Company Registration No. 09196590 (England and Wales)
SAVERNAKE TECHNOLOGY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
PAGES FOR FILING WITH REGISTRAR
SAVERNAKE TECHNOLOGY LIMITED
COMPANY INFORMATION
Directors
Mr S C Barry
Mrs C Stent
Company number
09196590
Registered office
Sheraton House
Castle Park
Cambridge
CB3 0AX
SAVERNAKE TECHNOLOGY LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
4 - 8
SAVERNAKE TECHNOLOGY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2017
- 1 -
The directors present their annual report and financial statements for the year ended 28 February 2017.
Principal activities
The principal activity of the company continued to be that of technology service providing to financial services.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S C Barry
Mrs C Stent
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr S C Barry
Director
4 October 2017
SAVERNAKE TECHNOLOGY LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2017
28 February 2017
- 2 -
2017
2016
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
-
85,061
Tangible assets
4
14,152
3,732
14,152
88,793
Current assets
Debtors
5
270,441
100
Cash at bank and in hand
17,925
-
288,366
100
Creditors: amounts falling due within one year
6
(239,873)
(165,371)
Net current assets/(liabilities)
48,493
(165,271)
Total assets less current liabilities
62,645
(76,478)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
62,545
(76,578)
Total equity
62,645
(76,478)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 4 October 2017 and are signed on its behalf by:
Mr S C Barry
Director
Company Registration No. 09196590
SAVERNAKE TECHNOLOGY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2017
- 3 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 September 2015
100
-
-
100
Period ended 29 February 2016:
Profit for the period
-
-
Prior year adjustments
(76,578)
(76,578)
Total comprehensive income for the period
-
(76,578)
-
(76,578)
Balance at 29 February 2016
100
(76,578)
(76,478)
Year ended 28 February 2017:
Profit and total comprehensive income for the year
-
-
62,545
62,545
Asset transfer
-
76,578
-
-
Balance at 28 February 2017
100
-
62,545
62,645
SAVERNAKE TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
- 4 -
1
Accounting policies
Company information
Savernake Technology Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Sheraton House, Castle Park, Cambridge, CB3 0AX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 28 February 2017
are the
first
financial statements of Savernake Technology Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 September 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
SAVERNAKE TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
1
Accounting policies
(Continued)
- 5 -
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development Costs
5 years straight line
1.5
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.
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Plant and machinery
3 years straight line
Fixtures, fittings & equipment
3 years straight line
Computer equipment
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
SAVERNAKE TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 12 (2016 - 10).
3
Directors' remuneration
2017
2016
£
£
Remuneration paid to directors
34,660
16,428
Dividends totalling £0 (2016 - £0) were paid in the year in respect of shares held by the company's directors.
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2016
-
Additions
17,334
At 28 February 2017
17,334
Depreciation and impairment
At 1 March 2016
-
Depreciation charged in the year
3,182
At 28 February 2017
3,182
Carrying amount
At 28 February 2017
14,152
At 29 February 2016
3,732
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
270,441
100
SAVERNAKE TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
- 7 -
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
83
-
Trade creditors
460
-
Corporation tax
12,573
-
Other taxation and social security
4,684
-
Other creditors
222,073
165,371
239,873
165,371
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
8
Related party transactions
At the balance sheet date, there was outstanding balances of £234,194 due from Savernake Capital Limited (Guernsey) and £222,073 (2016: £165,371) due to Littlefish Fx Limited . Both entities share common directors.
9
Controlling party
The ultimate controlling part
y was Malherbe Limited, who owned 100% share capital as at the balance sheet date.
10
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 September
29 February
2015
2016
£
£
Equity as reported under previous UK GAAP and under FRS 102
100
(76,478)
Reconciliation of loss for the financial period
2016
£
Loss as reported under previous UK GAAP and under FRS 102
(76,578)
SAVERNAKE TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
- 8 -
11
Prior period adjustment
Prior year restatements were due to asset transfer transaction occured after the dormant accounts were submitted.
Changes to the balance sheet
At 29 February 2016
As previously reported
Adjustment
As restated
£
£
£
Capital and reserves
Share capital
100
-
100
Profit and loss
-
(76,578)
(76,578)
Total equity
100
(76,578)
(76,478)
Changes to the profit and loss account
Period ended 29 February 2016
As previously reported
Adjustment
As restated
£
£
£
Profit/(loss) for the financial period
-
(76,578)
(76,578)
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