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Registration number: 02119660

Safeguard Electronic Systems Limited

trading as Thermatek

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Safeguard Electronic Systems Limited trading as Thermatek

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Safeguard Electronic Systems Limited trading as Thermatek

(Registration number: 02119660)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

11,741

9,848

Current assets

 

Stocks

5

92,824

75,495

Debtors

6

85,471

162,699

Cash at bank and in hand

 

262,099

165,337

 

440,394

403,531

Creditors: Amounts falling due within one year

7

(73,089)

(102,909)

Net current assets

 

367,305

300,622

Total assets less current liabilities

 

379,046

310,470

Creditors: Amounts falling due after more than one year

7

(9,297)

(17,275)

Provisions for liabilities

(1,353)

(557)

Net assets

 

368,396

292,638

Capital and reserves

 

Called up share capital

79,500

79,500

Retained earnings

288,896

213,138

Shareholders' funds

 

368,396

292,638

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Safeguard Electronic Systems Limited trading as Thermatek

(Registration number: 02119660)
Balance Sheet as at 31 May 2024

Approved and authorised by the director on 22 July 2024
 

.........................................
D.E.A. Lawrence
Director

 

Safeguard Electronic Systems Limited trading as Thermatek

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
31a Charnham Street
Hungerford
Berkshire
RG17 0EJ
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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 taxable income.

 

Safeguard Electronic Systems Limited trading as Thermatek

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold

Over the period of the lease

Plant and machinery

25% on reducing balance

Fixtures and fittings

25% on reducing balance

Motor vehicles

25% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Safeguard Electronic Systems Limited trading as Thermatek

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2023 - 8).

 

Safeguard Electronic Systems Limited trading as Thermatek

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

8,355

28,412

26,853

43,381

107,001

Additions

5,807

-

-

-

5,807

Disposals

(8,355)

-

-

-

(8,355)

At 31 May 2024

5,807

28,412

26,853

43,381

104,453

Depreciation

At 1 June 2023

8,355

25,204

20,213

43,381

97,153

Charge for the year

1,452

802

1,660

-

3,914

Eliminated on disposal

(8,355)

-

-

-

(8,355)

At 31 May 2024

1,452

26,006

21,873

43,381

92,712

Carrying amount

At 31 May 2024

4,355

2,406

4,980

-

11,741

At 31 May 2023

-

3,208

6,640

-

9,848

Included within the net book value of land and buildings above is £4,355 (2023 - £Nil) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

92,824

75,495

 

Safeguard Electronic Systems Limited trading as Thermatek

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

82,891

150,780

Prepayments

2,580

2,231

Other debtors

-

9,688

 

85,471

162,699

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

7,978

7,978

Trade creditors

22,274

64,067

Taxation and social security

32,017

20,190

Other creditors

10,820

10,674

73,089

102,909

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

9,297

17,275

 

Safeguard Electronic Systems Limited trading as Thermatek

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

7,978

7,978

2024
£

2023
£

Non-current loans and borrowings

Other borrowings

9,297

17,275