Company registration number 03078710 (England and Wales)
SAFETY ASSESSMENT FEDERATION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SAFETY ASSESSMENT FEDERATION LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SAFETY ASSESSMENT FEDERATION LIMITED (REGISTERED NUMBER: 03078710)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
704,942
716,893
Current assets
Debtors
4
16,743
33,078
Cash at bank and in hand
375,598
346,062
392,341
379,140
Creditors: amounts falling due within one year
5
(67,352)
(52,902)
Net current assets
324,989
326,238
Net assets
1,029,931
1,043,131
Reserves
Income and expenditure account
1,029,931
1,043,131
Members' funds
1,029,931
1,043,131

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 9 August 2024 and are signed on its behalf by:
Ms C  Hamilton
Director
SAFETY ASSESSMENT FEDERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Safety Assessment Federation Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 4 1st Floor, 70 South Lambeth Road, Vauxhall, London, SW8 1RL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Turnover is recognised at the fair value of consideration received or receivable for the services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Turnover relates to income from subscriptions which are recognised over the period that the subscriptions relates to.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Long leasehold
Over 50 years
Equipment
33% on cost
Fixtures and fittings
25% on reducing balance
1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

SAFETY ASSESSMENT FEDERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Taxation

The Company is exempt from corporation tax on its activities for members, on the basis that it is not carrying on a business for the purposes of making a profit. Tax is payable on interest receivable.

1.6
Retirement benefits

The company operates a defined contribution scheme. Contributions payable to the company's pension scheme are charge to the profit and loss account in the period to which they relate.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
11
11
SAFETY ASSESSMENT FEDERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Tangible fixed assets
Long leasehold
Equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
706,449
92,855
34,581
833,885
Depreciation and impairment
At 1 April 2023
11,064
72,125
33,803
116,992
Depreciation charged in the year
715
11,042
194
11,951
At 31 March 2024
11,779
83,167
33,997
128,943
Carrying amount
At 31 March 2024
694,670
9,688
584
704,942
At 31 March 2023
695,385
20,730
778
716,893
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,565
25,395
Other debtors
8,178
7,683
16,743
33,078
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
29,480
22,647
Taxation and social security
21,649
14,765
Other creditors
16,223
15,490
67,352
52,902

 

 

 

 

SAFETY ASSESSMENT FEDERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Declan McCusker
Statutory Auditor:
Perrys Audit Limited
Date of audit report:
9 August 2024
8
Ultimate controlling party

The ultimate controlling party is the board of members.

2024-03-312023-04-01false09 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedMr A J KinseyMr DawsonMr G BendelowMr P T G KeenanMs C HamiltonMr L SpeightMr S GordonMr A P MiltonMr P LeeMr D Fawkesfalsefalse030787102023-04-012024-03-31030787102024-03-31030787102023-03-3103078710core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-03-3103078710core:PlantMachinery2024-03-3103078710core:FurnitureFittings2024-03-3103078710core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3103078710core:PlantMachinery2023-03-3103078710core:FurnitureFittings2023-03-3103078710core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3103078710core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3103078710core:CurrentFinancialInstruments2024-03-3103078710core:CurrentFinancialInstruments2023-03-3103078710core:RetainedEarningsAccumulatedLosses2024-03-3103078710core:RetainedEarningsAccumulatedLosses2023-03-3103078710bus:Director52023-04-012024-03-3103078710core:LandBuildingscore:LongLeaseholdAssets2023-04-012024-03-3103078710core:PlantMachinery2023-04-012024-03-3103078710core:FurnitureFittings2023-04-012024-03-31030787102022-04-012023-03-3103078710core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3103078710core:PlantMachinery2023-03-3103078710core:FurnitureFittings2023-03-31030787102023-03-3103078710core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-04-012024-03-3103078710core:WithinOneYear2024-03-3103078710core:WithinOneYear2023-03-3103078710bus:CompanyLimitedByGuarantee2023-04-012024-03-3103078710bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3103078710bus:FRS1022023-04-012024-03-3103078710bus:Audited2023-04-012024-03-3103078710bus:Director12023-04-012024-03-3103078710bus:Director22023-04-012024-03-3103078710bus:Director32023-04-012024-03-3103078710bus:Director42023-04-012024-03-3103078710bus:Director62023-04-012024-03-3103078710bus:Director72023-04-012024-03-3103078710bus:Director82023-04-012024-03-3103078710bus:Director92023-04-012024-03-3103078710bus:Director102023-04-012024-03-3103078710bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP