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Company Registration No. 02005633 (England and Wales)
Safechem Limited Unaudited accounts for the year ended 31 January 2024
Safechem Limited Unaudited accounts Contents
Page
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Safechem Limited Company Information for the year ended 31 January 2024
Directors
Nigel Bruce Christine Bruce Jonathon Bruce Emma Lumley
Company Number
02005633 (England and Wales)
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Safechem Limited Accountants' report
Accountants' report to the board of directors of Safechem Limited (the company)
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 January 2024.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the balance sheet you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give "a true and fair view".
You have determined that the company is exempt from the statutory requirement for an audit for the year ended 31 January 2024. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
7 April 2024
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Safechem Limited Statement of financial position as at 31 January 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
801,282 
439,843 
Current assets
Inventories
901,654 
921,727 
Debtors
716,208 
712,169 
Cash at bank and in hand
2,541,206 
2,385,777 
4,159,068 
4,019,673 
Creditors: amounts falling due within one year
(955,762)
(865,838)
Net current assets
3,203,306 
3,153,835 
Total assets less current liabilities
4,004,588 
3,593,678 
Creditors: amounts falling due after more than one year
- 
(11,510)
Net assets
4,004,588 
3,582,168 
Capital and reserves
Called up share capital
1,000 
1,000 
Profit and loss account
4,003,588 
3,581,168 
Shareholders' funds
4,004,588 
3,582,168 
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2024 and were signed on its behalf by
Nigel Bruce Director Company Registration No. 02005633
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Safechem Limited Notes to the Accounts for the year ended 31 January 2024
1
Statutory information
Safechem Limited is a private company, limited by shares, registered in England and Wales, registration number 02005633.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 February 2023
7,500 
At 31 January 2024
7,500 
Amortisation
At 1 February 2023
7,500 
At 31 January 2024
7,500 
Net book value
At 31 January 2024
- 
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Safechem Limited Notes to the Accounts for the year ended 31 January 2024
5
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 February 2023
529,562 
159,239 
371,220 
1,060,021 
Additions
228,143 
- 
250,451 
478,594 
Disposals
- 
- 
(37,855)
(37,855)
At 31 January 2024
757,705 
159,239 
583,816 
1,500,760 
Depreciation
At 1 February 2023
250,362 
141,043 
228,773 
620,178 
Charge for the year
10,592 
4,549 
96,961 
112,102 
On disposals
- 
- 
(32,802)
(32,802)
At 31 January 2024
260,954 
145,592 
292,932 
699,478 
Net book value
At 31 January 2024
496,751 
13,647 
290,884 
801,282 
At 31 January 2023
279,200 
18,196 
142,447 
439,843 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
610,303 
660,997 
Amounts due from group undertakings etc.
71,886 
29,867 
Accrued income and prepayments
21,833 
21,305 
Other debtors
12,186 
- 
716,208 
712,169 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
64,963 
65,624 
Obligations under finance leases and hire purchase contracts
11,510 
9,945 
Trade creditors
343,427 
359,183 
Amounts owed to group undertakings and other participating interests
309,925 
309,774 
Taxes and social security
176,458 
94,522 
Loans from directors
25,822 
860 
Accruals
23,657 
25,930 
955,762 
865,838 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Obligations under finance leases and hire purchase contracts
- 
11,510 
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Safechem Limited Notes to the Accounts for the year ended 31 January 2024
9
Transactions with related parties
The company is related by common directorships to Fluid Technology Generation Limited (FTG). During the year Safechem Limited sold goods and services to FTG to the value of £1,56423 (2023 £1,233702) and purchased goods from FTG to the value of £1230621 (2023 £128,220). As at 31st january 2024 Safechem Limited owed FTG £309925 (2023 £331,296) and FTG owed Safechem Limted £71,886 (20223 £29,867). All transactions were at market value.
10
Average number of employees
During the year the average number of employees was 19 (2023: 19).
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