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REGISTERED NUMBER: SC614355 (Scotland)













Unaudited Financial Statements

for the Year Ended 30 November 2023

for

SAFA FIRST LIMITED

SAFA FIRST LIMITED (REGISTERED NUMBER: SC614355)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


SAFA FIRST LIMITED

Company Information
for the Year Ended 30 November 2023







DIRECTORS: K Duffy
Mrs R Duffy





REGISTERED OFFICE: Suite 411, Baltic Chambers
50 Wellington Street
Glasgow
G2 6HJ





REGISTERED NUMBER: SC614355 (Scotland)





ACCOUNTANTS: SD Business Management
Suite 411 Baltic Chambers
50 Wellington Street
Glasgow
Strathclyde
G2 6HJ

SAFA FIRST LIMITED (REGISTERED NUMBER: SC614355)

Abridged Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,766 6,784
Investment property 5 424,000 396,000
429,766 402,784

CURRENT ASSETS
Debtors 3,575 -
Cash at bank 7,553 -
11,128 -
CREDITORS
Amounts falling due within one year 375,846 367,833
NET CURRENT LIABILITIES (364,718 ) (367,833 )
TOTAL ASSETS LESS CURRENT LIABILITIES 65,048 34,951

PROVISIONS FOR LIABILITIES 12,669 6,757
NET ASSETS 52,379 28,194

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 52,279 28,094
SHAREHOLDERS' FUNDS 52,379 28,194

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SAFA FIRST LIMITED (REGISTERED NUMBER: SC614355)

Abridged Balance Sheet - continued
30 November 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 November 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2024 and were signed on its behalf by:




K Duffy - Director



Mrs R Duffy - Director


SAFA FIRST LIMITED (REGISTERED NUMBER: SC614355)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Safa First Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
In accordance with their responsibilities as directors, the directors has considered the appropriateness
of the going concern basis for the preparation of the financial statements.

The company meets its day to day working capital requirements through support from the directors. The directors believe that they will continue to support the company.

No cash flow projections have been prepared for a period of at least 12 months from the date of approval
of these accounts.

The financial statements do not include any adjustments that might result from a withdrawal of facilities
by the directors.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

SAFA FIRST LIMITED (REGISTERED NUMBER: SC614355)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Properties
The company's properties are held for long term investment and in accordance with FRS 102 Section 16.

i) Investment properties are revalued annually, and the aggregate surplus or deficit is transferred to the profit & loss as a non-distributable reserve; and

ii) No depreciation or amortisation is provided in respect of investment properties.

Included in the Retained Earnings is a non-distributable reserve of £55,284 (2022: £33,423).

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 December 2022
and 30 November 2023 7,981
DEPRECIATION
At 1 December 2022 1,197
Charge for year 1,018
At 30 November 2023 2,215
NET BOOK VALUE
At 30 November 2023 5,766
At 30 November 2022 6,784

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022 396,000
Revaluations 28,000
At 30 November 2023 424,000
NET BOOK VALUE
At 30 November 2023 424,000
At 30 November 2022 396,000

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2020 4,188
Valuation in 2021 2,500
Valuation in 2022 33,265
Valuation in 2023 28,000
Cost 356,047
424,000

SAFA FIRST LIMITED (REGISTERED NUMBER: SC614355)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

5. INVESTMENT PROPERTY - continued

If the investment property had not been revalued it would have been included at the following historical cost:

30.11.23 30.11.22
£    £   
Cost 356,047 356,047
Aggregate depreciation (60,327 ) (42,524 )

The investment property was valued on an open market basis on 30 November 2023 by the directors .

6. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

No interest has been charged by the director on the outstanding directors loan balance.