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Company registration number: 03014731
Business Safety Systems Limited
Unaudited filleted financial statements
28 February 2023
Business Safety Systems Limited
Contents
Statement of financial position
Notes to the financial statements
Business Safety Systems Limited
Statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 84,733 82,716
_______ _______
84,733 82,716
Current assets
Stocks 2,850 3,000
Debtors 7 272,114 311,656
Cash at bank and in hand 332,217 454,537
_______ _______
607,181 769,193
Creditors: amounts falling due
within one year 8 ( 451,965) ( 509,926)
_______ _______
Net current assets 155,216 259,267
_______ _______
Total assets less current liabilities 239,949 341,983
Creditors: amounts falling due
after more than one year 9 ( 97,117) ( 220,099)
_______ _______
Net assets 142,832 121,884
_______ _______
Capital and reserves
Called up share capital 337 337
Profit and loss account 142,495 121,547
_______ _______
Shareholders funds 142,832 121,884
_______ _______
For the year ending 28 February 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 29 November 2023 , and are signed on behalf of the board by:
N Shotton
Director
Company registration number: 03014731
Business Safety Systems Limited
Notes to the financial statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Rutherford Court, Stafford Technology Park, Stafford, ST18 0GP.
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 liabilities 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 for goods supplied and services rendered, net of discounts and Value Added Tax.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and 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:
Freehold property - Not depreciated
Plant and machinery - 15 % reducing balance
Computer equipment - 15 % reducing balance
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
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 22 (2022: 18).
5. Profit/loss before taxation
Profit/loss before taxation is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 5,278 5,105
Fair value adjustments to investment property - 140,387
_______ _______
6. Tangible assets
Freehold property Plant and machinery Computer equipment Total
£ £ £ £
Cost
At 1 March 2022 50,000 133,306 36,330 219,636
Additions - 1,049 6,246 7,295
_______ _______ _______ _______
At 28 February 2023 50,000 134,355 42,576 226,931
_______ _______ _______ _______
Depreciation
At 1 March 2022 - 117,292 19,628 136,920
Charge for the year - 2,432 2,846 5,278
_______ _______ _______ _______
At 28 February 2023 - 119,724 22,474 142,198
_______ _______ _______ _______
Carrying amount
At 28 February 2023 50,000 14,631 20,102 84,733
_______ _______ _______ _______
At 28 February 2022 50,000 16,014 16,702 82,716
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 96,893 183,986
Other debtors 25,000 -
Amounts owed by related parties 146,206 124,177
Prepayments and accrued income 4,015 3,493
_______ _______
272,114 311,656
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts (-) 8,580
Trade creditors 14,277 23,894
Social security and other taxes 110,282 107,891
Funding Circle loan 59,959 71,532
Amounts owed to related party 6,940 7,390
Directors loan account 4,548 17,943
Other creditors 2,306 2,215
Accruals and deferred income 253,653 270,481
_______ _______
451,965 509,926
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts - 79,683
Funding Circle loan 97,117 140,416
_______ _______
97,117 220,099
_______ _______
The bank loan is secured by way of a fixed and floating charge over the assets of the company.
10. Provisions
At 1 March 2022 and 28 February 2023
11. Related party transactions
The following are considered to be related parties by virtue of their shareholdings and directorships in the company:Mrs P ShottonMr N Shotton Mrs J FirthDuring the year the Directors provided an interest free loan to the company. During the year the directors withdrew net monies from the company in the sum of £13,395. (2022: Net money introduced of £14,950). At the balance sheet date the company owed the Directors the sum of £4,548 (2022: £17,943).City Osteopathic Clinic Ltd is considered to be a related party by virtue of being under common control. During the period the company sold services in the sum of £Nil (2022: £Nil) to City Osteopathic Clinic Ltd. During the period the company purchased services from City Osteopathic Clinic Ltd in the sum of £Nil (2022: £Nil).Risk Dashboard (UK) Limited is considered to be a related party by virtue of being under common control. During the period the company paid invoices amounting to £24,529 (2022: £9,315) on behalf of Risk Dashboard (UK) Limited. At the balance sheet date Risk Dashboard (UK) Limited owed the company the sum of £146,206 (2022: £124,177).T100 Risk Systems Limited is considered to be a related party by virtue of being under common control. During the period the company received credit note amounting to £750 (2022: Paid £750) on behalf of T100 Risk Systems Limited. During the period the company made payments amounting to £1,200 (2022: £1,600) to T100 Risk Systems Limited. During the period the company received payments amounting to £Nil (2022: £26,500) from T100 Risk Systems Limited. At the balance sheet date the company owed T100 Risk Systems Limited the sum of £6,940 (2022: £7,390).