and 3 key issues which face the UK; |
| Reducing carbon emissions |
| Cutting energy costs and tackling fuel poverty |
| Security of supply |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| MATTERS INCLUDED IN THE STRATEGIC REPORT |
| The company has chosen to disclose information relating to future developments, financial risk assessment, principal activities and fair review of the business in the Strategic Report in accordance with Section 414C (11) of the Companies Act 2006. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report and the Directors' Report and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are 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 directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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 directors are 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 each director 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. |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Directors' Report |
| for the Year Ended 31 December 2024 |
| AUDITORS |
| Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. |
| ON BEHALF OF THE BOARD: |
| Independent Auditors' Report to the Members of |
| SAV Holding (UK) Limited |
| Opinion |
| We have audited the financial statements of SAV Holding (UK) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 parent company's affairs as at 31 December 2018 and of the group's profit 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. |
| Independent Auditors' Report to the Members of |
| SAV Holding (UK) 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 Directors' Report. |
| 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 directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the group or the parent company or to cease operations, or have 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 an Auditors' Report 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: |
| The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including: |
| - The Companies Act 2006; |
| - Financial Reporting Standard 102; |
| - UK employment legislation; |
| - UK health and safety legislation; and |
| - General Data Protection Regulations |
| We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. |
| - We understood how the Group are complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes. |
| - The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area. |
| - We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: |
| o Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud; |
| o Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
| o Challenging assumptions and judgments made by management in its significant accounting estimates; and |
| o Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. |
| Independent Auditors' Report to the Members of |
| SAV Holding (UK) Limited |
| Auditors' responsibilities for the audit of the financial statements (continued) |
| As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: |
| - Management override of controls to manipulate results; |
| - Posting of journals to the accounting software which are of a non-routine nature in terms of timing and amount; and |
| - Timing of revenue recognition. |
| Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
| 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 Auditors' Report. |
| 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 an Auditors' Report 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. |
| for and on behalf of |
| Chartered Accountants |
| 2nd Floor |
| Midas House |
| 62 Goldsworth Road |
| Woking |
| Surrey |
| GU21 6LQ |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Consolidated |
| Statement of Comprehensive |
| Income |
| for the Year Ended 31 December 2024 |
| 31/12/24 | 31/12/23 |
| Notes | £ | £ |
| REVENUE | 3 | 30,444,306 | 32,847,640 |
| Cost of sales | (22,042,656 | ) | (24,729,581 | ) |
| GROSS PROFIT | 8,401,650 | 8,118,059 |
| Distribution costs | (703,282 | ) | (625,206 | ) |
| Administrative expenses | (6,997,093 | ) | (6,501,190 | ) |
| 701,275 | 991,663 |
| Other operating income | 4 | 19,509 | 32,474 |
| GROUP OPERATING PROFIT | 6 | 720,784 | 1,024,137 |
| Share of operating profit in |
| Associates | 5,102 | 4,428 |
| Interest receivable and similar income | 7 | 61,379 | 49,876 |
| 787,265 | 1,078,441 |
| Interest payable and similar expenses | 8 | (426,131 | ) | (382,677 | ) |
| PROFIT BEFORE TAXATION | 361,134 | 695,764 |
| Tax on profit | 9 | (145,197 | ) | (210,728 | ) |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
215,937 |
485,036 |
| Profit attributable to: |
| Owners of the parent | 213,668 | 479,990 |
| Non-controlling interests | 2,269 | 5,046 |
| 215,937 | 485,036 |
| Total comprehensive income attributable to: |
| Owners of the parent | 213,668 | 479,990 |
| Non-controlling interests | 2,269 | 5,046 |
| 215,937 | 485,036 |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Consolidated Statement of Financial Position |
| 31 December 2024 |
| 31/12/24 | 31/12/23 |
| Notes | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 12 | 10,470,316 | 10,574,473 |
| Investments | 13 |
| Interest in joint venture | 100 | 100 |
| Interest in associate | 422 | 1,121 |
| Other investments | 223,314 | 223,314 |
| 10,694,152 | 10,799,008 |
| CURRENT ASSETS |
| Inventories | 14 | 2,659,673 | 3,189,369 |
| Debtors | 15 | 10,512,163 | 8,943,567 |
| Cash at bank | 1,552,249 | 1,707,415 |
| 14,724,085 | 13,840,351 |
| CREDITORS |
| Amounts falling due within one year | 16 | (11,058,166 | ) | (10,184,460 | ) |
| NET CURRENT ASSETS | 3,665,919 | 3,655,891 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
14,360,071 |
14,454,899 |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
(2,822,322 |
) |
(3,143,014 |
) |
| PROVISIONS FOR LIABILITIES | 22 | (159,099 | ) | (149,172 | ) |
| NET ASSETS | 11,378,650 | 11,162,713 |
| CAPITAL AND RESERVES |
| Called up share capital | 23 | 780 | 780 |
| Capital redemption reserve | 24 | 220 | 220 |
| Retained earnings | 24 | 11,177,212 | 10,963,544 |
| SHAREHOLDERS' FUNDS | 11,178,212 | 10,964,544 |
| NON-CONTROLLING INTERESTS | 200,438 | 198,169 |
| TOTAL EQUITY | 11,378,650 | 11,162,713 |
| The financial statements were approved by the Board of Directors and authorised for issue on 4 August 2025 and were signed on its behalf by: |
| J O Hansen - Director |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Company Statement of Financial Position |
| 31 December 2024 |
| 31/12/24 | 31/12/23 |
| Notes | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 12 |
| Investments | 13 |
| CURRENT ASSETS |
| Debtors | 15 |
| CREDITORS |
| Amounts falling due within one year | 16 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 23 |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 5,800 | 4,750 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 December 2024 |
| Called up | Capital |
| share | Retained | redemption |
| capital | earnings | reserve |
| £ | £ | £ |
| Balance at 1 January 2023 | 780 | 10,489,794 | 220 |
| Changes in equity |
| Dividends | - | (6,240 | ) | - |
| Total comprehensive income | - | 479,990 | - |
| Balance at 31 December 2023 | 780 | 10,963,544 | 220 |
| Changes in equity |
| Total comprehensive income | - | 213,668 | - |
| Balance at 31 December 2024 | 780 | 11,177,212 | 220 |
| Non-controlling | Total |
| Total | interests | equity |
| £ | £ | £ |
| Balance at 1 January 2023 | 10,490,794 | 193,123 | 10,683,917 |
| Changes in equity |
| Dividends | (6,240 | ) | - | (6,240 | ) |
| Total comprehensive income | 479,990 | 5,046 | 485,036 |
| Balance at 31 December 2023 | 10,964,544 | 198,169 | 11,162,713 |
| Changes in equity |
| Total comprehensive income | 213,668 | 2,269 | 215,937 |
| Balance at 31 December 2024 | 11,178,212 | 200,438 | 11,378,650 |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 December 2024 |
| Called up | Capital |
| share | Retained | redemption | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Consolidated Statement of Cash Flows |
| for the Year Ended 31 December 2024 |
| 31/12/24 | 31/12/23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 873,529 | 3,300,398 |
| Interest paid | (382,263 | ) | (378,690 | ) |
| Interest element of hire purchase payments paid |
(9,398 |
) |
(776 |
) |
| Tax paid | (153,805 | ) | (842,587 | ) |
| Net cash from operating activities | 328,063 | 2,078,345 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (114,492 | ) | (171,976 | ) |
| Disposal of tangible fixed assets | 6,500 | 14,418 |
| Interest received | 61,379 | 49,876 |
| Net cash from investing activities | (46,613 | ) | (107,682 | ) |
| Cash flows from financing activities |
| Loan repayments in year | (390,865 | ) | (374,015 | ) |
| Hire purchase capital repayments in year | (45,751 | ) | (2,396 | ) |
| Equity dividends paid | - | (6,240 | ) |
| Net cash from financing activities | (436,616 | ) | (382,651 | ) |
| (Decrease)/increase in cash and cash equivalents | (155,166 | ) | 1,588,012 |
| Cash and cash equivalents at beginning of year |
2 |
1,707,415 |
119,403 |
| Cash and cash equivalents at end of year | 2 | 1,552,249 | 1,707,415 |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Notes to the Consolidated Statement of Cash Flows |
| for the Year Ended 31 December 2024 |
| 1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Profit for the financial year | 215,937 | 485,036 |
| Depreciation charges | 365,508 | 359,280 |
| Profit on disposal of fixed assets | (6,500 | ) | (14,418 | ) |
| Share of associates profit | (5,101 | ) | (4,428 | ) |
| Finance costs | 426,131 | 382,677 |
| Finance income | (61,379 | ) | (49,876 | ) |
| Taxation | 145,197 | 210,728 |
| 1,079,793 | 1,368,999 |
| Decrease in inventories | 529,696 | 1,085,653 |
| Increase in trade and other debtors | (1,306,405 | ) | (640,284 | ) |
| Increase in trade and other creditors | 570,445 | 1,486,030 |
| Cash generated from operations | 873,529 | 3,300,398 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 31 December 2024 |
| 31/12/24 | 1/1/24 |
| £ | £ |
| Cash and cash equivalents | 1,552,249 | 1,707,415 |
| Year ended 31 December 2023 |
| 31/12/23 | 1/1/23 |
| £ | £ |
| Cash and cash equivalents | 1,707,415 | 119,403 |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Notes to the Consolidated Statement of Cash Flows |
| for the Year Ended 31 December 2024 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| Other |
| non-cash |
| At 1/1/24 | Cash flow | changes | At 31/12/24 |
| £ | £ | £ | £ |
| Net cash |
| Cash at bank | 1,707,415 | (155,166 | ) | 1,552,249 |
| 1,707,415 | (155,166 | ) | 1,552,249 |
| Debt |
| Finance leases | (45,051 | ) | 45,751 | (146,597 | ) | (145,897 | ) |
| Debts falling due |
| within 1 year | (398,249 | ) | 13,071 | - | (385,178 | ) |
| Debts falling due |
| after 1 year | (3,112,377 | ) | 377,794 | - | (2,734,583 | ) |
| (3,555,677 | ) | 436,616 | (146,597 | ) | (3,265,658 | ) |
| Total | (1,848,262 | ) | 281,450 | (146,597 | ) | (1,713,409 | ) |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| SAV Holding (UK) Limited is a private company, limited by shares, registered, domiciled and incorporated in England and Wales. The company's registered number and registered office address can be found on the General Information page. |
| The principal activities for both the group and the company are disclosed in the strategic report. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparation |
| These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006, including the provisions of the large and medium sized companies and groups (accounts and reports) regulations 2008. The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below. |
| The financial statements are presented in Sterling (£), which is the functional currency of the group. |
| Financial Reporting Standard 102 - reduced disclosure exemption |
| The individual accounts of SAV Holding (UK) Limited have also adopted the following disclosure exemptions, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| - the requirements of section 7 Statement of Cashflows. |
| Company Statement of Comprehensive Income |
| As permitted by s408 Companies Act 2006, the Company has not presented its own statement of comprehensive income. |
| Going concern |
| After reviewing the group's cash position, forecasts and projections for a period of 12 months from the accounts signing date, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its consolidated financial statements. |
| Basis of consolidation |
| The consolidated financial statements incorporate those of SAV Holding (UK) Limited and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). All financial statements are made up to 31 December 2024. |
| All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
| Revenue |
| Revenue is recognised at the fair value of the consideration received or receivable for sale of goods and services to external customers in the ordinary nature of the business. Revenue is recognised when it and the associated costs can be reliably measured, future economic benefits are probable, and the risks and rewards of ownership have been transferred to the customer. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Revenue is stated net of Value Added Tax. |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost or valuation of each asset to its estimated residual value on a straight line basis over its expected useful life, as follows:- |
| Freehold buildings - over 50 years |
| Long leasehold - over 50 years |
| Fixtures, fittings and equipment - between 3 to 5 years |
| Motor vehicles - over 4 years |
| Freehold land is not depreciated. |
| Residual value is calculated on prices prevailing at the reporting date, after estimate costs of disposal, for the asset as if it were at the age and in the condition expected at the end of its useful life. |
| 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 recognised in the profit and loss account. |
| Impairment of fixed assets |
| Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standards. |
| Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of net realisable value and value-in-use, are recognised as impairments. Impairment losses are recognised in the profit and loss account. |
| Inventories |
| Inventories are valued at the lower of cost and net realisable value. Cost of finished goods and work in progress includes overheads appropriate to the stage of manufacture. Net realisable value is based upon estimated normal selling price less further costs expected to be incurred to completion and disposal. |
| At each reporting date, the group assesses whether inventories are impaired or if an impairment loss recognised in prior periods has reversed. Any excess of the carrying amount of inventory over its estimate selling price less costs to complete and sell, is recognised as an impairment loss in profit or loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Foreign currency translation |
| Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at the exchange rate prevailing on the date of the transaction. |
| Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction or, if the asset or liability is measured at fair value, the rate when that fair value was determined. |
| All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income. |
| Leased assets and obligations |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Where assets are financed by leasing agreements that give rights approximating to ownership ("finance leases"), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the lease term. The corresponding leasing commitments are shown as obligations to the lessor. |
| Lease payments are treated as consisting of capital and interest elements, and the interest is charged to the profit and loss account in proportion to the remaining balance outstanding. |
| All other leases are "operating leases" and the annual rentals are charged to the profit and loss on a straight line basis over the lease term. |
| 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. |
| For defined contribution schemes the amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. |
| Employee benefits |
| The costs of short-term employee benefits are recognised as a liability and an expense in the period in which these are incurred. |
| The holiday year for the company ends at the reporting date and employees are not entitled to carry forward unused holiday. |
| Dividends |
| Dividends are recognised as liabilities once they are no longer at the discretion of the company. |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Investment in subsidiaries |
| The consolidated financial statements incorporate the financial statements of the company and entities (including special purpose entities) controlled by the group (its subsidiaries). Control is achieved where the group has the power to govern the financial and operating policies of an entity so as to obtain benefits for its activities. |
| The results of subsidiaries acquired or disposed of during the year are included in total comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate using accounting policies consistent with those of the parent. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. |
| Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements. Any impairment losses are recognised in the profit and loss account. |
| Investment in associates |
| Undertakings in which the Group has significant influence (i.e. the power to participate in the financial and operating policy decisions but not control or joint control over those policies) are classified as associates. The Group's share of the results, other comprehensive income and equity of associates are accounted for using the equity method based on the associate's financial statements to 31 December. |
| Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. |
| All unrealised profit or losses on transactions with the associate are eliminated to the extent of the Group's interest, except where unrealised losses provide evidence of an impairment. Where necessary, adjustments are made to bring the accounting policies of the associate into line with those used by the group. |
| Dividends received from the associate reduce the carrying amount of the investment. |
| Losses in an associate that reduce the carrying amount of the investment in the associate to below zero are not recognised, but a provision is recognised to the extent that the Group has an obligation or has made payments on behalf of the associate. |
| Investment in joint ventures |
| Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities. Jointly controlled entities are accounted for using the equity method, as discussed in the accounting policy for associates above. |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102, in full, to all of its financial instruments. |
| Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument, and are offset only when the group currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. |
| Financial assets |
| Debtors |
| Debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. |
| Where an arrangement with a debtor constitutes a financing transaction, the debtor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument. |
| A provision for impairment of debtors is established when there is evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event accruing after the impairment loss was recognised, are recognised immediately in profit or loss. |
| Foreign exchange forward contracts |
| Foreign exchange forward contracts are initially measured at fair value on the date a forward contract is entered into and subsequently re-measured to fair value, at each reporting date. Fair value gains and losses are recognised in profit and loss. |
| Financial liabilities and equity |
| Financial instruments are classified as liabilities and equity instruments 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. |
| Equity instruments |
| Financial instruments classified as equity instruments are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments. |
| Creditors |
| Creditors which are payable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. |
| Borrowings |
| Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges. |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Derecognition of financial assets and liabilities |
| A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires. |
| Critical accounting estimates and areas of judgement |
| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| Critical accounting estimates and assumptions |
| The Group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. |
| Valuation of inventories |
| Inventories are stated at the lower of cost and net realisable value. Estimates are made in respect of determining the net realisable value of inventories and so the amount of impairment losses.The directors have assessed the net realisable value of the group's inventories having regard to the age of the stock, the number of individual items held and the level of recent sales of stock lines. However the assessment of net realisable value is inherently subjective as it is made on the basis on previous sale activity which may in the future not prove to be accurate. |
| Recoverability of loan to joint venture |
| Estimates are made in respect of determining the recoverability of loans and so the amount of any provisions. The directors have assessed the recoverability of the loan to joint venture company Kurve Technologies Ltd ("Kurve"), having regard to the current net assets of Kurve and the forecasts for the growth of Kurve. Based on current forecasts Kurve is expecting to commence to be profitable and cash generative from 2025 and does not anticipate commencing repayments until 2026. With continued forecast growth beyond 2025 the current debtor balance of £810,000 is expected to be fully repaid by 2028. On this basis no provision has been made in respect of the balance due from Kurve. |
| The assessment of recoverability is however inherently subjective as it is made on the basis of previous activity and forecasts which may in the future not prove to be accurate. |
| 3. | REVENUE |
| The revenue and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of revenue by class of business is given below: |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Goods | 28,607,486 | 30,471,788 |
| Services | 1,836,820 | 2,375,852 |
| 30,444,306 | 32,847,640 |
| In the year to 31 December 2024 less than 1% (2023: less than 1%) of the company's turnover was to markets outside the United Kingdom. |
| 4. | OTHER OPERATING INCOME |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Management charge receivable | 19,509 | 32,474 |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 5. | EMPLOYEES AND DIRECTORS |
| 31/12/24 | 31/12/2023 |
| £ |
| Wages and salaries | 5,492,628 | 5,325,822 |
| Social security costs | 719,602 | 625,091 |
| Other pension costs | 145,655 | 158,206 |
| 6,357,885 | 6,109,119 |
| The average monthly number of employees during the year was as follows: |
| 31/12/24 | 31/12/23 |
| Management and administration | 15 | 14 |
| Sales and distribution | 87 | 90 |
| 102 | 104 |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Directors' remuneration | 391,552 | 375,801 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 2 | 2 |
| Information regarding the highest paid director is as follows: |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Emoluments etc | 205,076 | 197,557 |
| There are no staff costs or directors remuneration in the parent company in the current or prior year. Directors are remunerated by SAV UK and any services to the parent are incidental. |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Depreciation - owned assets | 334,380 | 356,829 |
| Depreciation - assets on hire purchase contracts | 30,866 | 2,451 |
| Profit on disposal of fixed assets | (6,500 | ) | (14,418 | ) |
| Auditors' remuneration | 37,150 | 28,000 |
| Research and development | 4,795 | 13,565 |
| Stock - impairment losses recognised / (reversed) in cost of sales | (209,467 | ) | 184,816 |
| 7. | INTEREST RECEIVABLE AND SIMILAR INCOME |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Interest receivable | 61,379 | 49,876 |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Bank interest | 382,263 | 378,690 |
| Hire purchase | 9,398 | 776 |
| Loss on foreign exchange |
| forward contracts | 34,470 | 3,211 |
| 426,131 | 382,677 |
| 9. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Current tax: |
| UK corporation tax | 134,649 | 229,640 |
| Prior year under / (over) provision | 621 | (4,591 | ) |
| Total current tax | 135,270 | 225,049 |
| Deferred tax | 9,927 | (14,321 | ) |
| Tax on profit | 145,197 | 210,728 |
| UK corporation tax has been charged at 25 % (2023 - 25 %). |
| Reconciliation of total tax charge 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: |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Profit before tax | 361,134 | 695,764 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
90,284 |
173,941 |
| Effects of: |
| Expenses not deductible for tax purposes | 66,139 | 58,542 |
| Income not taxable for tax purposes | (1,276 | ) | (1,107 | ) |
| Adjustments to tax charge in respect of previous periods | 621 | (4,591 | ) |
| Other tax adjustments | (10,571 | ) | (1,936 | ) |
| net of tax |
| Different tax rates | - | (14,121 | ) |
| Total tax charge | 145,197 | 210,728 |
| The corporation tax rate for the UK Company profits was 25% at the year end. Deferred tax has been recognised at a rate of 25%, which is the rate that was substantively enacted at the year end. |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 10. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
| 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 |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim | - | 6,240 |
| Interim dividends of £nil (2023: £8) per share were paid in the year. |
| 12. | PROPERTY, PLANT AND EQUIPMENT |
| Group |
| Land and | Fixtures, |
| buildings | Long | fittings | Motor |
| freehold | leasehold | & equipment | vehicles | Totals |
| £ | £ | £ | £ | £ |
| Cost |
| At 1 January 2024 | 7,637,141 | 4,006,789 | 1,713,760 | 408,718 | 13,766,408 |
| Additions | 15,200 | - | 63,942 | 181,947 | 261,089 |
| Disposals | - | - | (262,675 | ) | (72,599 | ) | (335,274 | ) |
| At 31 December 2024 | 7,652,341 | 4,006,789 | 1,515,027 | 518,066 | 13,692,223 |
| Depreciation |
| At 1 January 2024 | 934,730 | 416,226 | 1,554,912 | 286,067 | 3,191,935 |
| Charge for year | 122,386 | 80,334 | 85,616 | 76,910 | 365,246 |
| Eliminated on disposal | - | - | (262,675 | ) | (72,599 | ) | (335,274 | ) |
| At 31 December 2024 | 1,057,116 | 496,560 | 1,377,853 | 290,378 | 3,221,907 |
| Net book value |
| At 31 December 2024 | 6,595,225 | 3,510,229 | 137,174 | 227,688 | 10,470,316 |
| At 31 December 2023 | 6,702,411 | 3,590,563 | 158,848 | 122,651 | 10,574,473 |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 12. | PROPERTY, PLANT AND EQUIPMENT - continued |
| Group |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| Cost |
| At 1 January 2024 | 47,447 |
| Additions | 146,597 |
| At 31 December 2024 | 194,044 |
| Depreciation |
| At 1 January 2024 | 2,451 |
| Charge for year | 30,866 |
| At 31 December 2024 | 33,317 |
| Net book value |
| At 31 December 2024 | 160,727 |
| At 31 December 2023 | 44,996 |
| The assets held under hire purchase contracts are secured by the related assets. |
| 13. | FIXED ASSET INVESTMENTS |
| Group | Company |
| 31/12/24 | 31/12/23 | 31/12/24 | 31/12/23 |
| £ | £ | £ | £ |
| Shares in group undertakings | - | - |
| Participating interests | 522 | 1,221 |
| Other investments | 223,314 | 223,314 |
| 223,836 | 224,535 |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 13. | FIXED ASSET INVESTMENTS - continued |
| Additional information is as follows: |
| Group |
| Interest | Interest |
| in joint | in | Unlisted |
| venture | associate | investments | Totals |
| £ | £ | £ | £ |
| Cost |
| At 1 January 2024 | 100 | 201,121 | 25,000 | 226,221 |
| Share of profit/(loss) | - | 5,101 | - | 5,101 |
| Dividends received | - | (5,800 | ) | - | (5,800 | ) |
| At 31 December 2024 | 100 | 200,422 | 25,000 | 225,522 |
| Provisions |
| At 1 January 2024 |
| and 31 December 2024 | - | 200,000 | - | 200,000 |
| Net book value |
| At 31 December 2024 | 100 | 422 | 25,000 | 25,522 |
| At 31 December 2023 | 100 | 1,121 | 25,000 | 26,221 |
| Interest in associate |
| Share of |
| net |
| assets | Goodwill |
| £ | £ |
| Cost |
| At 1 January 2024 | 1,121 | 200,000 |
| Share of profit/(loss) | 5,101 | - |
| Dividends received | (5,800 | ) | - |
| At 31 December 2024 | 422 | 200,000 |
| Provisions |
| At 1 January 2024 |
| and 31 December 2024 | - | 200,000 |
| Net book value |
| At 31 December 2024 | 422 | - |
| At 31 December 2023 | 1,121 | - |
| Investments (neither listed nor unlisted) were as follows: |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Cost | 198,314 | 198,314 |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 13. | FIXED ASSET INVESTMENTS - continued |
| Company |
| Shares in | Interest | Interest |
| group | in joint | in | Other |
| undertakings | venture | associate | investments | Totals |
| £ | £ | £ | £ | £ |
| Cost |
| At 1 January 2024 |
| and 31 December 2024 | 160,741 |
| Net book value |
| At 31 December 2024 | 160,741 |
| At 31 December 2023 |
160,741 |
| The company holds more than 20% of the share capital of the following companies: |
Company |
Country of incorporation |
Class of shares |
% |
| EC Power GB Limited | England | Ordinary | 90% |
| EnergiRaven Limited | England | Ordinary | 100% |
| S.A.V. United Kingdom Limited | England | Ordinary | 100% |
| DBSA Limited | England | Ordinary | 25% |
| Kurve Technologies Limited | England | Ordinary | 50% |
| At the year end DBSA Limited had aggregate capital and reserves of £1,792 (2023: £4,486) and its profit for the year was £20,403 (2023; £17,713). |
| At the year end Kurve Technologies Limited had negative aggregate capital and reserves of £1,513,209 (2023: £1,317,884) and its loss for the year was £195,526 (2023: £401,535). |
| The registered office of EC Power GB Limited, EnergiRaven Limited and S.A.V. United Kingdom Limited is Scandia House, Boundary Road, Woking, Surrey GU21 5BX. The registered office for DBSA Limited is 168 Bath Street, Glasgow, G2 4TP. The registered office of Kurve Technologies Limited is Studio 4 Stuart House, St Johns Street, Peterborough PE1 5DD. |
| The principal activity of all the companies is the supply of heating and plumbing systems and components therein. |
| Other investments |
| Other investments represent works of art and similar objects held for their contribution to historical understanding and knowledge of energy efficiency and performance. |
| 14. | INVENTORIES |
| Group |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Stocks | 2,659,673 | 3,189,369 |
| At the year end the group had provisions for stock impairment losses of £666,390 (2023: £875,857). |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31/12/24 | 31/12/23 | 31/12/24 | 31/12/23 |
| £ | £ | £ | £ |
| Trade debtors | 5,469,991 | 5,205,846 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 4,093,029 | 2,864,134 |
| Amounts owed by related parties | 1,895 | 147,620 | - | - |
| Tax | 712,125 | 455,734 |
| Prepayments and accrued income | 235,123 | 270,233 |
| 10,512,163 | 8,943,567 |
| At the year end the group had a provision of £274,803 (2023: £101,017) in respect of debtors due from customers who are known to be in financial difficulty and payment was overdue by more than three months. |
| Included in Other debtors for the group and company is a balance of £810,000 (2023: £585,000) due from Kurve Technologies Ltd. As noted in Note 2, Accounting Policies, critical accounting estimates and assumptions, no provision has been made against this balance however repayments are not anticipated to commence until 2026. |
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31/12/24 | 31/12/23 | 31/12/24 | 31/12/23 |
| £ | £ | £ | £ |
| Bank loans (see note 18) | 385,178 | 398,249 |
| Hire purchase contracts (see note 19) | 58,158 | 14,414 |
| Trade creditors | 3,570,493 | 3,631,076 |
| Amounts owed to group undertakings | - | - |
| Corporation tax | 252,496 | 14,640 |
| Other taxation and social security costs | 968,394 | 1,038,876 |
| Other creditors | 5,398,506 | 4,662,500 |
| Foreign exchange forward contracts | 34,470 | 3,211 | - | - |
| Accrued expenses | 390,471 | 421,494 |
| 11,058,166 | 10,184,460 |
| Included within other creditors is an amount of £3,835,648 (2023: £3,907,197) which relates to invoice discounting and is secured by a charge over the group's book debts. |
| 17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Bank loans (see note 18) | 2,734,583 | 3,112,377 |
| Hire purchase contracts (see note 19) | 87,739 | 30,637 |
| 2,822,322 | 3,143,014 |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
| Included within bank loans are seven loans which are repayable by monthly instalments. The loans are secured by way of a fixed charge over the land and buildings of the company. |
| Outstanding Loan Amount |
Expiring |
Interest Rate |
| 19,275 | May 2025 | 3% over base |
| 36,985 | January 2026 | 3.45% over base |
| 316,026 | June 2030 | 5.26% Fixed |
| 247,115 | June 2030 | 5.35% Fixed |
| 258,859 | May 2031 | 4.87% Fixed |
| 1,115,359 | November 2032 | 4.86% Fixed |
| 1,126,142 | April 2035 | 4.03% Fixed |
| 3,119,761 |
| 18. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 385,178 | 398,249 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 350,704 | 383,498 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 1,147,782 | 1,097,066 |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more than 5 years | 1,236,097 | 1,631,813 |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 19. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Gross obligations repayable: |
| Within one year | 69,041 | 18,216 |
| Between one and five years | 93,447 | 33,459 |
| 162,488 | 51,675 |
| Finance charges repayable: |
| Within one year | 10,883 | 3,802 |
| Between one and five years | 5,708 | 2,822 |
| 16,591 | 6,624 |
| Net obligations repayable: |
| Within one year | 58,158 | 14,414 |
| Between one and five years | 87,739 | 30,637 |
| 145,897 | 45,051 |
| The average lease term is 4 years at which point the group has paid for the asset in full and then owns the asset. |
| 20. | SECURED DEBTS |
| Obligations under finance leases and hire purchase contracts are secured by related assets. |
| Included within other creditors is an amount of £3,835,648 (2023: £3,907,197) which relates to invoice finance and is secured by a charge over the group's book debts. |
| Bank loans of £3,119,761 (2023: £3,510,626) are secured by charges over the group's properties. |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 21. | FINANCIAL INSTRUMENTS |
| The carrying amount of the Group's financial instruments as 31 December were: |
| Group | Company |
| 31/12/24 | 31/12/23 | 31/12/24 | 31/12/23 |
| £ | £ | £ | £ |
| Financial Assets: |
| Measured at fair value through profit or loss | - | - | - | - |
| Financial liabilities: |
| Measured at fair value through profit or loss | 34,470 | 3,211 | - | - |
| 84% of Group purchases relate to transactions conducted in Euros. As a consequence the Group uses foreign exchange forward contracts to manage foreign change risk of future transactions and cash flows. |
| The contracts are based on available market data. The Group does not adopt hedge accounting for forward exchange contracts, consequently, fair value gains and losses are recognised in profit and loss. |
| The total value of outstanding foreign exchange forward contracts that the group has committed to was £2,927,783 (2023: £4,123,685). The loss arising on this at the year end was £34,470 (2023: £3,211). |
| Group | Company |
| 31/12/24 | 31/12/23 | 31/12/24 | 31/12/23 |
| £ | £ | £ | £ |
| Euros | 2,927,783 | 4,123,685 | - | - |
| 4,123,685 | 6,130,727 | - | - |
| 22. | PROVISIONS FOR LIABILITIES |
| Group |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Deferred tax | 159,099 | 149,172 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 | 149,172 |
| Charge to Statement of Comprehensive Income during year | 9,927 |
| Balance at 31 December 2024 | 159,099 |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 22. | PROVISIONS FOR LIABILITIES - continued |
| Deferred tax has arisen due to: |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Accelerated capital allowances | 150,481 | 149,975 |
| Fair value of foreign exchange forward contract | (8,618 | ) | (803 | ) |
| 159,099 | 149,172 |
| The deferred tax provision relates principally to accelerated capital allowances. The timing of the reversal of the provision is uncertain due to the offset of excess depreciation of existing assets and accelerated capital allowances being claimed on future purchases. |
| 23. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31/12/24 | 31/12/23 |
| value: | £ | £ |
| Ordinary | £1 | 780 | 780 |
| The Company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the Company. |
| 24. | RESERVES |
| Reserves of the Group represent the following: |
| Capital redemption reserve |
| The nominal value of shares repurchased and still held at the end of the reporting period. |
| Retained earnings |
| The cumulative profit and loss net of distributions to owners. |
| 25. | PENSION COMMITMENTS |
| The group operates a defined contribution pension scheme whose assets are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group during the year and amounted to £145,656 (2023: £158,206). The year end liability in respect of the scheme is £45,452 (2023: £36,813 asset). |
| 26. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| Included in other debtors is an amount of £2,273,293 (2023: £1,700,000) due from Mr L Fabricius, and an amount of £510,879 (2023: £410,000) due from Mr J Hansen. Both are directors of the company. The maximum overdrawn positions of their loan accounts in the year were £2,273,293 (2023: £1,700,000) and £510,879 (2023: £410,000) respectively. During the year interest of £39,474 (2023: £30,938) and £8,940 (2023: £7,412) was charged to Mr L Fabricius and Mr J Hansen respectively. |
| SAV Holding (UK) Limited (Registered number: 03166497) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 27. | RELATED PARTY DISCLOSURES |
| The group has taken advantage of the exemptions provided and has not disclosed transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group. |
| Administration and distribution expenses of £795,493 (2023: £771,680) were recharged to E C Power GB Limited ("ECP"), a fellow subsidiary. At the year end S.A.V. United Kingdom Limited ("SAV UK") owed £2,814,682 to ECP (2023: £2,936,484). |
| During the year SAV UK (on behalf of the company and group) provided working capital funding of £225,000 (2023: £60,000) to a joint venture company; Kurve Technologies Limited ("Kurve"). In addition, SAV UK trades with Kurve, during the year sales of £58,307 (2023: £67,374) and purchases of £62,200 (2023: £53,292) were made. SAV UK also recharged expenses of £19,508 (2023: £32,474) to Kurve. At the year end Kurve owed the company £810,000 (2023: £585,000) and the group £811,895 (2023: £732,720). |
| During the year DBSA declared a dividend of £5,800 (2023: £4,750) payable to the company and group. At the year end the company and group was owed £5,800 (2023: £44,750) from DBSA. |
| The directors are considered to be the only key management personnel to both the group and the company. |
| Remuneration of £193,428 (2023: £155,948) was paid to family members of the directors by the group. |
| 28. | ULTIMATE CONTROLLING PARTY |
| The group and company is controlled by its board of directors. |