Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseNo description of principal activity55truetruefalse 06560521 2023-01-01 2023-12-31 06560521 2022-01-01 2022-12-31 06560521 2023-12-31 06560521 2022-12-31 06560521 c:Director1 2023-01-01 2023-12-31 06560521 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 06560521 d:Buildings d:ShortLeaseholdAssets 2023-12-31 06560521 d:Buildings d:ShortLeaseholdAssets 2022-12-31 06560521 d:MotorVehicles 2023-01-01 2023-12-31 06560521 d:MotorVehicles 2023-12-31 06560521 d:MotorVehicles 2022-12-31 06560521 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06560521 d:FurnitureFittings 2023-01-01 2023-12-31 06560521 d:FurnitureFittings 2023-12-31 06560521 d:FurnitureFittings 2022-12-31 06560521 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06560521 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06560521 d:CurrentFinancialInstruments 2023-12-31 06560521 d:CurrentFinancialInstruments 2022-12-31 06560521 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06560521 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06560521 d:ShareCapital 2023-12-31 06560521 d:ShareCapital 2022-12-31 06560521 d:RetainedEarningsAccumulatedLosses 2023-12-31 06560521 d:RetainedEarningsAccumulatedLosses 2022-12-31 06560521 c:FRS102 2023-01-01 2023-12-31 06560521 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06560521 c:FullAccounts 2023-01-01 2023-12-31 06560521 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06560521 d:WithinOneYear 2023-12-31 06560521 d:WithinOneYear 2022-12-31 06560521 d:BetweenOneFiveYears 2023-12-31 06560521 d:BetweenOneFiveYears 2022-12-31 06560521 2 2023-01-01 2023-12-31 06560521 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 06560521









SAFE ASSET SOLUTIONS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SAFE ASSET SOLUTIONS LIMITED
REGISTERED NUMBER: 06560521

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
141,496
49,252

  
141,496
49,252

Current assets
  

Stocks
 5 
1,575,502
1,811,017

Debtors: amounts falling due within one year
 6 
598,484
179,764

Cash at bank and in hand
 7 
1,062,644
1,455,112

  
3,236,630
3,445,893

Creditors: amounts falling due within one year
 8 
(797,815)
(706,141)

Net current assets
  
 
 
2,438,815
 
 
2,739,752

Total assets less current liabilities
  
2,580,311
2,789,004

  

Net assets
  
2,580,311
2,789,004


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
2,580,309
2,789,002

  
2,580,311
2,789,004

Page 1

 
SAFE ASSET SOLUTIONS LIMITED
REGISTERED NUMBER: 06560521
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The Director considers 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 Director acknowledges his 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 by: 




S P Graves
Director

Date: 19 September 2024

The notes on pages 3 to 8 form part of these financial statements.
Page 2

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

1.


General information

Safe Asset Solutions Limited is a private company limited by shares and incorporated in England and Wales (registered number: 06560521). The registered office is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.
The financial statements are peresented 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Page 3

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

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
5 years straight line
Motor vehicles
-
4 years straight line
Fixtures and fittings
-
2-3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.5

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.

 
2.6

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.

 
2.7

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.

Page 4

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

2.Accounting policies (continued)

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Taxation

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 5

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

4.


Tangible fixed assets





Short-term leasehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
112,986
26,519
76,657
216,162


Additions
-
162,935
-
162,935



At 31 December 2023

112,986
189,454
76,657
379,097



Depreciation


At 1 January 2023
92,236
17,517
57,157
166,910


Charge for the year on owned assets
9,140
44,488
17,063
70,691



At 31 December 2023

101,376
62,005
74,220
237,601



Net book value



At 31 December 2023
11,610
127,449
2,437
141,496



At 31 December 2022
20,750
9,002
19,500
49,252


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
1,575,502
1,811,017

1,575,502
1,811,017


Page 6

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

6.


Debtors

2023
2022
£
£


Trade debtors
345,038
-

Other debtors
172,757
162,914

Prepayments and accrued income
80,689
16,850

598,484
179,764



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,062,644
1,455,112

1,062,644
1,455,112



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
614,465
392,954

Corporation tax
3,279
82,993

Other taxation and social security
4,887
2,535

Other creditors
79,832
75,216

Accruals and deferred income
95,352
152,443

797,815
706,141



9.


Pension commitments

The Company operates a defined contributions 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 £30,692 (2022 - £109,386). 

Page 7

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

10.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
69,600
69,600

Later than 1 year and not later than 5 years
-
69,600

69,600
139,200


11.


Related party transactions

Safe Asset Financial Limited is a company in which S P Graves is both a director and a shareholder.
Included within other debtors is an amount of £146,035 (2022 - £146,000) due from Safe Asset Financial Limited. 
During the year the company paid rent of £36,000 (2022 - £36,000) to Safe Asset Financial Limited.

 
Page 8