Registration number:
Survival-32 Ltd
for the Year Ended 31 December 2023
Survival-32 Ltd
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Survival-32 Ltd
Company Information
Directors |
C K Jones B H Jones |
Company secretary |
B Jones |
Registered office |
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Accountants |
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Survival-32 Ltd
(Registration number: 04248076)
Statement of Financial Position as at 31 December 2023
Note |
2023 |
2022 |
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Non-current assets |
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Property, plant and equipment |
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Current assets |
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Inventories |
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Receivables |
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Cash at bank and in hand |
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Payables: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Equity |
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Called up share capital |
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Retained earnings |
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Total equity |
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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:
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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
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Survival-32 Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023
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.
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 |
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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
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
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)
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Goodwill |
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Cost |
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At 1 January 2023 |
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At 31 December 2023 |
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Amortisation |
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At 1 January 2023 |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Property, plant and equipment |
Fixtures and equipment |
Computer equipment |
Total |
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Cost |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Survival-32 Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)
Inventories |
2023 |
2022 |
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Dental supplies and equipment |
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Receivables |
2023 |
2022 |
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Trade receivables |
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Other receivables |
( |
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Prepayments |
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Cash and cash equivalents |
2023 |
2022 |
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Cash at bank |
26,157 |
51,773 |
Payables |
Note |
2023 |
2022 |
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Due within one year |
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Trade payables |
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Social security and other taxes |
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Corporation tax |
51,389 |
52,842 |
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Other payables |
- |
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Accruals |
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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)
Provisions for liabilities |
Deferred Tax |
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At 1 January 2023 |
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Additional provisions |
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At 31 December 2023 |
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The provisions for liabilities is a deferred tax liability in respect of capital allowances.
Share capital and reserves |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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275 |
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275 |
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276 |
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276 |
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224 |
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224 |
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225 |
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225 |
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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.
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 £
Survival-32 Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)
Obligations under leases |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Not later than one year |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Dividends |
2023 |
2022 |
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£ |
£ |
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Interim dividend of £ |
169,000 |
212,000 |
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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.
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.