IRIS Accounts Production v24.2.0.383 SC247920 Board of Directors 1.1.23 31.12.23 31.12.23 30/8/24 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2479202022-12-31SC2479202023-12-31SC2479202023-01-012023-12-31SC2479202021-12-31SC2479202022-01-012022-12-31SC2479202022-12-31SC247920ns15:Scotland2023-01-012023-12-31SC247920ns14:PoundSterling2023-01-012023-12-31SC247920ns10:Director12023-01-012023-12-31SC247920ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC247920ns10:SmallEntities2023-01-012023-12-31SC247920ns10:Audited2023-01-012023-12-31SC247920ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC247920ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC247920ns10:FullAccounts2023-01-012023-12-31SC247920ns10:Director22023-01-012023-12-31SC247920ns10:Director42023-01-012023-12-31SC247920ns10:CompanySecretary12023-01-012023-12-31SC247920ns10:RegisteredOffice2023-01-012023-12-31SC247920ns5:CurrentFinancialInstruments2023-12-31SC247920ns5:CurrentFinancialInstruments2022-12-31SC247920ns5:ShareCapital2023-12-31SC247920ns5:ShareCapital2022-12-31SC247920ns5:RetainedEarningsAccumulatedLosses2023-12-31SC247920ns5:RetainedEarningsAccumulatedLosses2022-12-31SC247920ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC247920ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC247920ns5:CurrentFinancialInstruments2023-01-012023-12-31SC247920ns5:WithinOneYear2023-12-31SC247920ns5:WithinOneYear2022-12-31SC247920ns5:BetweenOneFiveYears2023-12-31SC247920ns5:BetweenOneFiveYears2022-12-31SC247920ns5:AllPeriods2023-12-31SC247920ns5:AllPeriods2022-12-31
REGISTERED NUMBER: SC247920 (Scotland)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SAFETEC UK LIMITED

SAFETEC UK LIMITED (REGISTERED NUMBER: SC247920)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


SAFETEC UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: S Eggan
F Vollen
B Alnasser





SECRETARY: Dentons Secretaries Limited





REGISTERED OFFICE: 26 Carden Place
ABERDEEN
AB10 1UQ





REGISTERED NUMBER: SC247920 (Scotland)





AUDITORS: Bain Henry Reid
Statutory Auditors
Chartered Accountants
4 West Craibstone Street
Bon-Accord Square
ABERDEEN
AB11 6YL

SAFETEC UK LIMITED (REGISTERED NUMBER: SC247920)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 4 744,164 672,915
Cash at bank 131,363 25,391
875,527 698,306
CREDITORS
Amounts falling due within one year 5 1,576,264 1,518,498
NET CURRENT LIABILITIES (700,737 ) (820,192 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(700,737

)

(820,192

)

CAPITAL AND RESERVES
Called up share capital 60,000 60,000
Retained earnings (760,737 ) (880,192 )
SHAREHOLDERS' FUNDS (700,737 ) (820,192 )

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

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 28 August 2024 and were signed on its behalf by:





S Eggan - Director


SAFETEC UK LIMITED (REGISTERED NUMBER: SC247920)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Safetec UK 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
-the amount of revenue can be measured reliably;
-it is probable that the company will receive the consideration due under the contract;
-the stage of completion of the contract at the end of the reporting period can be measured reliably; and
-the costs incurred and the costs to complete the contract can be measured reliably.

Long term contracts

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

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.

SAFETEC UK LIMITED (REGISTERED NUMBER: SC247920)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than 3 months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 12 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 658,333 620,289
Other debtors 85,831 52,626
744,164 672,915

SAFETEC UK LIMITED (REGISTERED NUMBER: SC247920)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 144,442 180,012
Amounts owed to group undertakings 1,191,473 1,159,891
Taxation and social security 135,438 102,418
Other creditors 104,911 76,177
1,576,264 1,518,498

All amounts owed to group undertakings are effectively repayable on demand, the lender however has provided written confirmation that they do not intend to seek repayment of the balance in the next 12 months following approval of these financial statements if it were to threaten the ability of the company to trade as a going concern (note 3). The amounts are interest free.

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 33,969 37,565
Between one and five years 12,259 7,843
46,228 45,408

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Karen E Gardiner BA CA CTA (Senior Statutory Auditor)
for and on behalf of Bain Henry Reid

8. PENSION COMMITMENTS

The company contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £157,837 (2022: £130,088). Contributions totalling £nil (2022: £nil) were payable at the year end.

9. ULTIMATE CONTROLLING PARTY

The ultimate parent company and controlling party is Safetec Holdings AS, a company incorporated in Norway. The registered address of the parent company is Sluppenvegen 6, 7037 Trondheim, Norway.