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Company Registration No. 02556771 (England and Wales)
Safety Air Services Ltd Unaudited accounts for the year ended 30 November 2023
Safety Air Services Ltd Unaudited accounts Contents
Page
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Safety Air Services Ltd Company Information for the year ended 30 November 2023
Directors
Mr A Hares Mr P Hares
Secretary
Mrs V C Hares
Company Number
02556771 (England and Wales)
Registered Office
122-128 Lake Road Portsmouth Hampshire PO1 4HH
Accountants
Babcock Tax & Accountancy Services Ltd The Florins, 8 Lulworth Close Hayling Island Hampshire PO11 0NY
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Safety Air Services Ltd Statement of financial position as at 30 November 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
25,872 
31,698 
Current assets
Inventories
1,500 
1,500 
Debtors
21,501 
38,157 
Cash at bank and in hand
260,500 
291,397 
283,501 
331,054 
Creditors: amounts falling due within one year
(17,744)
(12,431)
Net current assets
265,757 
318,623 
Total assets less current liabilities
291,629 
350,321 
Provisions for liabilities
Deferred tax
(6,023)
(6,023)
Net assets
285,606 
344,298 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
285,506 
344,198 
Shareholders' funds
285,606 
344,298 
For the year ending 30 November 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 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 22 April 2024 and were signed on its behalf by
Mr A Hares Director Company Registration No. 02556771
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Safety Air Services Ltd Notes to the Accounts for the year ended 30 November 2023
1
Statutory information
Safety Air Services Ltd is a private company, limited by shares, registered in England and Wales, registration number 02556771. The registered office is 122-128 Lake Road, Portsmouth, Hampshire, PO1 4HH.
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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: Plant & machinery - 10% on reducing balance Fixtures & fittings - 10% on reducing balance Motor vehicles - 25% on reducing balance Computer equipment - 33% on cost
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Safety Air Services Ltd Notes to the Accounts for the year ended 30 November 2023
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business in 1991, has been amortised evenly over its useful estimated life of twenty years.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue. The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing these financial statements.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 December 2022
148,144 
At 30 November 2023
148,144 
Amortisation
At 1 December 2022
148,144 
At 30 November 2023
148,144 
Net book value
At 30 November 2023
- 
5
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 December 2022
122,497 
62,422 
5,572 
2,817 
193,308 
At 30 November 2023
122,497 
62,422 
5,572 
2,817 
193,308 
Depreciation
At 1 December 2022
108,853 
44,712 
5,228 
2,817 
161,610 
Charge for the year
1,364 
4,428 
34 
- 
5,826 
At 30 November 2023
110,217 
49,140 
5,262 
2,817 
167,436 
Net book value
At 30 November 2023
12,280 
13,282 
310 
- 
25,872 
At 30 November 2022
13,644 
17,710 
344 
- 
31,698 
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Safety Air Services Ltd Notes to the Accounts for the year ended 30 November 2023
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
10,931 
15,030 
Accrued income and prepayments
10,570 
12,978 
Other debtors
- 
10,149 
21,501 
38,157 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
3,942 
6,270 
Trade creditors
4,812 
2,575 
Taxes and social security
2,222 
759 
Loans from directors
301 
302 
Accruals
6,467 
2,525 
17,744 
12,431 
8
Controlling party
The ultimate controlling party is Solent Divers (Portsmouth) Limited.
9
Average number of employees
During the year the average number of employees was 3 (2022: 3).
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