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Registered number: 01942692










SAFETY SERVICES (U.K.) LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SAFETY SERVICES (U.K.) LIMITED
REGISTERED NUMBER:01942692

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
2,329,380
2,175,934

Tangible assets
 5 
693,236
353,972

  
3,022,616
2,529,906

Current assets
  

Debtors
 6 
654,475
670,916

Cash at bank and in hand
 7 
493,587
361,251

  
1,148,062
1,032,167

Creditors: amounts falling due within one year
 8 
(442,955)
(485,060)

Net current assets
  
 
 
705,107
 
 
547,107

Total assets less current liabilities
  
3,727,723
3,077,013

Creditors: amounts falling due after more than one year
 9 
(394,253)
(154,544)

Provisions for liabilities
  

Deferred tax
 10 
(603,584)
(522,710)

  
 
 
(603,584)
 
 
(522,710)

Net assets
  
2,729,886
2,399,759


Capital and reserves
  

Called up share capital 
 11 
273,000
273,000

Profit and loss account
  
2,456,886
2,126,759

  
2,729,886
2,399,759


Page 1

 
SAFETY SERVICES (U.K.) LIMITED
REGISTERED NUMBER:01942692

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



J C Austin
Director

Date: 25 July 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
SAFETY SERVICES (U.K.) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Safety Services (UK) Limited is a private company, limited by share capital and incorporated in England and Wales.
The registered office of the Company is:
Safety House, Lodge Road, Hanborough Business Park, Long Hanborough, Witney, Oxfordshire, OX29 8LJ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, a period of not less than 12 months from the date of approval of these financial statements.
The directors continue to adopt the going concern basis in preparing the financial statements for the year ended 31 December 2023.

Page 3

 
SAFETY SERVICES (U.K.) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which is 20 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
SAFETY SERVICES (U.K.) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
SAFETY SERVICES (U.K.) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
2%
Motor vehicles
-
25%
Fixtures & fittings
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
SAFETY SERVICES (U.K.) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Financial instruments

The Company only enters into basic  financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 35 (2022 - 35).


4.


Intangible assets




Development costs
Trademarks
Total

£
£
£



Cost


At 1 January 2023
3,033,693
890
3,034,583


Additions
321,190
-
321,190



At 31 December 2023

3,354,883
890
3,355,773



Amortisation


At 1 January 2023
857,759
890
858,649


Charge for the year on owned assets
167,744
-
167,744



At 31 December 2023

1,025,503
890
1,026,393



Net book value



At 31 December 2023
2,329,380
-
2,329,380



At 31 December 2022
2,175,934
-
2,175,934



Page 7

 
SAFETY SERVICES (U.K.) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Leasehold improvements
Motor vehicles
Fixtures & fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
215,422
484,521
347,083
1,047,026


Additions
-
549,581
13,789
563,370


Disposals
-
(267,427)
-
(267,427)



At 31 December 2023

215,422
766,675
360,872
1,342,969



Depreciation


At 1 January 2023
114,769
267,680
310,605
693,054


Charge for the year on owned assets
3,000
-
19,291
22,291


Charge for the year on financed assets
-
141,817
-
141,817


Disposals
-
(207,429)
-
(207,429)



At 31 December 2023

117,769
202,068
329,896
649,733



Net book value



At 31 December 2023
97,653
564,607
30,976
693,236



At 31 December 2022
100,653
216,841
36,478
353,972

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
564,607
216,841

564,607
216,841

Page 8

 
SAFETY SERVICES (U.K.) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
280,491
373,309

Amounts owed by group undertakings
272,987
274,457

Group payment arrangement
95,246
-

Prepayments and accrued income
5,751
23,150

654,475
670,916



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
493,587
361,251

493,587
361,251



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
20,476
25,847

Amounts owed to group undertakings
57,808
-

Corporation tax
-
131,008

Other taxation and social security
124,684
139,014

Obligations under finance lease and hire purchase contracts
162,055
68,776

Other creditors (incl directors loans)
17,888
20,767

Accruals and deferred income
60,044
99,648

442,955
485,060



9.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Net obligations under finance leases and hire purchase contracts
394,253
154,544

394,253
154,544


Page 9

 
SAFETY SERVICES (U.K.) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Deferred taxation




2023
2022


£

£






At beginning of year
(522,710)
(466,903)


Charged to profit or loss
(80,874)
(55,807)



At end of year
(603,584)
(522,710)

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Accelerated capital allowances
(603,584)
(522,710)

(603,584)
(522,710)


11.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



273,000 (2022 - 273,000) Ordinary shares of £1.00 each
273,000
273,000



12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £64,113 (2022: £63,462). Contributions totalling £4,955 (2021: £14,637) were payable to the fund at the balance sheet date and are included in creditors.


13.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
156,143
132,143

Later than 1 year and not later than 5 years
446,297
458,440

Later than 5 years
1,236,000
1,380,000

1,838,440
1,970,583

Page 10

 
SAFETY SERVICES (U.K.) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Related party transactions

The Company has chosen to apply the exemption under FRS 102 Section 33 not to disclose transactions with wholly owned group companies. 
The Group has registered a fixed and floating charge over the assets of Safety Services UK Limited as security for a debenture. 


15.


Controlling party

The Company is wholly owned by Safety Services Holdings Limited, a Company registered in England. The ultimate controlling party is Puma Topco Limited. Puma Topco Limited is the parent undertaking of the smallest and largest group to consolidate these financial statements. Copies of the group financial statements are available from its registered office: Phenna Group, The Poynt, 45 Wollaton Street, Nottingham, United Kingdom, NG1 5FW.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 25 July 2024 by Sue Staunton MA FCA CF (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.


Page 11