Company Registration No. 02005633 (England and Wales)
Safechem Limited
Unaudited accounts
for the year ended 31 January 2024
Safechem Limited
Unaudited accounts
Contents
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)
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.
Safechem Limited
Statement of financial position
as at 31 January 2024
Tangible assets
801,282
439,843
Inventories
901,654
921,727
Cash at bank and in hand
2,541,206
2,385,777
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
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
Safechem Limited
Notes to the Accounts
for the year ended 31 January 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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 (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Goodwill
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
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
At 31 January 2024
496,751
13,647
290,884
801,282
At 31 January 2023
279,200
18,196
142,447
439,843
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
7
Creditors: amounts falling due within one year
2024
2023
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
8
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
-
11,510
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).