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REGISTERED NUMBER: 03140542 (England and Wales)












INTERSAFE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






INTERSAFE LIMITED (REGISTERED NUMBER: 03140542)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


INTERSAFE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: A Pendle
M L Truscott
C Lang





REGISTERED OFFICE: Unit 5
Old Farm Court
Nursling Street
Southampton
Hampshire
SO16 0AJ





REGISTERED NUMBER: 03140542 (England and Wales)

INTERSAFE LIMITED (REGISTERED NUMBER: 03140542)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 833,102 765,652

CURRENT ASSETS
Stocks 22,306 -
Debtors 5 585,291 688,239
Cash at bank 758,267 229,400
1,365,864 917,639
CREDITORS
Amounts falling due within one year 6 (536,198 ) (460,841 )
NET CURRENT ASSETS 829,666 456,798
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,662,768

1,222,450

CREDITORS
Amounts falling due after more than one
year

7

(350,161

)

(344,648

)

PROVISIONS FOR LIABILITIES (116,757 ) (94,534 )
NET ASSETS 1,195,850 783,268

CAPITAL AND RESERVES
Called up share capital 507 500
Retained earnings 1,195,343 782,768
SHAREHOLDERS' FUNDS 1,195,850 783,268

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

INTERSAFE LIMITED (REGISTERED NUMBER: 03140542)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2024 and were signed on its behalf by:





A Pendle - Director


INTERSAFE LIMITED (REGISTERED NUMBER: 03140542)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Intersafe Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The disclosure requirements of section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and far view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% Straight line
Improvements to property - 2% Straight line
Plant and machinery - Straight line over 4 years
Motor vehicles - 25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


INTERSAFE LIMITED (REGISTERED NUMBER: 03140542)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial assets
The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 50 (2022 - 50 ) .

INTERSAFE LIMITED (REGISTERED NUMBER: 03140542)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and Motor
property property machinery vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 356,066 19,835 268,991 550,505 1,195,397
Additions - - 26,752 226,828 253,580
Disposals - - - (70,229 ) (70,229 )
At 31 December 2023 356,066 19,835 295,743 707,104 1,378,748
DEPRECIATION
At 1 January 2023 25,815 1,305 172,075 230,550 429,745
Charge for year 7,121 389 34,535 111,776 153,821
Eliminated on disposal - - - (37,920 ) (37,920 )
At 31 December 2023 32,936 1,694 206,610 304,406 545,646
NET BOOK VALUE
At 31 December 2023 323,130 18,141 89,133 402,698 833,102
At 31 December 2022 330,251 18,530 96,916 319,955 765,652

The net book value tangible fixed assets includes £312,748 (2022 - £184,305) in respect of assets held under hire purchase contacts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 461,030 572,024
Other debtors 124,261 116,215
585,291 688,239

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 20,039 19,264
Hire purchase contracts (see note 8) 131,789 67,717
Trade creditors 83,175 120,792
Taxation and social security 296,395 242,050
Other creditors 4,800 11,018
536,198 460,841

INTERSAFE LIMITED (REGISTERED NUMBER: 03140542)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 223,553 246,187
Hire purchase contracts (see note 8) 126,608 98,461
350,161 344,648

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years
by instalments 162,733 177,619
162,733 177,619

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 131,789 67,717
Between one and five years 126,608 98,461
258,397 166,178

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 258,397 166,178
Bank Loans 216,981 228,988
475,378 395,166

Hire purchase balances are secured on the assets to which they relate.

The bank loans are secured against the property to which they relate.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year advances totalling £1,762 (2022: £75,025) were made to the company's director. £Nil (2022: £77,479) was repaid prior to the year end. The balance outstanding at the year end was £95,504 (2022: £91,704).

Interest of £2,038 (2022: £2,028) has been charged on this loan at a rate of 2.25% (2022: 2.0%) and the advances are repayable on demand.