Registration number:
Prepared for the registrar
for the
Year Ended 31 December 2023
The Building Safety Group Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
The Building Safety Group Limited
Company Information
Directors |
S J Bell MBA, TechIOSH G O Leach MA,C.Eng, MICE A P Musselwhite FCIOB C P Nicks MCIOB IOSH R P Perkins BSc (Hons) W Sargeant BSc (Hons) N A Sherreard FCIOB CEnv P S Knox S J Weir BSc (Hons), MSc, MCIOB C Bassett Mr R D Tidswell |
Company secretary |
C Bassett |
Registered office |
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Auditors |
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The Building Safety Group Limited
(Registration number: 01109090)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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|
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Debtors |
|
|
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Other financial assets |
1,680,019 |
1,555,762 |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Deferred tax liabilities |
- |
(26,672) |
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Net assets |
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Capital and reserves |
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Other reserves |
170,577 |
44,095 |
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Profit and loss account |
1,000,294 |
1,251,469 |
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Shareholders' funds |
1,170,871 |
1,295,564 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Company secretary and director
The Building Safety Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a company limited by guarantee, incorporated in England, and consquently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources available to continue in operational existence for the forseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
The Building Safety Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
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 gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. The movement in deferred tax is charged to the applicable reserve, affecting the unrealised gain or loss on the reserve for the year.
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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold Property Improvements |
Over the term of the lease |
Office Equipment |
33.33% straight line |
Training Equipment |
33.33% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective income method. Dividends on equity securities are recognised in income when recievable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stocks are 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.
The Building Safety Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held seperately from those of the company. The annual contributions payable are charged to the profit and loss account.
Financial instruments
Classification
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited directly to equity.
Recognition and measurement
The Building Safety Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated cash flows, discounted at the financial asset's original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be recieved for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
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Cost |
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At 1 January 2023 |
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Additions |
- |
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- |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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The Building Safety Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Investments |
Financial assets at fair value through profit and loss |
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Current financial assets |
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Cost or valuation |
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At 1 January 2023 |
1,555,762 |
Additions |
205,004 |
Disposals |
(186,643) |
Fair value adjustments |
105,896 |
At 31 December 2023 |
1,680,019 |
Carrying amount |
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At 31 December 2023 |
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The historical cost of the investments as at 31 December 2022 was £1,509,440 (2022 - £1,507,105)
Stocks |
2023 |
2022 |
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Stocks |
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The Building Safety Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Debtors |
2023 |
2022 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Creditors |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Corporation tax liability |
30,852 |
30,852 |
Deferred income |
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Obligations under lease and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Not later than one year |
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Later than one year and not later than five years |
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Related party transactions |
During the year the company received fees and subscriptions from some companies of which members of the board are directors. All transactions were at an arms-length and in the ordinary course of business. The total of these transactions was £125,778 (2022: £122,290) and at the year end £11,696 (2022: £10,677) was owed by such related parties.
Audit report |