0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-08-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 10009784 2022-08-01 2024-01-31 10009784 2024-01-31 10009784 2022-07-31 10009784 2021-08-01 2022-07-31 10009784 2022-07-31 10009784 2021-07-31 10009784 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-08-01 2024-01-31 10009784 core:PatentsTrademarksLicencesConcessionsSimilar 2022-08-01 2024-01-31 10009784 bus:LeadAgentIfApplicable 2022-08-01 2024-01-31 10009784 bus:Director1 2022-08-01 2024-01-31 10009784 core:WithinOneYear 2024-01-31 10009784 core:WithinOneYear 2022-07-31 10009784 core:AfterOneYear 2024-01-31 10009784 core:AfterOneYear 2022-07-31 10009784 core:ShareCapital 2024-01-31 10009784 core:ShareCapital 2022-07-31 10009784 core:RetainedEarningsAccumulatedLosses 2024-01-31 10009784 core:RetainedEarningsAccumulatedLosses 2022-07-31 10009784 bus:SmallEntities 2022-08-01 2024-01-31 10009784 bus:AuditExemptWithAccountantsReport 2022-08-01 2024-01-31 10009784 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2024-01-31 10009784 bus:PrivateLimitedCompanyLtd 2022-08-01 2024-01-31 10009784 bus:AbridgedAccounts 2022-08-01 2024-01-31 10009784 core:ComputerEquipment 2022-08-01 2024-01-31
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
All of the members of Safetypoint (Midlands) Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the period ending 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 10009784
SAFETYPOINT (MIDLANDS) LIMITED
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 January 2024
SAFETYPOINT (MIDLANDS) LIMITED
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF SAFETYPOINT (MIDLANDS) LIMITED
PERIOD FROM 1 AUGUST 2022 TO 31 JANUARY 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Safetypoint (Midlands) Limited for the period ended 31 January 2024, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
LANGARD LIFFORD HALL LIMITED Accountants and Registered Auditors
Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN
30 September 2024
SAFETYPOINT (MIDLANDS) LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
31 January 2024
31 Jan 24
31 Jul 22
Note
£
£
£
£
Fixed assets
Intangible assets
4
81,684
105,399
Tangible assets
5
3,006
1,055
------------
------------
84,690
106,454
Current assets
Stocks
24,000
24,000
Debtors
122,882
16,140
Cash at bank and in hand
34,091
12,160
------------
------------
180,973
52,300
Creditors: amounts falling due within one year
265,408
237,876
------------
------------
Net current liabilities
84,435
185,576
------------
------------
Total assets less current liabilities
255
( 79,122)
Creditors: amounts falling due after more than one year
7,965
11,024
------------
------------
Net liabilities
( 7,710)
( 90,146)
------------
------------
Capital and reserves
Called up share capital
200
200
Profit and loss account
( 7,910)
( 90,346)
------------
------------
Shareholders deficit
( 7,710)
( 90,146)
------------
------------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
SAFETYPOINT (MIDLANDS) LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
31 January 2024
For the period ending 31 January 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 abridged financial statements for the period 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 abridged financial statements .
These abridged financial statements were approved by the board of directors and authorised for issue on 30 September 2024 , and are signed on behalf of the board by:
B D Greensmith Director
Company registration number: 10009784
SAFETYPOINT (MIDLANDS) LIMITED
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
PERIOD FROM 1 AUGUST 2022 TO 31 JANUARY 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lifford Hall, Lifford Lane,, Kings Norton,, Birmingham,, West Midlands,, B30 3JN, United Kingdom.
2. Statement of Compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The member's attention are drawn to the insolvent position of the balance sheet. The accounts have been drawn up on a going concern basis following assurances from the directors of their continuing support.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Research & Development costs
-
15% reducing balance
Intellectual Property
-
15% reducing balance
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
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:
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Intangible Assets
£
Cost
At 1 August 2022 and 31 January 2024
181,554
------------
Amortisation
At 1 August 2022
76,155
Charge for the period
23,715
------------
At 31 January 2024
99,870
------------
Carrying amount
At 31 January 2024
81,684
------------
At 31 July 2022
105,399
------------
5. Tangible Assets
£
Cost
At 1 August 2022
2,512
Additions
2,704
------------
At 31 January 2024
5,216
------------
Depreciation
At 1 August 2022
1,457
Charge for the period
753
------------
At 31 January 2024
2,210
------------
Carrying amount
At 31 January 2024
3,006
------------
At 31 July 2022
1,055
------------
6. Directors' Advances, Credits and Guarantees
Amount owed from the Directors' loan account at the balance sheet date was £241,121 (2022: £221,498). No interest is payable on the balance due.