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
Safety Air Services Ltd
Company Information
for the year ended 30 November 2023
Directors
Mr A Hares
Mr P 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
Safety Air Services Ltd
Statement of financial position
as at 30 November 2023
Tangible assets
25,872
31,698
Cash at bank and in hand
260,500
291,397
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
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
Safety Air Services Ltd
Notes to the Accounts
for the year ended 30 November 2023
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.
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.
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 are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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 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.
Safety Air Services Ltd
Notes to the Accounts
for the year ended 30 November 2023
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 (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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.
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
At 1 December 2022
148,144
At 30 November 2023
148,144
At 1 December 2022
148,144
At 30 November 2023
148,144
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
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
At 30 November 2023
12,280
13,282
310
-
25,872
At 30 November 2022
13,644
17,710
344
-
31,698
Safety Air Services Ltd
Notes to the Accounts
for the year ended 30 November 2023
Amounts falling due within one year
Trade debtors
10,931
15,030
Accrued income and prepayments
10,570
12,978
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
4,812
2,575
Taxes and social security
2,222
759
Loans from directors
301
302
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).