Sahan Research Limited Company accounts

SAHAN RESEARCH LTD - Company Information

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COMPANY REGISTRATION NUMBER: 8052159

Sahan Research Limited

Unaudited Financial Statements

For the year ended

30 April 2022

Sahan Research Limited

Financial Statements

Year ended 30 April 2022

Contents	Page

Directors' report	1

Statement of income and retained earnings	2

Statement of financial position	3

Notes to the financial statements	5

Sahan Research Limited

Directors' Report

Year ended 30 April 2022

The directors present their report and the unaudited financial statements of the company for the year ended 30 April 2022 .

Directors

The directors who served the company during the year were as follows:

Mr E Deisser
Mr M Bryden
Mr K Raghe

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 10 November 2022 and signed on behalf of the board by:

Mr M Bryden

Director

Registered office:

Building 2

30 Friern Park

North Finchley

N12 9DA

Sahan Research Limited

Statement of Income and Retained Earnings

Year ended 30 April 2022

	2022	2021
Note	£	£
Turnover	553,077	346,963

Cost of sales	258,443	172,798
	---------	---------
Gross profit	294,634	174,165

Administrative expenses	256,135	150,998
	---------	---------
Operating profit	38,499	23,167

Other interest receivable and similar income		70	27
		---------	---------
Profit before taxation	5	38,569	23,194

Tax on profit	–	–
	--------	--------
Profit for the financial year and total comprehensive income	38,569	23,194
	--------	--------

Retained earnings at the start of the year	35,815	12,621
	--------	--------
Retained earnings at the end of the year	74,384	35,815
	--------	--------

All the activities of the company are from continuing operations.

Sahan Research Limited

Statement of Financial Position

30 April 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	6	4,594	2,431
Investments	7	282,419	282,419
		---------	---------
		287,013	284,850

Current assets

Debtors	8	34,589	14,500
Cash at bank and in hand		156,637	5,012
		---------	--------
		191,226	19,512

Creditors: amounts falling due within one year	9	403,756		268,448
		---------		---------
Net current liabilities			212,530	248,936
			---------	---------
Total assets less current liabilities			74,483	35,914
			--------	--------
Net assets			74,483	35,914
			--------	--------

Capital and reserves

Called up share capital	99	99
Profit and loss account	74,384	35,815
	--------	--------
Shareholder funds	74,483	35,914
	--------	--------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Sahan Research Limited

Statement of Financial Position (continued)

30 April 2022

These financial statements were approved by the board of directors and authorised for issue on 10 November 2022 , and are signed on behalf of the board by:

Mr M Bryden

Director

Company registration number: 8052159

Sahan Research Limited

Notes to the Financial Statements

Year ended 30 April 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Building 2, 30 Friern Park, North Finchley, N12 9DA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Computer equipment - 30% reducing balance

Office equipment - 12.5% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2021: 3 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2022	2021
	£	£
Depreciation of tangible assets	1,143	1,042
	-------	-------

6. Tangible assets

	Computer equipment	Office equipment	Total
	£	£	£
Cost
At 1 May 2021	3,473	–	3,473
Additions	–	3,306	3,306
	-------	-------	-------
At 30 April 2022	3,473	3,306	6,779
	-------	-------	-------
Depreciation
At 1 May 2021	1,042	–	1,042
Charge for the year	730	413	1,143
	-------	-------	-------
At 30 April 2022	1,772	413	2,185
	-------	-------	-------
Carrying amount
At 30 April 2022	1,701	2,893	4,594
	-------	-------	-------
At 30 April 2021	2,431	–	2,431
	-------	-------	-------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 May 2021 and 30 April 2022	282,419
	---------
Impairment
At 1 May 2021 and 30 April 2022	–
	---------

Carrying amount
At 30 April 2022	282,419
	---------
At 30 April 2021	282,419
	---------

During the year ended 30th April 2021 the company invested into Sahan Africa Limited, A company based in Kitusuru, Nairobi. The company owns a 61.57% stake in the company. The company is a related party. See related party transactions notes.

8. Debtors

	2022	2021
	£	£
Trade debtors	34,589	14,500
	--------	--------

9. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	189,021	110,520
Other creditors	214,735	157,928
	---------	---------
	403,756	268,448
	---------	---------

10. Directors' advances, credits and guarantees

Included in other creditors are amounts owed to the directors as follows: E. Deisser - £33,000 (2021 - £33,000) M. Bryden - £33,000 (2021 - £39,500) K. Raghe - £33,000 (2021 - £51,220) There are no formal terms.

11. Related party transactions

The directors are also directors of companies that this company does business with. Business is conducted on commercial terms and the movement in balances is due to work received/performed together with a movement in funds to clear amounts due. At the balance sheet date the balance due from Sahan Africa Ltd is £34,589 (2021 - £14,500) and the amount owed to Sahan Foundation Limited is £169,688 (2021 - £80,518). During the year ended 30th April 2021, the company invested into Sahan Africa Limited. The company owns a 61.57% stake in the company. See fixed asset investments note.