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Company registration number: 00622741







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


SAFETY FIRST AID GROUP LIMITED






































img4359.png                        

 


SAFETY FIRST AID GROUP LIMITED
 


 
COMPANY INFORMATION


Directors
R J Froomberg 
B H Froomberg 




Company secretary
R J Froomberg



Registered number
00622741



Registered office
Avenue One

Letchworth Garden City

SG6 2WW




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Richmond House

Walkern Road

Stevenage

SG1 3QP





 


SAFETY FIRST AID GROUP LIMITED
 



CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Statement of Financial Position
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 27


 


SAFETY FIRST AID GROUP LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report for the year ended 31st December 2023.

Business overview
 
The principal activity of the Company is the manufacture and distribution of first aid kits and supplies, as well as the provision of first aid training courses and other safety training services.  
The Company primarily serves the wholesale and distributor first aid supply market.
Results
 
In the year ended 31st December 2023 the Company made a loss before tax of -£106k, compared with a loss of -£1,178k in 2022. This represents a 91% improvement year-on-year.
2023 was a year of improvement for the business. Off the back of a challenging 2022, which included unprecedented increases in freight costs (Covid19/Brexit), and other cost challenges including substantial relocation expenses in relation to an office/warehouse move.
In 2023, gross margin has improved by +11.5% points vs the prior year (44.0% vs 32.5%), which has been achieved through various operational efficiencies, as well as freight costs returning to more normal levels in 2023. 
Distribution costs and Administrative expenses (excluding exceptional items) were below last year by 13% and 7% respectively in 2023. Further building on the more streamlined operation put in place towards the end of 2022. 
The Company’s stock position is also significantly improved in 2023, with the year-end stock balance 17% lower than the prior year. This has been achieved through stock rationalisation and clearance of overstocked Covid19 products.   
The balance sheet remains strong and cash balances remain healthy, despite the loss sustained in 2023. The business is now in a good position and expected to return to profit in the coming year.

Principal risks and uncertainties
 
The business imports goods into the country for resale, meaning there is a risk associated with gains/losses on foreign exchange. This is mitigated by strategic planning of purchases, competitive rates with our suppliers and competitive rates with our foreign exchange partners using forward contracts.
The risks associated with Covid19 have been greatly reduced. However, more recent geopolitical factors have caused increases across freight and other supplier costs. The Company continues to closely monitor this position and has implemented processes and systems to react to any cost volatility.
The business has further mitigated risk by ensuring it services multiple market sectors and has a wide customer portfolio.

Financial key performance indicators
 
A range of key performance indicators are used by the Company to monitor performance. These include sales performance, gross profit %, control of overheads, EBITDA performance, and cash flow forecasting. All KPIs are measured vs the detailed budget prepared, variances thoroughly investigated and relevant actions taken. 


This report was approved by the board on 29 July 2024 and signed on its behalf.



R J Froomberg
Director

Page 1

 


SAFETY FIRST AID GROUP LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £105,572 (2022 - loss £1,177,761).

The total distribution of dividends for the year ended 31 December 2023 was £144,000 (2022: £186,000).

Directors

The directors who served during the year were:

R J Froomberg 
B H Froomberg 

Future developments

The future developments of the business are disclosed in the stategic report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year end.

Page 2

 


SAFETY FIRST AID GROUP LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditors

The auditorsMenzies LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 July 2024 and signed on its behalf.
 





R J Froomberg
Director

Page 3

 


SAFETY FIRST AID GROUP LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAFETY FIRST AID GROUP LIMITED

Opinion


We have audited the financial statements of Safety First Aid Group Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the annual report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the annual reportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4

 


SAFETY FIRST AID GROUP LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAFETY FIRST AID GROUP LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 


SAFETY FIRST AID GROUP LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAFETY FIRST AID GROUP LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006 and UK corporate taxation laws.
- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of board minutes and papers provided by those charged with governance.
- We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team include:
- identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
- understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
- challenging assumptions and judgments made by management in its significant accounting estimates;
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and
- assessing the extent of compliance with the relevant laws and regulations.
We have reviewed the financial statements and considered whether they are consistent with our understanding of the
entity or indicate a previously unrecognised risk of material misstatement that could be due to fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 6

 


SAFETY FIRST AID GROUP LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAFETY FIRST AID GROUP LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





James Fox ACA FCCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
Richmond House
Walkern Road
Stevenage
SG1 3QP

15 August 2024
Page 7

 


SAFETY FIRST AID GROUP LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

  

Turnover
 4 
8,769,999
9,233,500

Cost of sales
  
(4,913,627)
(6,041,403)

Exceptional cost of sales
  
-
(194,160)

Gross profit
  
3,856,372
2,997,937

Distribution costs
  
(966,548)
(1,110,964)

Administrative expenses
  
(2,975,102)
(3,213,034)

Exceptional administrative expenses
  
(138,542)
-

Operating loss
 5 
(223,820)
(1,326,061)

Interest payable and similar expenses
 9 
(24,992)
(21,145)

Loss before tax
  
(248,812)
(1,347,206)

Tax on loss
 10 
143,240
169,445

Loss for the financial year
  
(105,572)
(1,177,761)

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 11 to 27 form part of these financial statements.

Page 8

 


SAFETY FIRST AID GROUP LIMITED
REGISTERED NUMBER:00622741



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
-
29,753

Tangible assets
 14 
442,453
517,553

Investments
 15 
123
123

  
442,576
547,429

Current assets
  

Stocks
 16 
1,382,651
1,657,542

Debtors: amounts falling due within one year
 17 
3,060,133
3,418,066

Cash at bank and in hand
  
483,648
213,410

  
4,926,432
5,289,018

Creditors: amounts falling due within one year
 18 
(2,505,230)
(2,670,775)

Net current assets
  
 
 
2,421,202
 
 
2,618,243

Total assets less current liabilities
  
2,863,778
3,165,672

Creditors: amounts falling due after more than one year
 19 
(117,940)
(170,262)

  

Net assets
  
2,745,838
2,995,410


Capital and reserves
  

Called up share capital 
 23 
100
100

Profit and loss account
  
2,745,738
2,995,310

  
2,745,838
2,995,410


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 July 2024.




R J Froomberg
Director

The notes on pages 11 to 27 form part of these financial statements.

Page 9

 


SAFETY FIRST AID GROUP LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
4,359,071
4,359,171



Loss for the year
-
(1,177,761)
(1,177,761)

Dividends: Equity capital
-
(186,000)
(186,000)



At 1 January 2023 (as previously stated)
100
3,425,490
3,425,590

Prior year adjustment
-
(430,180)
(430,180)


At 1 January 2023 (as restated)
100
2,995,310
2,995,410



Loss for the year
-
(105,572)
(105,572)

Dividends: Equity capital
-
(144,000)
(144,000)


At 31 December 2023
100
2,745,738
2,745,838


The notes on pages 11 to 27 form part of these financial statements.

Page 10

 


SAFETY FIRST AID GROUP LIMITED
 


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

1.


General information

Safety First Aid Group Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
The presentation currency of the financial statements is the Pound Sterling (£).

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of RJF Property Investments Limited as at 31 December 2023 and these financial statements may be obtained from Avenue One, Letchworth Garden City SG6 2WW.

 
2.3

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements and will be able to meet its debts as they fall due.
The directors have reviewed forecasts and budgets and are confident of the Company's ability to continue trading as a going concern for the foreseeable future.

Page 11

 


SAFETY FIRST AID GROUP LIMITED
 


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

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 12

 


SAFETY FIRST AID GROUP LIMITED
 


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

2.Accounting policies (continued)

 
2.7

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 reporting 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 reporting 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 reporting date.

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other 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 13

 


SAFETY FIRST AID GROUP LIMITED
 


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

2.Accounting policies (continued)

 
2.10

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:

Long-term leasehold property
-
20%
Plant and machinery
-
20%
Motor vehicles
-
20%
Fixtures and fittings
-
20%
Computer equipment
-
20%

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a standard costing basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

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.

 
2.14

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.

Page 14

 


SAFETY FIRST AID GROUP LIMITED
 


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

2.Accounting policies (continued)

 
2.15

Financial instruments

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 15

 


SAFETY FIRST AID GROUP LIMITED
 


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

3.


Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future period.
The following judgements which also include estimates have been made in applying the above accounting policies:
(a) Debtors
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
(b) Useful economic life of goodwill
The useful economic life of the goodwill arising on consolidation is subject to estimation. In line with FRS 102, the directors have determined that the goodwill should be amortised over a 10 or 20 year period, the maximum amount allowed, given that the business have strong financial performance. Should the performance of the businesses change in the future, the directors will amend their estimate of the useful economic life of the goodwill.
(c) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
(d) Stock provisioning
The Company assembles and installs processing stations and is subject to changing cost prices. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considered the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.


4.


Turnover

An analysis of turnover by class of business is as follows:


As restated
2023
2022
£
£

Medical units and equipment
7,889,061
8,079,992

Recruitment and training
880,938
1,153,508

8,769,999
9,233,500


All turnover arose within the United Kingdom.

Page 16

 


SAFETY FIRST AID GROUP LIMITED
 


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

5.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Depreciation and amortisation
136,432
149,558

Exchange differences
(2,500)
1,372

Other operating lease rentals
288,707
256,066

Equipment hire
18,989
16,254


6.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
12,000
12,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
2,131,221
2,491,421

Social security costs
173,221
170,960

Cost of defined contribution scheme
42,853
37,040

2,347,295
2,699,421


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
2



Staff
56
58

58
60

Page 17

 


SAFETY FIRST AID GROUP LIMITED
 


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

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
28,144
28,144

28,144
28,144



9.


Interest payable and similar expenses

As restated
2023
2022
£
£


Bank interest payable
14,766
15,997

Finance leases and hire purchase contracts
10,226
5,148

24,992
21,145


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
6,211


Deferred tax


Origination and reversal of timing differences
(143,240)
(175,656)


Tax on loss
(143,240)
(169,445)
Page 18

 


SAFETY FIRST AID GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(248,812)
(1,347,206)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
(58,471)
(255,969)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
6,992
-

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,016
560

Capital allowances for year in excess of depreciation
17,641
(8,729)

Utilisation of tax losses
-
188,615

Unrelieved tax losses carried forward
8,826
-

Other differences leading to an increase (decrease) in the tax charge
-
81,734

Group relief
22,996
-

Deferred tax
(143,240)
(175,656)

Total tax charge for the year
(143,240)
(169,445)


11.


Dividends

2023
2022
£
£


Dividends
144,000
186,000

144,000
186,000


12.


Exceptional items

2023
2022
£
£


Employee settlement fee
138,542
-

Restructuring costs
-
194,160

138,542
194,160

Restructuring costs in 2022 relate to the reallocation of premises in the year.

Page 19

 


SAFETY FIRST AID GROUP LIMITED
 


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

13.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
567,472



At 31 December 2023

567,472



Amortisation


At 1 January 2023
537,719


Charge for the year on owned assets
29,753



At 31 December 2023

567,472



Net book value



At 31 December 2023
-



At 31 December 2022
29,753



Page 20

 


SAFETY FIRST AID GROUP LIMITED
 


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

14.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
289,435
71,573
152,010
257,746
214,105
984,869


Additions
5,685
4,595
-
7,609
13,690
31,579


Disposals
-
(3,950)
-
-
-
(3,950)



At 31 December 2023

295,120
72,218
152,010
265,355
227,795
1,012,498



Depreciation


At 1 January 2023
36,930
14,855
80,402
172,969
162,160
467,316


Charge for the year on owned assets
23,020
13,998
17,902
24,696
27,063
106,679


Disposals
-
(3,950)
-
-
-
(3,950)



At 31 December 2023

59,950
24,903
98,304
197,665
189,223
570,045



Net book value



At 31 December 2023
235,170
47,315
53,706
67,690
38,572
442,453



At 31 December 2022
252,505
56,718
71,608
84,777
51,945
517,553

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


2023
2022
£
£



Plant and machinery
27,665
33,115

Motor vehicles
53,706
63,831

Furniture, fittings and equipment
45,361
55,349

126,732
152,295

Page 21

 


SAFETY FIRST AID GROUP LIMITED
 


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

15.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2023
123



At 31 December 2023
123




Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name: Allsport Medical Limited
Registered office: Avenue One, Avenue One, Letchworth Garden City, England, SG6 2WP
Class of shares: Ordinary
Holding: 100%
Name: B.C.B Limited
Registered office: Avenue One, Avenue One, Letchworth Garden City, England, SG6 2WP
Class of shares: Ordinary
Holding: 100%
 


16.


Stocks

As restated
2023
2022
£
£

Finished goods
1,382,651
1,657,542

1,382,651
1,657,542



17.


Debtors

2023
2022
£
£


Trade debtors
1,413,900
1,887,379

Amounts owed by group undertakings
1,305,050
1,326,550

Other debtors
44,528
3,141

Prepayments and accrued income
37,861
52,820

Tax recoverable
-
32,622

Deferred taxation
258,794
115,554

3,060,133
3,418,066


Page 22

 


SAFETY FIRST AID GROUP LIMITED
 


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

18.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Other loans
1,372,059
868,673

Trade creditors
503,784
1,208,739

Other taxation and social security
213,383
170,438

Obligations under finance lease and hire purchase contracts
40,893
40,894

Other creditors
9,650
38,805

Accruals and deferred income
365,461
343,226

2,505,230
2,670,775


The following liabilities were secured:

2023
2022
£
£



Other loans
1,220,518
618,671

Obligations under finance lease and hire purchase contracts
40,893
40,894

1,261,411
659,565

Details of security provided:

Proceeds of invoice discounting from Close Brothers are secured on the trade debtors of the company.
Obligations under finance lease and hire purchase contracts are secured against the assets concerned.

Page 23

 


SAFETY FIRST AID GROUP LIMITED
 


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

19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
117,940
170,262

117,940
170,262


The following liabilities were secured:

2023
2022
£
£



Obligations under finance lease and hire purchase contracts
117,940
170,262

117,940
170,262

Details of security provided:

Obligations under finance lease and hire purchase contracts are secured against the assets concerned.


20.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
1,372,059
868,673

1,372,059
868,673



21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
40,894
40,894

Between 1-5 years
117,939
170,262

158,833
211,156

Page 24

 


SAFETY FIRST AID GROUP LIMITED
 


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

22.


Deferred taxation




2023


£






At beginning of year
115,554


Charged to profit or loss
143,240



At end of year
258,794

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(95,770)
(121,398)

Tax losses carried forward
353,824
236,952

Short term timing differences
740
-

258,794
115,554


23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100


Page 25

 


SAFETY FIRST AID GROUP LIMITED
 


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

24.


Prior year adjustment

The prior year adjustments, as recorded in the financial statements, relate to understated accruals, stock and goods received not invoiced. 
The areas affected in the financial statements are as follows:


Statement of Financial Position

As previously reported 31 December 2022
Adjustment
As restated 31 December 2022
        £
        £
        £

Stock

1,714,212

56,670

1,657,542
 
Other creditors

5,151

33,654

38,805
 
Accruals

27,168

316,058

343,226
 
Social security and other taxes

146,640

23,798

170,438
 

1,893,171

430,180

2,210,011
 


Statement of Income and Retained Earnings

As previously reported 31 December 2022
Adjustment
As restated 31 December 2022
        £
        £
        £

Sales

9,254,821

(21,321)

9,233,500
 
Cost of sales

(5,886,903)

(154,500)

(6,041,403)
 
Distribution costs

(884,665)

(226,299)

(1,110,964)
 
Administrative expenses

(3,188,115)

(24,919)

(3,213,034)
 
Interest payable

(18,004)

(3,141)

(21,145)
 

(722,866)

(430,180)

(1,153,046)
 


25.


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 £42,853 (2022 - £37,040). Contributions totalling £7,060 (2022 - £5,151) were payable to the fund at the reporting date and are included in creditors.

Page 26

 


SAFETY FIRST AID GROUP LIMITED
 


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


26.


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
6,967
18,342

Later than 1 year and not later than 5 years
-
6,967

6,967
25,309


27.


Controlling party

The ultimate parent undertaking is RJF Property Investments Limited, a company incorporated in England & Wales with the registered office being Avenue One, Letchworth Garden City, SG6 2WW. 
The ultimate controlling party is R Froomberg. 

 
Page 27