Sarus Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02687188 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

FOR

SARUS SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D Gray

Mrs E Gray

SECRETARY:

Mrs E Gray

REGISTERED OFFICE:

4 Prince Albert Road

London

NW1 7SN

REGISTERED NUMBER:

02687188 (England and Wales)

ACCOUNTANTS:

Scodie Deyong LLP

Chartered Accountants

4 Prince Albert Road

London

NW1 7SN

FIXED ASSETS

Tangible assets

4

949

1,265

CURRENT ASSETS

Debtors

5

6,309

14,968

Cash at bank

2,222

3,617

8,531

18,585

CREDITORS

Amounts falling due within one year

6

(27,490

)

(32,714

)

NET CURRENT LIABILITIES

(18,959

)

(14,129

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(18,010

)

(12,864

)

CREDITORS

Amounts falling due after more than one year

7

(35,600

)

-

PROVISIONS FOR LIABILITIES

-

(240

)

NET LIABILITIES

(53,610

)

(13,104

)

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

(53,710

)

(13,204

)

SHAREHOLDERS' FUNDS

(53,610

)

(13,104

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2021 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 24 November 2021 and were signed on its behalf by:

Mr D Gray - Director

1.	STATUTORY INFORMATION

Sarus Systems 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.

The directors report net current liabilities of £18,959 (2020: £14,129) but they believe the company will return to profitability in the near future and they will continue to support the company until then.

Due to the above the directors believe that it is appropriate for the financial statements to be prepared on a going concern basis.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Government grants

Grants are recognised over the period in which the associated costs are incurred.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 March 2020

and 28 February 2021

54,003

DEPRECIATION

At 1 March 2020

52,738

Charge for year

316

At 28 February 2021

53,054

NET BOOK VALUE

At 28 February 2021

949

At 29 February 2020

1,265

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Trade debtors

5,029

14,146

Other debtors

1,280

822

6,309

14,968

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Bank loans and overdrafts

400

1,548

Trade creditors

321

1,960

Taxation and social security

-

1,183

Other creditors

26,769

28,023

27,490

32,714

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.21

29.2.20

£

£

Bank loans

5,600

-

Other creditors

30,000

-

35,600

-

28.2.21

29.2.20

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

800

-

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.21

29.2.20

value:

£

£

100

Ordinary

£1

100

100

9.	RELATED PARTY DISCLOSURES

Mr D Gray and Mrs E Gray

The directors of the company.

During the year the company paid rent at a commercial rate totalling £15,000 (2020: £15,000) to the directors.