Sava Technology Limited - Period Ending 2021-10-31

Sava Technology Limited

Contents

Company Information	1
Directors' Report	2
Balance Sheet	3
Notes to the Unaudited Financial Statements	4 to 8

Sava Technology Limited

Company Information

Directors

Mr A Baggett Mr A S Flook Mr P J Wilkinson Mr P Wolfe

Company secretary

Mr P J Wilkinson

Registered office

4 Mill Square Featherstone Road Milton Keynes MK12 5ZD

Accountants

KRW Accountants Limited The Mill Pury Hill Business Park Alderton Road Towcester NN12 7LS

Sava Technology Limited

Directors' Report for the Year Ended 31 October 2021

The directors present their report and the financial statements for the year ended 31 October 2021.

Director of the company

The directors who held office during the year were as follows:

Mr A Baggett

Mr A S Flook

Mr P J Wilkinson - Company secretary and director

Mr P Wolfe

Principal activity

The principal activity of the company is that of software development.

Business review and director’s statement

These are the accounts of Sava Technology Limited. The company provides software and support services for achieving net zero carbon in UK housing. Sava Technology has a sister company, Sava Limited (company number 01753762) that provides a range of training, qualifications and other services related to the built environment. Both trade under the name Sava.

Sava Technology Limited has had a successful year. Continued investment has been made in its new Intelligent Energy software product, particularly in sales, marketing, and technical skills to support future growth. Sales of the product in the 2021/22 financial year were as planned and continue to build in 2022.

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 and authorised by the Board on 7 July 2022 and signed on its behalf by:
 

......................................... Mr P J Wilkinson Company secretary and director

Sava Technology Limited

(Registration number: 10305408)
Balance Sheet as at 31 October 2021

	Note	2021 £	2020 £
Fixed assets
Intangible assets	4	40,000	60,000
Current assets
Debtors	5	324,810	255,234
Cash at bank and in hand		496,074	396,857
		820,884	652,091
Creditors: Amounts falling due within one year	6	(845,646)	(568,204)
Net current (liabilities)/assets		(24,762)	83,887
Net assets		15,238	143,887
Capital and reserves
Called up share capital		100	100
Profit and loss account		15,138	143,787
Shareholders' funds		15,238	143,887

For the financial year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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 Board on 7 July 2022 and signed on its behalf by:
 

......................................... Mr P J Wilkinson Company secretary and director

Sava Technology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
4 Mill Square
Featherstone Road
Milton Keynes
MK12 5ZD

These financial statements were authorised for issue by the Board on 7 July 2022.

The company registration number is 10305408

2	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.

Going concern

The financial statements have been prepared on a going concern basis. The directors have considered the impact of the Covid-19 pandemic on the company. Whilst it is not considered practical to assess the duration and extent of the disruption, the directors are confident that they have in place plans to deal with any financial losses that may arise.

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.

Sava Technology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

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 Unaudited Financial Statements for the Year Ended 31 October 2021

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2020 - 4).

Sava Technology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

4	Intangible assets

	Trademarks, patents and licenses  £	Total £
Cost or valuation
At 1 November 2020	100,000	100,000
At 31 October 2021	100,000	100,000
Amortisation
At 1 November 2020	40,000	40,000
Amortisation charge	20,000	20,000
At 31 October 2021	60,000	60,000
Carrying amount
At 31 October 2021	40,000	40,000
At 31 October 2020	60,000	60,000

5

Debtors

	2021 £	2020 £
Trade debtors	322,422	252,809
Prepayments	2,288	2,325
Other debtors	100	100
	324,810	255,234

6

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Due within one year
Trade creditors	88,617	24,277
Taxation and social security	86,304	144,026
Accruals and deferred income	670,725	399,901
	845,646	568,204

Sava Technology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

7	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100