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COMPANY REGISTRATION NUMBER: 04271710
SAFE PRODUCTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 September 2023
SAFE PRODUCTS LIMITED
STATEMENT OF FINANCIAL POSITION
30 September 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
24,427
32,289
CURRENT ASSETS
Stocks
389,661
341,549
Debtors
6
274,365
220,218
Cash at bank and in hand
14,190
6,567
---------
---------
678,216
568,334
CREDITORS: amounts falling due within one year
7
297,184
199,731
---------
---------
NET CURRENT ASSETS
381,032
368,603
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
405,459
400,892
CREDITORS: amounts falling due after more than one year
8
1,667
---------
---------
NET ASSETS
405,459
399,225
---------
---------
CAPITAL AND RESERVES
Called up share capital fully paid
100
100
Profit and loss account
405,359
399,125
---------
---------
SHAREHOLDERS FUNDS
405,459
399,225
---------
---------
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.
For the year ending 30 September 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 PRODUCTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 4 April 2024 , and are signed on behalf of the board by:
Mr J A Stevenson
Director
Company registration number: 04271710
SAFE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 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 Signal House, Station Road, Uppingham, Rutland, LE15 9TX.
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 and represents amounts receivable for goods supplied stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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:
Leasehold improvements
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures,fittings and equipment
-
25% reducing balance
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.
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 5 (2022: 5 ).
5. TANGIBLE ASSETS
Leasehold improvements
Motor vehicles
Fixtures, fittings and equipment
Total
£
£
£
£
Cost
At 1 October 2022
37,638
25,480
47,361
110,479
Additions
242
242
--------
--------
--------
---------
At 30 September 2023
37,638
25,480
47,603
110,721
--------
--------
--------
---------
Depreciation
At 1 October 2022
20,317
20,945
36,928
78,190
Charge for the year
4,330
1,134
2,640
8,104
--------
--------
--------
---------
At 30 September 2023
24,647
22,079
39,568
86,294
--------
--------
--------
---------
Carrying amount
At 30 September 2023
12,991
3,401
8,035
24,427
--------
--------
--------
---------
At 30 September 2022
17,321
4,535
10,433
32,289
--------
--------
--------
---------
6. DEBTORS
2023
2022
£
£
Trade debtors
237,817
195,871
Other debtors
36,548
24,347
---------
---------
274,365
220,218
---------
---------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,667
10,000
Trade creditors
110,265
71,611
Corporation tax
35,038
27,056
Social security and other taxes
83,189
53,119
Other creditors
67,025
37,945
---------
---------
297,184
199,731
---------
---------
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,667
----
-------
9. RELATED PARTY TRANSACTIONS
During the year, the company undertook the following transactions with related parties: The directors have advanced monies to the company. At 30 September 2023, the amount due from the company was £50,471 (2022 - £30,556).