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COMPANY REGISTRATION NUMBER: 06900530
ALTITUDE SAFETY LIMITED
FILLETED FINANCIAL STATEMENTS
31 May 2023
ALTITUDE SAFETY LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
499,689
427,403
CURRENT ASSETS
Stocks
466,409
380,840
Debtors
6
771,956
450,608
Cash at bank and in hand
65,183
125,330
------------
---------
1,303,548
956,778
CREDITORS: amounts falling due within one year
7
781,783
615,359
------------
---------
NET CURRENT ASSETS
521,765
341,419
------------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,021,454
768,822
PROVISIONS
124,922
106,851
------------
---------
NET ASSETS
896,532
661,971
------------
---------
CAPITAL AND RESERVES
Called up share capital fully paid
100
100
Profit and loss account
896,432
661,871
---------
---------
SHAREHOLDERS FUNDS
896,532
661,971
---------
---------
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.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 7 February 2024 , and are signed on behalf of the board by:
Mr W Taylor
Director
Company registration number: 06900530
ALTITUDE SAFETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Citrus Group House, Diamond Way, Nene Park, Irthlingborough, NN9 5QF.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. Going concern The directors have given due regard to the financial position of the company at the year end, at the date of signing and for a period of twelve months following this. The ongoing effects of the coronavirus pandemic have formed a part of this consideration. Based on the financial position of the company the directors are satisfied that the company has sufficient resources and flexibility to be able to meet its liabilities as they fall due. Financial support is also available between group companies if required. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revenue recognition The turnover shown in the profit and loss account represents amounts receivable during the period, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Rental equipment - 20% straight line
Motor vehicles - 20% straight line
Equipment - 33% straight line
Impairment of fixed assets 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.
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 stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
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 as a finance cost 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 27 (2022: 24 ).
5. TANGIBLE ASSETS
Rental equipment
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 June 2022
781,833
16,995
46,514
845,342
Additions
184,748
32,993
33,939
251,680
Disposals
( 58,153)
( 146)
( 58,299)
---------
--------
--------
------------
At 31 May 2023
908,428
49,988
80,307
1,038,723
---------
--------
--------
------------
Depreciation
At 1 June 2022
371,236
3,966
42,737
417,939
Charge for the year
148,712
6,698
6,973
162,383
Disposals
( 41,272)
( 16)
( 41,288)
---------
--------
--------
------------
At 31 May 2023
478,676
10,664
49,694
539,034
---------
--------
--------
------------
Carrying amount
At 31 May 2023
429,752
39,324
30,613
499,689
---------
--------
--------
------------
At 31 May 2022
410,597
13,029
3,777
427,403
---------
--------
--------
------------
6. DEBTORS
2023
2022
£
£
Trade debtors
759,201
434,508
Other debtors
12,755
16,100
---------
---------
771,956
450,608
---------
---------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,058
4,845
Trade creditors
463,017
304,612
Amounts owed to group undertakings and undertakings in which the company has a participating interest
32,205
70,208
Corporation tax
43,304
18,476
Social security and other taxes
132,073
87,953
Other creditors
108,126
129,265
---------
---------
781,783
615,359
---------
---------
8. SUMMARY AUDIT OPINION
The auditor's report for the year dated 7 February 2024 was unqualified .
The senior statutory auditor was David Kelland FCA , for and on behalf of Meadows & Co Limited .
9. RELATED PARTY TRANSACTIONS
The company has exercised the exemption allowed under FRS 102 not to disclose transactions with entities, 100% of whose voting rights are controlled within the group.
10. PARENT UNDERTAKING
The parent company of the smallest group which prepares consolidated accounts which include the results and position of Altitude Safety Limited is Shorcontrol Safety Limited (Incorporated in the Republic of Ireland). The registered address of this company is: Naas Industrial Estate, Naas, Co Kildare, Ireland.