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Registration number: 07024876

Modular Safety Systems Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2023

 

Modular Safety Systems Limited

Contents

Abridged Balance Sheet

1

Notes to the Unaudited Abridged Financial Statements

2 to 7

 

Modular Safety Systems Limited

(Registration number: 07024876)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

45,833

Tangible assets

5

352,100

348,725

 

352,100

394,558

Current assets

 

Stocks

1,503,724

979,881

Debtors

2,821,285

3,555,305

Cash at bank and in hand

 

209,087

355,030

 

4,534,096

4,890,216

Creditors: Amounts falling due within one year

(2,148,309)

(2,382,444)

Net current assets

 

2,385,787

2,507,772

Total assets less current liabilities

 

2,737,887

2,902,330

Provisions for liabilities

(328,187)

(184,534)

Net assets

 

2,409,700

2,717,796

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

2,409,500

2,717,596

Total equity

 

2,409,700

2,717,796

For the financial year ending 31 December 2023 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 of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 5 April 2024 and signed on its behalf by:
 

Mr Thomas Smallridge

Director

 

Modular Safety Systems Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
200 The Quadrant
Ashridge Road
Bradley Stoke
Bristol
BS32 4QA

These financial statements were authorised for issue by the Board on 5 April 2024.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Modular Safety Systems Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 

Modular Safety Systems Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% per annum reducing balance

Plant and machinery

33% straight line

Leasehold improvements

20% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Provisions

Provisions are recognised when the Company has an obligation at the reporting date as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Included within provisions is a dilapidation provision of £250,000 (2022 - £110,000) and a provision for deferred taxation of £78,187 (2022 - £74,534).

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 44 (2022 - 32).

 

Modular Safety Systems Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 January 2023

70,000

At 31 December 2023

70,000

Amortisation

At 1 January 2023

24,167

Amortisation charge

45,833

At 31 December 2023

70,000

Carrying amount

At 31 December 2023

-

At 31 December 2022

45,833

The aggregate amount of research and development expenditure recognised as an expense during the period is £1,573 (2022 - £Nil).
 

5

Tangible assets

Total
£

Cost or valuation

At 1 January 2023

642,034

Additions

118,389

At 31 December 2023

760,423

Depreciation

At 1 January 2023

293,309

Charge for the year

115,014

At 31 December 2023

408,323

Carrying amount

At 31 December 2023

352,100

At 31 December 2022

348,725

6

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,200,412 (2022 - £1,552,576).

 

Modular Safety Systems Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

7

Related party transactions

Advances to directors


Mr David Smallridge

During the period Mr David Smallridge went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £159,417 (2022 - £153,806). At the year end the amount outstanding from Mr David Smallridge was £95,684 (2022 - £). Interest has been charged at the commercial rate.


Mrs Louise Smallridge

During the period Mrs Louise Smallridge went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £79,203 (2022 - £76,203). At the year end the amount outstanding from Mrs Louise Smallridge was £11,282 (2022 - £). Interest has been charged at the commercial rate.


Mr Thomas Smallridge

During the period Mr Thomas Smallridge went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £7,774 (2022 - £7,774). At the year end the amount outstanding from Mr Thomas Smallridge was £Nil (2022 - £). Interest has been charged at the commercial rate.


Mrs Sarah Smallridge

During the period Mrs Sarah Smallridge went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £7,774 (2022 - £7,774). At the year end the amount outstanding from Mrs Sarah Smallridge was £Nil (2022 - £). Interest has been charged at the commercial rate.


Mr Rolf Smallridge

During the period Mr Rolf Smallridge went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £79,203 (2022 - £76,203). At the year end the amount outstanding from Mr Rolf Smallridge was £11,282 (2022 - £). Interest has been charged at the commercial rate.


Mr Lloyd Smallridge

During the period Mr Lloyd Smallridge went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £127,817 (2022 - £122,817). At the year end the amount outstanding from Mr Lloyd Smallridge was £Nil (2022 - £). Interest has been charged at the commercial rate.


Mr Calvin Herbert

During the period Mr Calvin Herbert went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £120,563 (2022 - £91,379). At the year end the amount outstanding from Mr Calvin Herbert was £20,620 (2022 - £). Interest has been charged at the commercial rate.


Mrs Lauren Smallridge

During the period Mrs Lauren Smallridge went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £159,417 (2022 - £153,806). At the year end the amount outstanding from Mrs Lauren Smallridge was £95,684 (2022 - £). Interest has been charged at the commercial rate.

 

Modular Safety Systems Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

During the period the directors maintained a loan account with the company. At the period end the amount owed to the company from the directors was £234,552 (2022: £689,763).

No further transactions with related parties were undertaken such as are required to be disclosed under the FRS 102.