Saturn Innovation Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03798062 (England and Wales)

SATURN INNOVATION LIMITED

Unaudited Financial Statements for the Year Ended 30 June 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

DIRECTORS:

R D H Tildesley

C A Tildesley

Mrs S Tildesley

SECRETARY:

R D H Tildesley

REGISTERED OFFICE:

Turnstones Point

Devoran

Truro

Cornwall

TR3 6NB

REGISTERED NUMBER:

03798062 (England and Wales)

ACCOUNTANTS:

Lancaster Haskins Limited

Granville House

2 Tettenhall Road

Wolverhampton

West Midlands

WV1 4SB

FIXED ASSETS

Tangible assets

4

2,670

3,405

CURRENT ASSETS

Debtors

5

1,047

12,183

Cash at bank

79,383

66,701

80,430

78,884

CREDITORS

Amounts falling due within one year

6

18,628

14,818

NET CURRENT ASSETS

61,802

64,066

TOTAL ASSETS LESS CURRENT LIABILITIES

64,472

67,471

CAPITAL AND RESERVES

Called up share capital

7

5,000

5,000

Retained earnings

59,472

62,471

SHAREHOLDERS' FUNDS

64,472

67,471

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2021 and were signed on its behalf by:

R D H Tildesley - Director

1.	STATUTORY INFORMATION

Saturn Innovation 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 represents net invoiced sales of goods and services excluding value added tax. Turnover is recognised when the goods are supplied or the service is provided and for any further periods in advance.

Tangible fixed assets

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

Office equipment

-

15% on reducing balance

Computer equipment

-

25% on cost

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference shares or non-puttable ordinary shares which are measured at fair value, with changes

recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Pension costs and other post-retirement benefits

Contributions payable relate to the director's personal pension plan and these are charged in the profit and loss account.

Going concern

At the date of signing these accounts the director believes that the company has sufficient reserves and government support to enable the business to continue for the foreseeable future, and therefore continues to prepare the accounts on a going concern basis

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Office

Computer

equipment

equipment

Totals

£

£

£

COST

At 1 July 2019

and 30 June 2020

12,548

9,778

22,326

DEPRECIATION

At 1 July 2019

10,221

8,700

18,921

Charge for year

349

386

735

At 30 June 2020

10,570

9,086

19,656

NET BOOK VALUE

At 30 June 2020

1,978

692

2,670

At 30 June 2019

2,327

1,078

3,405

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.20

30.6.19

£

£

Trade debtors

1,047

10,169

Other debtors

-

2,014

1,047

12,183

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.20

30.6.19

£

£

Trade creditors

2,760

-

Social security and other taxes

1,455

2,412

Other creditors

-

477

Directors' current accounts

12,414

9,630

Accrued expenses

1,999

2,299

18,628

14,818

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.20

30.6.19

value:

£

£

5,000

Ordinary

£1

5,000

5,000

8.	RELATED PARTY DISCLOSURES

At the balance sheet date the company owed the director R D H Tildesley £12,414 (2019 £9,630). The movement of £2,784 is accounted for by mileage allowance and rent charged & some personal money introduced..

9.	POST BALANCE SHEET EVENTS

Before the year end the Covid 19 pandemic had escalated significantly and the UK government declared a state of lock down on 23 March 2020. As a result of this, and the closure of many non-essential businesses and the enforced social distancing rules, the ability of the business to trade has been restricted for the foreseeable future.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is R D H Tildesley.

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 Saturn Innovation Limited for the year ended 30 June 2020 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Saturn Innovation 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 Saturn Innovation Limited and state those matters that we have agreed to state to the Board of Directors of Saturn Innovation Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Saturn Innovation Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Saturn Innovation 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 Saturn Innovation Limited. You consider that Saturn Innovation 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 Saturn Innovation 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.

Lancaster Haskins Limited

Granville House

2 Tettenhall Road

Wolverhampton

West Midlands

WV1 4SB

27 May 2021