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Registration number: 3061492

Safegas Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Safegas Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Safegas Limited

Company Information

Directors

Martin Alan Cooper

Alan Richard Bolton

Registered office

Gemini House
Sandbeck Way
Wetherby
LS22 7DN

Accountants

Fullertons Limited
Chartered Certified Accountants
Manchester House
50 Oxford Road
Guiseley
Leeds
LS20 8AB

 

Safegas Limited

(Registration number: 3061492)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

3,000

4,000

Tangible assets

5

158,597

75,707

 

161,597

79,707

Current assets

 

Stocks

79,290

89,790

Debtors

6

56,152

57,090

Cash at bank and in hand

 

389,874

264,828

 

525,316

411,708

Creditors: Amounts falling due within one year

7

(264,977)

(237,175)

Net current assets

 

260,339

174,533

Total assets less current liabilities

 

421,936

254,240

Creditors: Amounts falling due after more than one year

7

(74,142)

-

Provisions for liabilities

(39,649)

(14,384)

Net assets

 

308,145

239,856

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

308,045

239,756

Shareholders' funds

 

308,145

239,856

For the financial year ending 31 August 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 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Safegas Limited

(Registration number: 3061492)
Balance Sheet as at 31 August 2023

Approved and authorised by the Board on 1 November 2023 and signed on its behalf by:
 

.........................................
Alan Richard Bolton
Director

 

Safegas Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

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

The address of its registered office is:
Gemini House
Sandbeck Way
Wetherby
LS22 7DN

These financial statements were authorised for issue by the Board on 1 November 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Safegas Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance basis

Other property, plant and equipment

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

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

Goodwill

20% straight line basis

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.

 

Safegas Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Safegas Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 20 (2022 - 21).

 

Safegas Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2022

9,000

9,000

At 31 August 2023

9,000

9,000

Amortisation

At 1 September 2022

5,000

5,000

Amortisation charge

1,000

1,000

At 31 August 2023

6,000

6,000

Carrying amount

At 31 August 2023

3,000

3,000

At 31 August 2022

4,000

4,000

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2022

149,067

90,183

239,250

Additions

109,588

985

110,573

Disposals

(14,281)

-

(14,281)

At 31 August 2023

244,374

91,168

335,542

Depreciation

At 1 September 2022

84,688

78,855

163,543

Charge for the year

23,494

2,760

26,254

Eliminated on disposal

(12,852)

-

(12,852)

At 31 August 2023

95,330

81,615

176,945

Carrying amount

At 31 August 2023

149,044

9,553

158,597

At 31 August 2022

64,379

11,328

75,707

 

Safegas Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

28,694

24,649

Prepayments

27,458

25,857

Other debtors

-

6,584

 

56,152

57,090

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11,147

-

Trade creditors

 

89,629

123,315

Taxation and social security

 

79,325

44,654

Accruals and deferred income

 

44,081

29,081

Other creditors

 

40,795

40,125

 

264,977

237,175

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £11,147 ( 2022 - £nil ).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

74,142

-

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £74,142 ( 2022 - £nil ).

8

Share capital

Allotted, called up and fully paid shares

 

Safegas Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

 

2023

2022

 

No.

£

No.

£

A Ordinary shares of £1 each

60

60

60

60

B Ordinary shares of £1 each

30

30

30

30

C Ordinary shares of £1 each

10

10

10

10

 

100

100

100

100