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Registration number: SC216357

Safequip Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Safequip Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

Accountants' Report

11

 

Safequip Ltd

Company Information

Directors

Mr John Wilcock

Mr Philip Andrew Brown

Company secretary

Mr Philip Andrew Brown

Registered office

Unit 5C
Innovate at Earls Court
Earls Gate Business Park
Grangemouth
FK3 8ZE

Accountants

EQ Accountants (Trading name)
Yates Business Solutions Ltd
Unit 4B, Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Safequip Ltd

(Registration number: SC216357)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

61,027

80,855

Tangible assets

5

43,293

54,332

 

104,320

135,187

Current assets

 

Stocks

6

988,000

1,040,000

Debtors

7

276,438

411,447

Cash at bank and in hand

 

8,932

18,536

 

1,273,370

1,469,983

Creditors: Amounts falling due within one year

8

(710,783)

(862,696)

Net current assets

 

562,587

607,287

Total assets less current liabilities

 

666,907

742,474

Creditors: Amounts falling due after more than one year

8

(177,222)

(250,556)

Provisions for liabilities

(9,456)

(11,007)

Net assets

 

480,229

480,911

Capital and reserves

 

Called up share capital

100

100

Capital redemption reserve

1

1

Revaluation reserve

193,141

193,141

Retained earnings

286,987

287,669

Shareholders' funds

 

480,229

480,911

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

Directors' 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.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 July 2024 and signed on its behalf by:
 

 

Safequip Ltd

(Registration number: SC216357)
Balance Sheet as at 31 March 2024

.........................................
Mr Philip Andrew Brown
Company secretary and director

 

Safequip Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

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.

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.

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;
and specific criteria have been met for each of the company's activities.

Tax

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.

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.

 

Safequip Ltd

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

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

Plant & machinery

Reducing balance at 25%

Fixtures & fittings

Reducing balance at 25%

Motor vehicles

Reducing balance at 25%

Computer equipment

Straight line at 33%

Improvements to property

Reducing balance at 25%

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patent & trademarks

Straight line at 10%

Trade debtors

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

Trade debtors 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 debtors 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Safequip Ltd

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

Trade creditors

Trade creditors 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.

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

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 17).

 

Safequip Ltd

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

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 April 2023

205,141

205,141

At 31 March 2024

205,141

205,141

Amortisation

At 1 April 2023

124,286

124,286

Amortisation charge

19,828

19,828

At 31 March 2024

144,114

144,114

Carrying amount

At 31 March 2024

61,027

61,027

At 31 March 2023

80,855

80,855

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 April 2023

13,774

16,312

45,948

31,926

Additions

1,175

-

-

3,087

At 31 March 2024

14,949

16,312

45,948

35,013

Depreciation

At 1 April 2023

11,784

12,843

30,110

30,708

Charge for the year

792

867

3,960

1,728

At 31 March 2024

12,576

13,710

34,070

32,436

Carrying amount

At 31 March 2024

2,373

2,602

11,878

2,577

At 31 March 2023

1,990

3,469

15,838

1,218

 

Safequip Ltd

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

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

88,788

196,748

Additions

-

4,262

At 31 March 2024

88,788

201,010

Depreciation

At 1 April 2023

56,971

142,416

Charge for the year

7,954

15,301

At 31 March 2024

64,925

157,717

Carrying amount

At 31 March 2024

23,863

43,293

At 31 March 2023

31,817

54,332

 

Safequip Ltd

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

6

Stocks

2024
£

2023
£

Other inventories

988,000

1,040,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

267,918

393,433

Prepayments

8,506

-

Other debtors

14

18,014

 

276,438

411,447

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

66,627

46,914

Trade creditors

 

353,992

496,156

Taxation and social security

 

105,949

145,939

Other creditors

 

184,215

173,687

 

710,783

862,696

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

177,222

250,556

 

Safequip Ltd

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

177,222

250,556

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

66,627

46,914

10

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2024
 £

2023
 £

Mr Philip Andrew Brown

51,137

80,373

Mr John Wilcock

45,196

27,438

 

96,333

107,811

The maximum balance outstanding during the year amounted to £107,811.

The directors current accounts are repayable on demand.

Included within other creditors is an amount due to Mrs Lois Wilcock totalling £54,559.

These amounts are repayable on demand.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Safequip Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Safequip Ltd for the year ended 31 March 2024 as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Safequip Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Safequip Ltd and state those matters that we have agreed to state to the Board of Directors of Safequip Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Safequip Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Safequip Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Safequip Ltd. You consider that Safequip Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Safequip Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

EQ Accountants (Trading name)
Yates Business Solutions Ltd
Unit 4B, Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

17 July 2024