Registered number
07968078
Chelmsford Safety Supplies Limited
Filleted Accounts
31 December 2023
Chelmsford Safety Supplies Limited
Registered number: 07968078
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 363,600 370,311
Tangible assets 4 190,845 88,421
554,445 458,732
Current assets
Stocks 1,035,925 828,260
Debtors 5 1,559,273 1,424,313
Cash at bank and in hand 256,658 308,221
2,851,856 2,560,794
Creditors: amounts falling due within one year 6 (1,376,655) (1,021,148)
Net current assets 1,475,201 1,539,646
Total assets less current liabilities 2,029,646 1,998,378
Creditors: amounts falling due after more than one year 7 (473,078) (471,139)
Provisions for liabilities (27,287) (15,306)
Net assets 1,529,281 1,511,933
Capital and reserves
Called up and fully paid share capital 105 105
Profit and loss account 1,529,176 1,511,828
Shareholders' funds 1,529,281 1,511,933
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Adrian White
Director
Approved by the board and authorised for issue on 9 April 2024
Chelmsford Safety Supplies Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Goodwill is amortised on a straight line basis over its economic useful life.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Plant and machinery 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 38 30
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 1,210,164
Additions 92,000
At 31 December 2023 1,302,164
Amortisation
At 1 January 2023 839,853
Provided during the year 98,711
At 31 December 2023 938,564
Net book value
At 31 December 2023 363,600
At 31 December 2022 370,311
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 266,456 4,187 270,643
Additions 52,401 82,975 135,376
At 31 December 2023 318,857 87,162 406,019
Depreciation
At 1 January 2023 182,048 174 182,222
Charge for the year 29,388 3,564 32,952
At 31 December 2023 211,436 3,738 215,174
Net book value
At 31 December 2023 107,421 83,424 190,845
At 31 December 2022 84,408 4,013 88,421
5 Debtors 2023 2022
£ £
Trade debtors 1,331,130 1,212,382
Other debtors 228,143 211,931
1,559,273 1,424,313
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 53,233 50,695
Obligations under finance lease and hire purchase contracts 23,202 10,698
Trade creditors 872,855 585,508
Taxation and social security costs 315,530 268,186
Other creditors 111,835 106,061
1,376,655 1,021,148
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 411,857 460,174
Obligations under finance lease and hire purchase contracts 61,221 10,965
473,078 471,139
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 465,090 510,869
Secured finance lease and hire purchase contracts 73,458 -
538,548 510,869
Bank loans are secured by fixed and floating charges over the assets of the company. Finance lease and hire purchase obligations are secured by the assets to which they relate.
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 120,670 101,191
10 Other information
Chelmsford Safety Supplies Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
21 Robjohns Road
Widford Industrial Estate
Chelmsford
Essex
CM1 3AG
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