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Registered number: NI669787










Safety NetAccess Limited








Audited

Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2022

 
Safety NetAccess Limited
Registered number: NI669787

Balance Sheet
As at 31 December 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 5 
273
741

  
273
741

Current assets
  

Debtors: amounts falling due within one year
 6 
23,885
2,250

Cash at bank and in hand
 7 
51,942
18,133

  
75,827
20,383

Creditors: amounts falling due within one year
 8 
(43,631)
(42,924)

Net current assets/(liabilities)
  
 
 
32,196
 
 
(22,541)

Total assets less current liabilities
  
32,469
(21,800)

Creditors: amounts falling due after more than one year
 9 
(118,645)
(165,284)

  

Net liabilities
  
(86,176)
(187,084)


Capital and reserves
  

Called up share capital 
 10 
1
1

Profit and loss account
 11 
(86,177)
(187,085)

  
(86,176)
(187,084)


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 December 2023.




Sean Thomas Gorman
Director

The notes on pages 2 to 6 form part of these financial statements.

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Page 1

 
Safety NetAccess Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2022

1.


General information

Safety NetAccess Limited is a private company limited by shares incorporated in Northern Ireland. The registration number and address of the registered office are given in the company section of these financial statements. The principal activity for Safety NetAccess Limited is business and domestic software development.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.3

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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Safety NetAccess Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2022

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Going concern

The Director of Safety NetAccess Limited has reviewed the resources available and after considering the support available from the parent company he believes that the company has adequate resources to continue in existence for the foreseeable future.
Accordingly, Safety NetAccess Limited continues to adopt the going concern basis in preparing the financial statements.

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Page 3

 
Safety NetAccess Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2022

4.


Employees

The average monthly number of employees, including the director, during the Year was as follows:


        2022
        2021
            No.
            No.







Average number of employees
11
5


5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2022
1,404



At 31 December 2022

1,404



Depreciation


At 1 January 2022
663


Charge for the Year on owned assets
468



At 31 December 2022

1,131



Net book value



At 31 December 2022
273



At 31 December 2021
741


6.


Debtors

2022
2021
£
£


Accrued income
20,250
-

Other debtors
2,735
2,250

Prepayments
900
-

23,885
2,250


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Safety NetAccess Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2022

7.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
51,942
18,133

51,942
18,133



8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
7,704
10,050

Other creditors
27,252
28,099

Accruals and deferred income
8,675
4,775

43,631
42,924



9.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Amounts owed to group undertakings
118,645
165,284

118,645
165,284



10.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



1 (2021 - 1) Ordinary share of £1.00
1
1



11.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

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Safety NetAccess Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2022

12.


Controlling party

Safety NetAccess Inc., a company established in the USA controls 100% of the companys equity share capital and is the ultimate parent company.


13.


Related party transactions

The company has taken advantage of the exemptions under paragraph 33.1 A from the provisions of
FRS 102, on the grounds that all of the voting rights of the company are controlled within the group.


14.


Auditors' information

The auditors' report on the financial statements for the Year ended 31 December 2022 was unqualified.

The audit report was signed on 21 December 2023 by Adrian Patton (Senior Statutory Auditor) on behalf of ASM (B) Ltd.


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Page 6