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COMPANY REGISTRATION NUMBER: 00501125
SAFE TEXTILES LIMITED
Filleted Unaudited Financial Statements
31 December 2023
SAFE TEXTILES LIMITED
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
129,872
126,730
Current assets
Stocks
2,000
Debtors
6
335,264
344,640
Investments
7
332
332
Cash at bank and in hand
379,191
357,074
---------
---------
714,787
704,046
Creditors: amounts falling due within one year
8
11,636
3,201
---------
---------
Net current assets
703,151
700,845
---------
---------
Total assets less current liabilities
833,023
827,575
Creditors: amounts falling due after more than one year
9
13,333
17,852
---------
---------
Net assets
819,690
809,723
---------
---------
Capital and reserves
Called up share capital
500
500
Profit and loss account
819,190
809,223
---------
---------
Shareholders funds
819,690
809,723
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SAFE TEXTILES LIMITED
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
D Fluss
Director
Company registration number: 00501125
SAFE TEXTILES LIMITED
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Fixtures and fittings
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
185,628
27,491
213,119
Additions
2,100
2,100
---------
--------
---------
At 31 December 2023
187,728
27,491
215,219
---------
--------
---------
Depreciation
At 1 January 2023
62,730
21,659
84,389
Charge for the year
958
958
---------
--------
---------
At 31 December 2023
62,730
22,617
85,347
---------
--------
---------
Carrying amount
At 31 December 2023
124,998
4,874
129,872
---------
--------
---------
At 31 December 2022
122,898
5,832
128,730
---------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
150
Other debtors
335,264
344,490
---------
---------
335,264
344,640
---------
---------
7. Investments
2023
2022
£
£
Listed investments
332
332
----
----
8. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
3,787
Social security and other taxes
615
612
Other creditors
4,534
Other creditors
2,700
2,589
--------
-------
11,636
3,201
--------
-------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
13,333
17,852
--------
--------