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COMPANY REGISTRATION NUMBER: 02611471
Safe & Sound Control Systems Ltd
Filleted Unaudited Financial Statements
31 December 2023
Safe & Sound Control Systems Ltd
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Safe & Sound Control Systems Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
181,956
187,184
Current assets
Stocks
5,744
19,863
Debtors
6
645,636
525,549
Cash at bank and in hand
956,891
506,335
------------
------------
1,608,271
1,051,747
Creditors: amounts falling due within one year
7
1,050,734
602,155
------------
------------
Net current assets
557,537
449,592
---------
---------
Total assets less current liabilities
739,493
636,776
---------
---------
Net assets
739,493
636,776
---------
---------
Capital and reserves
Called up share capital
40
60
Capital redemption reserve
60
40
Profit and loss account
739,393
636,676
---------
---------
Shareholders funds
739,493
636,776
---------
---------
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 comprehensive income has not been delivered.
For the year ending 31 December 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 .
Safe & Sound Control Systems Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 7 March 2024 , and are signed on behalf of the board by:
M F Bullen
N D Taylor
Director
Director
Company registration number: 02611471
Safe & Sound Control Systems Ltd
Notes to the Financial Statements
Year ended 31 December 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 Unit 22 Chislet Close, Lakesview Business Park, Canterbury, CT3 4LB, Kent.
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, 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.
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
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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:
Freehold property
-
2% straight line
Plant and machinery
-
25% 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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2022: 24 ).
5. Tangible assets
Freehold property
Plant and machinery
Total
£
£
£
Cost
At 1 January 2023
276,077
94,859
370,936
Additions
2,545
2,545
---------
--------
---------
At 31 December 2023
276,077
97,404
373,481
---------
--------
---------
Depreciation
At 1 January 2023
92,554
91,198
183,752
Charge for the year
5,522
2,251
7,773
---------
--------
---------
At 31 December 2023
98,076
93,449
191,525
---------
--------
---------
Carrying amount
At 31 December 2023
178,001
3,955
181,956
---------
--------
---------
At 31 December 2022
183,523
3,661
187,184
---------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
567,132
448,916
Other debtors
78,504
76,633
---------
---------
645,636
525,549
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
251,584
187,919
Corporation tax
200,524
74,895
Social security and other taxes
76,105
38,081
Other creditors
522,521
301,260
------------
---------
1,050,734
602,155
------------
---------