Company registration number 02865802 (England and Wales)
Safer Systems (UK) Limited
Unaudited financial statements
For the Period ended 31 October 2023
Safer Systems (UK) Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Safer Systems (UK) Limited
Statement of financial position
As at 31 October 2023
31 October 2023
- 1 -
31 October 2023
30 April 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,329
3,013
Tangible assets
4
5,889
8,989
Investments
5
92
92
8,310
12,094
Current assets
Stocks
107,354
115,102
Debtors
6
270,199
283,666
Cash at bank and in hand
1,638
19,800
379,191
418,568
Creditors: amounts falling due within one year
7
(292,943)
(289,540)
Net current assets
86,248
129,028
Total assets less current liabilities
94,558
141,122
Creditors: amounts falling due after more than one year
8
(88,360)
(163,199)
Net assets/(liabilities)
6,198
(22,077)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
6,098
(22,177)
Total equity
6,198
(22,077)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial Period ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Safer Systems (UK) Limited
Statement of financial position (continued)
As at 31 October 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 February 2024 and are signed on its behalf by:
Mr S J Bane
Director
Company Registration No. 02865802
Safer Systems (UK) Limited
Notes to the financial statements
For the Period ended 31 October 2023
- 3 -
1
Accounting policies
Company information
Safer Systems (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hilderstone House, Cresswell Road, Stone, Staffordshire, United Kingdom, ST15 8RF.
1.1
Reporting period
The current year financial statements are prepared for the period 1 May 2022 to 31 October 2023. Therefore the previous period's figures are not entirely comparable to the current years financial statements.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & licences
10 years
Development costs
fully amortised at period end
Safer Systems (UK) Limited
Notes to the financial statements (continued)
For the Period ended 31 October 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
at varying rates on cost
Plant and machinery
20% on reducing balance
Fixtures and fittings
20% on reducing balance
Computers
33.33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Safer Systems (UK) Limited
Notes to the financial statements (continued)
For the Period ended 31 October 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax, if applicable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Safer Systems (UK) Limited
Notes to the financial statements (continued)
For the Period ended 31 October 2023
1
Accounting policies
(Continued)
- 6 -
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.16
Development costs incurred are capitalised, and amortised in future years in line with the levels of production. All development costs currently in the financial statements have been fully amortised.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2023
2022
Number
Number
Total
3
3
3
Intangible fixed assets
Patents & licences
Development costs
Total
£
£
£
Cost
At 1 May 2022 and 31 October 2023
6,711
419,704
426,415
Amortisation and impairment
At 1 May 2022
3,698
419,704
423,402
Amortisation charged for the Period
684
684
At 31 October 2023
4,382
419,704
424,086
Carrying amount
At 31 October 2023
2,329
2,329
At 30 April 2022
3,013
3,013
Safer Systems (UK) Limited
Notes to the financial statements (continued)
For the Period ended 31 October 2023
- 7 -
4
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 May 2022 and 31 October 2023
80,892
76,991
152,380
48,129
358,392
Depreciation and impairment
At 1 May 2022
80,892
75,733
145,215
47,563
349,403
Depreciation charged in the Period
379
2,155
566
3,100
At 31 October 2023
80,892
76,112
147,370
48,129
352,503
Carrying amount
At 31 October 2023
879
5,010
5,889
At 30 April 2022
1,258
7,165
566
8,989
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
92
92
The company's investments at the Statement of Financial Position date in the share capital of companies include the following:
Safer Systems Innovations Limited
Registered office: Unit 4d High Holborn Road, Ripley, Derbyshire, DE5 3NW
Nature of business: Dormant
Class of shares: Ordinary
Holding: 92%
Aggregate capital and reserves: 2023 - £100 (2022 - £100).
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
198,089
269,859
Other debtors
72,110
13,807
270,199
283,666
Safer Systems (UK) Limited
Notes to the financial statements (continued)
For the Period ended 31 October 2023
- 8 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
175,667
98,344
Trade creditors
86,607
160,813
Amounts owed to group undertakings
100
100
Taxation and social security
17,694
20,039
Other creditors
12,875
10,244
292,943
289,540
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
88,360
163,199
9
Loans and overdrafts
2023
2022
£
£
Bank loans
138,900
210,055
Bank overdrafts
125,127
51,488
264,027
261,543
Payable within one year
175,667
98,344
Payable after one year
88,360
163,199
The debts are secured by a fixed and floating charge over the remaining assets of the company.
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
12,240