Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseProperty Investment22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08288899 2023-01-01 2023-12-31 08288899 2022-01-01 2022-12-31 08288899 2023-12-31 08288899 2022-12-31 08288899 c:Director2 2023-01-01 2023-12-31 08288899 d:FreeholdInvestmentProperty 2023-12-31 08288899 d:FreeholdInvestmentProperty 2022-12-31 08288899 d:CurrentFinancialInstruments 2023-12-31 08288899 d:CurrentFinancialInstruments 2022-12-31 08288899 d:Non-currentFinancialInstruments 2023-12-31 08288899 d:Non-currentFinancialInstruments 2022-12-31 08288899 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 08288899 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 08288899 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 08288899 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 08288899 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 08288899 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 08288899 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 08288899 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 08288899 d:ShareCapital 2023-12-31 08288899 d:ShareCapital 2022-12-31 08288899 d:OtherMiscellaneousReserve 2023-12-31 08288899 d:OtherMiscellaneousReserve 2022-12-31 08288899 d:RetainedEarningsAccumulatedLosses 2023-12-31 08288899 d:RetainedEarningsAccumulatedLosses 2022-12-31 08288899 c:FRS102 2023-01-01 2023-12-31 08288899 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 08288899 c:FullAccounts 2023-01-01 2023-12-31 08288899 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08288899 d:OtherDeferredTax 2023-12-31 08288899 d:OtherDeferredTax 2022-12-31 08288899 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 08288899









SAFE ASSET FINANCIAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SAFE ASSET FINANCIAL LIMITED
REGISTERED NUMBER: 08288899

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
  
2,500,000
2,500,000

  
2,500,000
2,500,000

Current assets
  

Debtors: amounts falling due within one year
 5 
100
100

Cash at bank and in hand
 6 
170,489
145,627

  
170,589
145,727

Creditors: amounts falling due within one year
 7 
(363,216)
(361,336)

Net current liabilities
  
 
 
(192,627)
 
 
(215,609)

Total assets less current liabilities
  
2,307,373
2,284,391

Creditors: amounts falling due after more than one year
 8 
(560,200)
(583,125)

Provisions for liabilities
  

Deferred tax
 10 
(301,656)
(301,656)

  
 
 
(301,656)
 
 
(301,656)

Net assets
  
1,445,517
1,399,610


Capital and reserves
  

Called up share capital 
  
100
100

Other reserves
  
987,937
987,937

Profit and loss account
  
457,480
411,573

  
1,445,517
1,399,610


Page 1

 
SAFE ASSET FINANCIAL LIMITED
REGISTERED NUMBER: 08288899
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 September 2024.




S P Graves
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
SAFE ASSET FINANCIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Safe Asset Financial Limited is a private company limited by shares and incorporated in England & Wales (registered number: 08288899). The registered office is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.
The financial statements are presented in Sterling, which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

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.

 
2.3

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.4

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.

Page 3

 
SAFE ASSET FINANCIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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 three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

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.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 4

 
SAFE ASSET FINANCIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
SAFE ASSET FINANCIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
2,500,000



At 31 December 2023
2,500,000

The  valuations were made by the director, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
1,210,407
1,210,407

1,210,407
1,210,407


5.


Debtors

2023
2022
£
£


Called up share capital not paid
100
100

100
100



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
170,489
145,627

170,489
145,627


Page 6

 
SAFE ASSET FINANCIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
32,355
37,232

Trade creditors
31
31

Corporation tax
24,027
19,529

Other taxation and social security
8,563
7,769

Other creditors
293,000
293,000

Accruals and deferred income
5,240
3,775

363,216
361,336


2023
2022
£
£

Other taxation and social security

VAT control
8,563
7,770

8,563
7,770


The following liabilities were secured:

2023
2022
£
£



Bank Loan
32,356
37,232

32,356
37,232

Details of security provided:

Bank loans are are secured by a fixed and floating charge over the assets of the company.

Page 7

 
SAFE ASSET FINANCIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
560,200
583,125

560,200
583,125


The following liabilities were secured:




Details of security provided:

Bank loans are are secured by a fixed and floating charge over the assets of the company.

Page 8

 
SAFE ASSET FINANCIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
32,356
37,232


32,356
37,232

Amounts falling due 1-2 years

Bank loans
32,356
37,232


32,356
37,232

Amounts falling due 2-5 years

Bank loans
527,843
545,893


527,843
545,893


592,555
620,357


Page 9

 
SAFE ASSET FINANCIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Deferred taxation




2023


£






At beginning of year
(301,656)



At end of year
(301,656)

2023
2022
£
£


Deferred taxation
(301,656)
(165,950)

Deferred taxation provision
-
(135,706)

(301,656)
(301,656)


11.


Related party transactions

Safe Asset Solutions Limited is a company in which S P Graves is both a director and a shareholder.   During the year, Safe Asset Solutions Limited paid rents of £36,000 (2022 - £31,380.82) to the company, no amounts remained outstanding at the year end.  Safe Asset Solutions Limited provided loans to the company, in order to purchase property.  The amount due to Safe Asset Solutions Limited at the balance sheet date was £146,000 (31 December 2022 - £146,000) which is included in other creditors.  This loan is interest free, with no fixed repayment date.


12.


Controlling party

The company is under the control of its directors.

 
Page 10