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Registration number: 13322021

Safer Shared Spaces Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Safer Shared Spaces Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Financial Statements

4 to 10

 

Safer Shared Spaces Limited

Company Information

Directors

J O'Donnell

A Efstathiou

Registered office

Salatin House
19
Cedar Road
Sutton
Surrey
SM2 5DA

Accountants

Harmer Slater Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Safer Shared Spaces Limited

(Registration number: 13322021)
Statement of Financial Position as at 31 July 2023

Note

2023
£

2022
£

Non-current assets

 

Intangible assets

4

1,903

2,153

Property, plant and equipment

5

367

586

 

2,270

2,739

Current assets

 

Receivables

6

69,261

49,668

Cash at bank and in hand

7

36,070

23,873

 

105,331

73,541

Payables: Amounts falling due within one year

8

(107,215)

(71,629)

Net current (liabilities)/assets

 

(1,884)

1,912

Total assets less current liabilities

 

386

4,651

Provisions for liabilities

(69)

(111)

Net assets

 

317

4,540

Equity

 

Called up share capital

11

100

100

Retained earnings

11

217

4,440

Shareholders' funds

 

317

4,540

For the financial 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 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 and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 Income statement.

 

Safer Shared Spaces Limited

(Registration number: 13322021)
Statement of Financial Position as at 31 July 2023 (continued)

The financial statements of Safer Shared Spaces Limited were approved and authorised for issue by the Board on 22 September 2023 and signed on its behalf by:
 

.........................................

J O'Donnell
Director

 

Safer Shared Spaces Limited

Notes to the Financial Statements
for the Year Ended 31 July 2023

1

General information

Safer Shared Spaces Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

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.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities and is net of value added tax.

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.

 

Safer Shared Spaces Limited

Notes to the Financial Statements
for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

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.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

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

Office Equipment

33.3% Straight line

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 ten years if a reliable estimate of the useful life cannot be made.

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.

Receivables

Receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Receivables 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 receivables 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.

 

Safer Shared Spaces Limited

Notes to the Financial Statements
for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Payables

Payables 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.

Payables 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.

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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

 

Safer Shared Spaces Limited

Notes to the Financial Statements
for the Year Ended 31 July 2023 (continued)

4

Intangible assets

Goodwill
 £

Cost

At 1 August 2022

2,500

At 31 July 2023

2,500

Amortisation

At 1 August 2022

347

Amortisation charge

250

At 31 July 2023

597

Carrying amount

At 31 July 2023

1,903

At 31 July 2022

2,153

5

Property, plant and equipment

Office equipment
£

Cost

At 1 August 2022

657

At 31 July 2023

657

Depreciation

At 1 August 2022

71

Charge for the year

219

At 31 July 2023

290

Carrying amount

At 31 July 2023

367

At 31 July 2022

586

 

Safer Shared Spaces Limited

Notes to the Financial Statements
for the Year Ended 31 July 2023 (continued)

6

Receivables

2023
£

2022
£

Trade receivables

61,701

48,868

Other receivables

7,560

800

69,261

49,668

7

Cash and cash equivalents

2023
£

2022
£

Cash at bank

36,070

23,873

 

Safer Shared Spaces Limited

Notes to the Financial Statements
for the Year Ended 31 July 2023 (continued)

8

Payables

2023
£

2022
£

Due within one year

Trade payables

69,436

30,632

Social security and other taxes

6,037

8,803

Corporation tax

7,510

1,012

Director's current account

19,950

26,900

Accrued expenses

4,282

4,282

107,215

71,629

9

Provisions for liabilities

Deferred tax
£

Total
£

At 1 August 2022

111

111

Increase (decrease) in existing provisions

(42)

(42)

At 31 July 2023

69

69

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £620.00 (2022 - £Nil) per ordinary A share

 

33,500

 

-

         
 

Safer Shared Spaces Limited

Notes to the Financial Statements
for the Year Ended 31 July 2023 (continued)

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0 (2022 - £1) each

-

-

100

100

Ordinary A shares of £1 (2022 - £0) each

50

50

-

-

Ordinary B shares of £1 (2022 - £0) each

50

50

-

-

 

100

100

100

100

On incorporation the company issued 100 Ordinary shares for £1 each and redesignated the 100 Ordinary shares as 50 Ordinary A shares and 50 Ordinary B shares on 22 October 2022.

Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.