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Registration number: 04248076

Survival-32 Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Survival-32 Ltd

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 10

 

Survival-32 Ltd

Company Information

Directors

C K Jones

B H Jones

Company secretary

B Jones

Registered office

Millbrook
Mill Road Lower Shiplake
Henley On Thames
Oxfordshire
RG9 3LW

Accountants

Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Survival-32 Ltd

(Registration number: 04248076)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Non-current assets

 

Property, plant and equipment

5

13,339

7,358

Current assets

 

Inventories

6

272,398

248,138

Receivables

7

106,098

228,920

Cash at bank and in hand

 

26,157

51,773

 

404,653

528,831

Payables: Amounts falling due within one year

9

(217,818)

(341,506)

Net current assets

 

186,835

187,325

Total assets less current liabilities

 

200,174

194,683

Provisions for liabilities

(3,114)

(1,398)

Net assets

 

197,060

193,285

Equity

 

Called up share capital

11

1,000

1,000

Retained earnings

196,060

192,285

Total equity

 

197,060

193,285

For the financial year ending 31 December 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 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 directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements of Survival-32 Ltd were approved and authorised for issue by the Board on 20 August 2024 and signed on its behalf by:

.........................................

C K Jones , Director

 

Survival-32 Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

1

General information

Survival-32 Ltd (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1.

2

Accounting policies

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.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Revenue recognition

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

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity.

Government grants

Government grants of a revenue nature are credited to the income statement so as to match them with the expenditure to which they relate and are included in other operating income.

 

Survival-32 Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Taxation

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

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.

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.

Key sources of estimation uncertainty and significant judgements

The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The estimates and associated assumptions are based on historical experience, knowledge of the business and other factors that are
considered to be relevant. However, the nature of estimation means that actual outcomes could differ from those 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 if the revision affects only that period, or in the period of the revision and future period if the revision affects both current and future periods.

The following estimates have had the most significant effect on amounts recognised in the financial statements:

Inventory
Provisions are made where necessary to ensure that stock is stated at the lower of cost and net realisable vale. This provision is an estimate based on the company's understanding of its future needs, knowledge and historical trends.

Trade receivable
Provisions have been made for potential trade debtors which will not be collected. This provision is an estimate based on the company's understanding, knowledge and historical trends.

Depreciation
The company makes provision for depreciation of plant and equipment; this provision requires estimates of the useful economic lives and residual values for the underlying assets. These estimates are based on a variety of factors which may be uncertain..

 

Survival-32 Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives as follows:

Asset class

Depreciation method and rate

Fixtures and equipment

10% straight line

Computer equipment

33% straight line

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are stated in statement of financial position at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash current account balances and are subject to an insignificant risk of change in value.

Receivables

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Inventories

Inventories are stated at the lower of cost and net realisable vale, after making due allowance for obsolete and slow moving items.

 

Survival-32 Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Hire purchase and leasing commitments

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

Foreign currency transactions and balances

Profit and loss account transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the closing rates at the balance sheet date and the exchange differences are included in the income statement.

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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest rate.

Defined contribution pension obligation

The company contributes into defined contribution pension schemes for the benefit of its employees.
The assets of the schemes are held separately from those of the company. Contributions are
recognised in the income statement in the period in which they become payable.

 

Survival-32 Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 10).

4

Intangible assets

Goodwill
 £

Cost

At 1 January 2023

10,800

At 31 December 2023

10,800

Amortisation

At 1 January 2023

10,800

At 31 December 2023

10,800

Carrying amount

At 31 December 2023

-

At 31 December 2022

-

5

Property, plant and equipment

Fixtures and equipment
 £

Computer equipment
£

Total
£

Cost

At 1 January 2023

36,479

30,191

66,670

Additions

6,557

3,193

9,750

At 31 December 2023

43,036

33,384

76,420

Depreciation

At 1 January 2023

29,432

29,880

59,312

Charge for the year

2,236

1,533

3,769

At 31 December 2023

31,668

31,413

63,081

Carrying amount

At 31 December 2023

11,368

1,971

13,339

At 31 December 2022

7,047

311

7,358

 

Survival-32 Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

6

Inventories

2023
£

2022
£

Dental supplies and equipment

272,398

248,138

7

Receivables

2023
£

2022
£

Trade receivables

212,417

202,184

Other receivables

(128,845)

6,000

Prepayments

22,526

20,736

106,098

228,920

8

Cash and cash equivalents

2023
£

2022
£

Cash at bank

26,157

51,773

9

Payables

Note

2023
£

2022
£

Due within one year

 

Trade payables

 

143,912

122,400

Social security and other taxes

 

16,681

8,528

Corporation tax

51,389

52,842

Other payables

 

-

149,667

Accruals

 

5,836

8,069

 

217,818

341,506

Other payables includes secured debts of £nil (2022:£nil) secured by a fixed and floating charge over the company's assets and by personal guarantees from the directors.

 

Survival-32 Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

10

Provisions for liabilities

Deferred Tax
£

At 1 January 2023

1,398

Additional provisions

1,716

At 31 December 2023

3,114

The provisions for liabilities is a deferred tax liability in respect of capital allowances.

11

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

275

275

275

275

Ordinary B shares of £1 each

276

276

276

276

Ordinary C shares of £1 each

224

224

224

224

Ordinary D shares of £1 each

225

225

225

225

 

1,000

1,000

1,000

1,000

All share classes rank pari passu in all respects save as to dividends which are at the discretion of the board in respect of each class.

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

12

Pension scheme

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £2,651 (2022 - £2,550). There were no prepaid or outstanding contributions payable to the scheme as at the current or previous year end.

 

Survival-32 Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

13

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

26,500

33,962

Later than one year and not later than five years

12,750

39,250

39,250

73,212

The amount of non-cancellable operating lease payments recognised as an expense during the year was £28,046 (2022 - £27,789).

14

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £169.00 (2022 - £212.00) per ordinary share

 

169,000

 

212,000

         

15

Related party transactions

During the year the company made sales of £251,010 (2022: £223,273) on normal commercial terms to a company controlled by a shareholder.

16

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.