Saietta Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06744840 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

Saietta Group Limited

Page

Company Information

1

Chartered Certified Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

E D Clair

W K Kist

P S Preece

J M Winn

REGISTERED OFFICE:

Building 210 Heyford Park

Camp Road

Upper Heyford

Oxfordshire

OX25 5HE

REGISTERED NUMBER:

06744840 (England and Wales)

ACCOUNTANTS:

Connolly Accountants & Business Advisors Ltd

Chartered Certified Accountants

The Stable Yard

Vicarage Road

Stony Stratford

Milton Keynes

Buckinghamshire

MK11 1BN

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Saietta Group Limited for the year ended 31 March 2020 which comprise the Statement of

Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Saietta Group Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Saietta Group Limited and state those matters that we have agreed to state to the Board of Directors of Saietta Group Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Saietta Group Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Saietta Group Limited. You consider that Saietta Group Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Saietta Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Connolly Accountants & Business Advisors Ltd

Chartered Certified Accountants

The Stable Yard

Vicarage Road

Stony Stratford

Milton Keynes

Buckinghamshire

MK11 1BN

Date: .............................................

FIXED ASSETS

Intangible assets

4

1,984,249

1,163,136

Tangible assets

5

199,342

263,320

Investments

6

88

-

2,183,679

1,426,456

CURRENT ASSETS

Stocks

7

51,133

74,721

Debtors

8

1,658,965

1,099,687

Cash at bank

325,586

215,419

2,035,684

1,389,827

CREDITORS

Amounts falling due within one year

9

342,011

461,391

NET CURRENT ASSETS

1,693,673

928,436

TOTAL ASSETS LESS CURRENT LIABILITIES

3,877,352

2,354,892

CREDITORS

Amounts falling due after more than one year

10

114,445

199,503

NET ASSETS

3,762,907

2,155,389

CAPITAL AND RESERVES

Called up share capital

4,358

1,918

Share premium

10,641,596

8,185,521

Retained earnings

(6,883,047

)

(6,032,050

)

3,762,907

2,155,389

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 August 2020 and were signed on its behalf by:

P S Preece - Director

1.	STATUTORY INFORMATION

Saietta Group Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

10% on cost

Plant & machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the

contractual provision of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is

a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Basic Financial Assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised costs using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is a contract that evidences a residual interest in the assets of the

company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from related companies are initially recognised at

transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is

measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities

classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised costs, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or

less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or

directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Intangible assets

Development expenditure is normally written off in the year of expenditure, however expenditure incurred on

specific projects is capitalised when recoverability can be foreseen with reasonable certainty and is amortised in

relation to sales from such projects.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2019 - 34 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2019

1,174,580

Additions

826,695

At 31 March 2020

2,001,275

AMORTISATION

At 1 April 2019

11,444

Charge for year

5,582

At 31 March 2020

17,026

NET BOOK VALUE

At 31 March 2020

1,984,249

At 31 March 2019

1,163,136

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2019

290,932

513,975

804,907

Additions

-

56,560

56,560

At 31 March 2020

290,932

570,535

861,467

DEPRECIATION

At 1 April 2019

230,240

311,347

541,587

Charge for year

60,692

59,846

120,538

At 31 March 2020

290,932

371,193

662,125

NET BOOK VALUE

At 31 March 2020

-

199,342

199,342

At 31 March 2019

60,692

202,628

263,320

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

88

At 31 March 2020

88

NET BOOK VALUE

At 31 March 2020

88

7.

STOCKS

2020

2019

£

£

Stocks

51,133

74,721

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

138,865

16,117

Amounts owed by group undertakings

13,611

96

Other debtors

1,506,489

1,083,474

1,658,965

1,099,687

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Hire purchase contracts

4,813

4,813

Trade creditors

106,994

161,630

Taxation and social security

41,859

47,145

Other creditors

188,345

247,803

342,011

461,391

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts

4,412

9,225

Other creditors

110,033

190,278

114,445

199,503

11.	RELATED PARTY DISCLOSURES

Mr L Marazzi, a shareholder of the company, was owed the sum of £231,944 (2019: £290,278). £121,912 of this

is included within creditors due within one year and £110,032.73 is included within creditors falling due after

more than one year.