Registered number
11068679
Nationwide Safety Management Limited
Filleted Accounts
28 February 2023
Nationwide Safety Management Limited
Registered number: 11068679
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 276
Tangible assets 4 7,183 24,914
7,183 25,190
Current assets
Stocks 20,400 -
Debtors 5 128,383 116,950
Cash at bank and in hand 45,697 21,830
194,480 138,780
Creditors: amounts falling due within one year 6 (130,501) (79,752)
Net current assets 63,979 59,028
Total assets less current liabilities 71,162 84,218
Creditors: amounts falling due after more than one year 7 (28,465) (33,336)
Provisions for liabilities (1,365) (4,734)
Net assets 41,332 46,148
Capital and reserves
Called up share capital 70 70
Profit and loss account 41,262 46,078
Shareholders' funds 41,332 46,148
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Simon Wheeldon
Director
Approved by the board on 16 November 2023
Nationwide Safety Management Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% of reducing balance
Fixtures, fittings, tools and equipment 25% of reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 9
3 Intangible fixed assets £
Cost
At 1 March 2022 346
Disposals (346)
At 28 February 2023 -
Amortisation
At 1 March 2022 70
On disposals (70)
At 28 February 2023 -
Net book value
At 28 February 2023 -
At 28 February 2022 276
Intangible assets are being written off in equal annual instalments over their estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2022 8,936 42,272 51,208
Disposals - (27,277) (27,277)
At 28 February 2023 8,936 14,995 23,931
Depreciation
At 1 March 2022 5,198 21,096 26,294
Charge for the year 1,298 1,582 2,880
On disposals - (12,426) (12,426)
At 28 February 2023 6,496 10,252 16,748
Net book value
At 28 February 2023 2,440 4,743 7,183
At 28 February 2022 3,738 21,176 24,914
5 Debtors 2023 2022
£ £
Trade debtors 119,967 113,600
Other debtors 8,416 3,350
128,383 116,950
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 34,953 18,596
Taxation and social security costs 39,312 39,313
Other creditors 46,236 11,843
130,501 79,752
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 28,465 33,336
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 8,000 9,500
9 Controlling party
The company is controlled by the Directors.
10 Other information
Nationwide Safety Management Limited is a private company limited by shares and incorporated in England. Its registered office is:
7 Hepton Court
Leeds
LS9 6PW
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