Sava Technology Limited - Period Ending 2019-10-31
Sava Technology Limited - Period Ending 2019-10-31
Registration number:
Sava Technology Limited
for the Year Ended 31 October 2019
Sava Technology Limited
Contents
Company Information |
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Directors' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Sava Technology Limited
Company Information
Directors |
Mr A Baggett Mr A S Flook Mr P J L Wilkinson Mr P Wolfe |
Registered office |
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Accountants |
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Sava Technology Limited
Directors' Report for the Year Ended 31 October 2019
The directors present their report and the financial statements for the year ended 31 October 2019.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is that of software development.
Review of the business and Director’s statement
Sava Technology Limited started trading on 1 October 2018, the start of the period of these financial statements. However, the roots of the company are long established, having been trading since 1983.
The trade of Sava Technology Limited was originally part of Sava Limited. A change to Sava Limited’s structure was made on 1 October 2018 (at the start of this financial period) when a sister company, Sava Technology Limited, was formed. Sava Limited’s activities in providing software services to the energy efficiency and housing provider sector were transferred to Sava Technology Limited. The two companies have different products and customers, so the new structure allows management and governance to be focused on the specific needs of each company. Additionally, the shareholdings have been rearranged to reflect the management involvement in the individual companies.
These are the first financial statements for Sava Technology Limited under these new arrangements.
Sava Technology Limited had a successful year. The company specialises in supporting social housing providers (such as local authorities and housing associations) to calculate, analyse and improve the energy efficiency of their housing stocks. Our AutoAssessor software system, which was originally launched 25 years ago, is used by over 200 housing providers to analyse the energy efficiency of 3 million properties. The software is unique in integrating with all the major asset management system providers. The company is owner managed, has no bank debt, and good levels of working capital.
Since mid-2018 Sava has been developing a successor to AutoAssessor, a more sophisticated and feature-rich system, called Intelligent Energy. Launched in mid-2019, feedback from customers has been exceptional, really helping customers to deal with the challenge of improving their housing stocks to meet the challenge of both the carbon crisis, and at a more local scale, fuel poverty amongst their residents. Intelligent Energy has been developed entirely in-house, and funded through existing revenues, with no expenditure capitalised.
Sava Technology Limited is now in a strong position for further growth. We will do this by providing new and existing customers with high quality and unique products that help them solve their energy efficiency challenges so that they in turn can provide housing to their residents that is lower carbon, warmer, with lower energy bills.
Sava Technology Limited
Directors' Report for the Year Ended 31 October 2019
Additional statement on Covid-19 (June 2020)
The company and its customers have responded very well to the challenges presented during the Covid-19 period. No Sava Technology Limited team members have been furloughed, with everyone successfully delivering services to our customers through home working. We anticipate a phased return to the office during the second half of 2020. At the time of writing we have experienced exceptional interaction with our customers during this period, with online demonstrations of our new Intelligent Energy system, as well as delivering free technical webinars on energy efficiency. We will be taking this experience and using it to shape our long-term sales and marketing strategy in a post Covid-19 world.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
.........................................
Director
Sava Technology Limited
(Registration number: 10305408)
Balance Sheet as at 31 October 2019
Note |
2019 |
2018 |
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Fixed assets |
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Intangible assets |
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- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
( |
- |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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- |
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Total equity |
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For the financial year ending 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Sava Technology Limited
Notes to the Financial Statements for the Year Ended 31 October 2019
General information |
The company registration number is 10305408
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Sava Technology Limited
Notes to the Financial Statements for the Year Ended 31 October 2019
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Patents & Intellectual property |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Sava Technology Limited
Notes to the Financial Statements for the Year Ended 31 October 2019
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Sava Technology Limited
Notes to the Financial Statements for the Year Ended 31 October 2019
Intangible assets |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 31 October 2019 |
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Amortisation |
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Amortisation charge |
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At 31 October 2019 |
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Carrying amount |
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At 31 October 2019 |
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Debtors |
2019 |
2018 |
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Trade debtors |
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- |
Prepayments |
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- |
Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
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Due within one year |
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Trade creditors |
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- |
Taxation and social security |
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- |
Accruals and deferred income |
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- |
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- |
Sava Technology Limited
Notes to the Financial Statements for the Year Ended 31 October 2019
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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100 |
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1 |
New shares allotted
During the year |