2 31/07/2023 2023-07-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-08-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 03403704 2022-08-01 2023-07-31 03403704 2023-07-31 03403704 2022-07-31 03403704 2021-08-01 2022-07-31 03403704 2022-07-31 03403704 core:PlantMachinery 2022-08-01 2023-07-31 03403704 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 03403704 core:OnerousContractsExcludingVacantProperties 2022-08-01 2023-07-31 03403704 bus:RegisteredOffice 2022-08-01 2023-07-31 03403704 bus:LeadAgentIfApplicable 2022-08-01 2023-07-31 03403704 bus:Director1 2022-08-01 2023-07-31 03403704 bus:Director2 2022-08-01 2023-07-31 03403704 bus:CompanySecretary1 2022-08-01 2023-07-31 03403704 core:PlantMachinery 2022-07-31 03403704 core:FurnitureFittingsToolsEquipment 2022-07-31 03403704 core:PlantMachinery 2023-07-31 03403704 core:FurnitureFittingsToolsEquipment 2023-07-31 03403704 core:WithinOneYear 2023-07-31 03403704 core:WithinOneYear 2022-07-31 03403704 bus:AllOrdinaryShares 2022-08-01 2023-07-31 03403704 bus:AllOrdinaryShares 2021-08-01 2022-07-31 03403704 core:ShareCapital 2023-07-31 03403704 core:ShareCapital 2022-07-31 03403704 core:RevaluationReserve 2023-07-31 03403704 core:RevaluationReserve 2022-07-31 03403704 core:RetainedEarningsAccumulatedLosses 2023-07-31 03403704 core:RetainedEarningsAccumulatedLosses 2022-07-31 03403704 core:AcceleratedTaxDepreciationDeferredTax 2023-07-31 03403704 core:AcceleratedTaxDepreciationDeferredTax 2022-07-31 03403704 core:CostValuation core:Non-currentFinancialInstruments 2023-07-31 03403704 core:Non-currentFinancialInstruments 2023-07-31 03403704 core:Non-currentFinancialInstruments 2022-07-31 03403704 core:PlantMachinery 2022-07-31 03403704 core:FurnitureFittingsToolsEquipment 2022-07-31 03403704 core:DeferredTaxation 2022-07-31 03403704 core:DeferredTaxation 2023-07-31 03403704 core:DeferredTaxation 2022-08-01 2023-07-31 03403704 bus:SmallEntities 2022-08-01 2023-07-31 03403704 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 03403704 bus:FullAccounts 2022-08-01 2023-07-31 03403704 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 03403704 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 03403704 core:RevaluationPropertyDeferredTax 2023-07-31 03403704 core:RevaluationPropertyDeferredTax 2022-07-31 03403704 core:ComputerEquipment 2022-08-01 2023-07-31 03403704 core:ComputerEquipment 2022-07-31 03403704 core:ComputerEquipment 2023-07-31 03403704 core:WithinOneYear 2022-08-01 2023-07-31
Company registration number: 03403704
Safetynet Systems Ltd
Unaudited filleted financial statements
31 July 2023
Safetynet Systems Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Safetynet Systems Ltd
Directors and other information
Directors Mr Paul Christopher Cotton
Mrs Margaret Cotton
Secretary Mrs M Cotton
Company number 03403704
Registered office Ael y Bryn
Capel Bangor
Aberystwyth
Ceredigion
SY23 3LR
Accountants Davies Lewis Baker
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB
Safetynet Systems Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Safetynet Systems Ltd
Year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Safetynet Systems Ltd for the year ended 31 July 2023 which comprise the statement of financial position and 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 https://www.accaglobal.com /gb/en/about-us/regulation/rulebook.html.
This report is made solely to the board of directors of Safetynet Systems Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Safetynet Systems Ltd and state those matters that we have agreed to state to the board of directors of Safetynet Systems Ltd 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/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Safetynet Systems Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Safetynet Systems Ltd 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 profit of Safetynet Systems Ltd. You consider that Safetynet Systems Ltd 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 Safetynet Systems Ltd. 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.
Davies Lewis Baker
Association of Chartered Certified Accountants
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB
31 October 2023
Safetynet Systems Ltd
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 1,028 1,458
Investments 7 250,000 250,000
_______ _______
251,028 251,458
Current assets
Stocks 21,523 17,890
Cash at bank and in hand 98,736 90,790
_______ _______
120,259 108,680
Creditors: amounts falling due
within one year 8 ( 43,571) ( 45,470)
_______ _______
Net current assets 76,688 63,210
_______ _______
Total assets less current liabilities 327,716 314,668
Provisions for liabilities 9 ( 62,757) ( 47,777)
_______ _______
Net assets 264,959 266,891
_______ _______
Capital and reserves
Called up share capital 2 2
Revaluation reserve 202,500 202,500
Profit and loss account 62,457 64,389
_______ _______
Shareholders funds 264,959 266,891
_______ _______
For the year ending 31 July 2023 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 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.
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 October 2023 , and are signed on behalf of the board by:
Mrs Margaret Cotton Mr Paul Christopher Cotton
Director Director
Company registration number: 03403704
Safetynet Systems Ltd
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Ael y Bryn, Capel Bangor, Aberystwyth, Ceredigion, SY23 3LR.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
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:
Plant and machinery - 25 % reducing balance
Fixtures and fittings - 25 % reducing balance
Equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Domain names retained for the long term continue to be included as investments as previously allowed under the FRSSE. They have been revalued by the directors at a prudent estimate of the fair market value based on offers received and declined in recent years. Domain names are not recognised as investments or financial assets under FRS102 but the directors consider this treatment is necessary to properly present a true and fair view of the company's affairs.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position. Provisions of deferred taxation on revalued assets are charged to the related revaluation reserve. All other provisions are charged as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset or as part of an asset revaluation reserve. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Dividends
Equity dividends
2023 2022
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 117,500 88,000
_______ _______
Dividends of £58,750 each were paid to the directors, Mr PC Cotton and Mrs M Cotton (31 July 2022: £44,000 each).
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Equipment Total
£ £ £ £
Cost
At 1 August 2022 1,244 1,040 9,838 12,122
Additions - - 472 472
_______ _______ _______ _______
At 31 July 2023 1,244 1,040 10,310 12,594
_______ _______ _______ _______
Depreciation
At 1 August 2022 1,151 1,009 8,504 10,664
Charge for the year 23 8 871 902
_______ _______ _______ _______
At 31 July 2023 1,174 1,017 9,375 11,566
_______ _______ _______ _______
Carrying amount
At 31 July 2023 70 23 935 1,028
_______ _______ _______ _______
At 31 July 2022 93 31 1,334 1,458
_______ _______ _______ _______
7. Investments
Other investments other than loans
£
Cost
At 1 August 2022 and 31 July 2023 250,000
_______
Impairment
At 1 August 2022 and 31 July 2023 -
_______
Carrying amount
At 31 July 2023 250,000
_______
At 31 July 2022 250,000
_______
Other investments were valued at £250,000 during the year ended 31 July 2014. The comparable cost of the investments on the historical cost basis is £NIL.
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 337 -
Corporation tax 34,256 31,291
Social security and other taxes 4,259 152
Other creditors 4,719 14,027
_______ _______
43,571 45,470
_______ _______
Included in other creditors is a loan of £3,355 (31 July 2022: £10,272) from the directors that is provided interest-free and without fixed terms of repayment.
9. Provisions
Deferred tax (note 10)
£
At 1 August 2022 47,777
Unused amounts reversed 14,980
_______
At 31 July 2023 62,757
_______
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 9) 62,757 47,777
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 257 277
Other revaluations 62,500 47,500
_______ _______
62,757 47,777
_______ _______
Other revaluations represents the deferred taxation liability on the sale of revalued investments.