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Company registration number: 05583325
On Site Safety Solutions Limited
Unaudited filleted financial statements
31 October 2023
On Site Safety Solutions Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Notes to the financial statements
On Site Safety Solutions Limited
Directors and other information
Director Mr DL Williams
Secretary Mr DL Williams
Company number 05583325
Registered office Cefn Glas
Llanfechell
Amlwch
LL68 0PT
Business address Cefn Glas
Llanfechell
Amlwch
LL68 0PT
Accountant Davies Lewis Baker Limited
Maesteg
High Street
Tywyn
Gwynedd
LL36 9AD
On Site Safety Solutions Limited
Report to the director on the preparation of the
unaudited statutory financial statements of On Site Safety Solutions Limited
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of On Site Safety Solutions Limited for the year ended 31 October 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants , I am subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com /gb/en/about-us/regulation/rulebook.html.
This report is made solely to the director of On Site Safety Solutions Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of On Site Safety Solutions Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than On Site Safety Solutions Limited and its director as a body for my work or for this report.
It is your duty to ensure that On Site Safety Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of On Site Safety Solutions Limited. You consider that On Site Safety Solutions Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of On Site Safety Solutions Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Davies Lewis Baker Limited
Chartered Certified Accountants
Maesteg
High Street
Tywyn
Gwynedd
LL36 9AD
30 July 2024
On Site Safety Solutions Limited
Statement of financial position
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 812,360 539,353
Investments 6 607,092 607,092
_______ _______
1,419,452 1,146,445
Current assets
Stocks 5,000 5,000
Debtors:
Amounts falling due after more than one year 7 38,809 38,809
Amounts falling due within one year 7 28,788 38,584
Investments 8 288,704 321,308
Cash at bank and in hand 60,853 94,444
_______ _______
422,154 498,145
Creditors: amounts falling due
within one year 9 ( 526,239) ( 525,575)
_______ _______
Net current liabilities ( 104,085) ( 27,430)
_______ _______
Total assets less current liabilities 1,315,367 1,119,015
Creditors: amounts falling due
after more than one year 10 ( 107,446) ( 61,624)
Provisions for liabilities ( 20,786) ( 6,280)
_______ _______
Net assets 1,187,135 1,051,111
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,187,133 1,051,109
_______ _______
Shareholder funds 1,187,135 1,051,111
_______ _______
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
Mr DL Williams
Director
Company registration number: 05583325
On Site Safety Solutions Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cefn Glas, Llanfechell, Amlwch, LL68 0PT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % straight line
Plant and machinery - 20 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates. No depreciation is provided on freehold land and property because the director considers that the residual values will be higher than the sum of the original purchase cost and improvements.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2022: 14 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 November 2022 506,297 13,824 109,067 27,481 656,669
Additions 280,365 - 7,279 - 287,644
Disposals - - ( 24,522) ( 10,850) ( 35,372)
_______ _______ _______ _______ _______
At 31 October 2023 786,662 13,824 91,824 16,631 908,941
_______ _______ _______ _______ _______
Depreciation
At 1 November 2022 - 13,824 91,059 12,435 117,318
Charge for the year - - 13,632 528 14,160
Disposals - - ( 24,047) ( 10,850) ( 34,897)
_______ _______ _______ _______ _______
At 31 October 2023 - 13,824 80,644 2,113 96,581
_______ _______ _______ _______ _______
Carrying amount
At 31 October 2023 786,662 - 11,180 14,518 812,360
_______ _______ _______ _______ _______
At 31 October 2022 506,297 - 18,008 15,046 539,351
_______ _______ _______ _______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 November 2022 and 31 October 2023 607,092 607,092
_______ _______
Impairment
At 1 November 2022 and 31 October 2023 - -
_______ _______
Carrying amount
At 31 October 2023 607,092 607,092
_______ _______
At 31 October 2022 607,092 607,092
_______ _______
7. Debtors
Debtors falling due within one year are as follows:
2023 2022
£ £
Trade debtors 13,444 12,894
Other debtors 15,344 25,690
_______ _______
28,788 38,584
_______ _______
Debtors falling due after one year are as follows:
2023 2022
£ £
Other debtors 38,809 38,809
_______ _______
8. Investments
2023 2022
£ £
Other investments 288,704 321,308
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 21,889 34,996
Trade creditors 3,610 3,506
Amounts owed to group undertakings and undertakings in which the company has a participating interest 152,914 94,955
Corporation tax 31,280 27,982
Social security and other taxes 30,252 24,158
Other creditors 286,294 339,978
_______ _______
526,239 525,575
_______ _______
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 107,446 61,624
_______ _______
Barclays Bank PLC have a fixed and floating charge over the assets of the company in respect of any borrowings. At the year end the total outstanding to Barclays was £95,169 (2022: £53,000). This excludes £34,167 (2022: £43,620) funds borrowed under the Bounce Back Loan Scheme, provided with a government backed guarantee.
11. Contingent assets and liabilities
During 2015 and 2016 the company purchased net investments totalling £357,470 that have been subject to a police investigation. Up to the balance sheet date £68,766 had been recovered in compensation, leaving a balance of £288,704. It it is not known for certain how much of this will be recovered.
12. Related party transactions
The director received dividends in the year totalling £1,000 (2022: £2,000)
13. Controlling party
The director, Mr DL Williams , has a controlling interest in the company.