2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 04460839 2023-04-01 2024-03-31 04460839 2024-03-31 04460839 2023-03-31 04460839 2022-04-01 2023-03-31 04460839 2023-03-31 04460839 2022-03-31 04460839 core:PlantMachinery 2023-04-01 2024-03-31 04460839 core:MotorVehicles 2023-04-01 2024-03-31 04460839 bus:Director1 2023-04-01 2024-03-31 04460839 core:PlantMachinery 2023-03-31 04460839 core:MotorVehicles 2023-03-31 04460839 core:PlantMachinery 2024-03-31 04460839 core:MotorVehicles 2024-03-31 04460839 core:WithinOneYear 2024-03-31 04460839 core:WithinOneYear 2023-03-31 04460839 core:ShareCapital 2024-03-31 04460839 core:ShareCapital 2023-03-31 04460839 core:RetainedEarningsAccumulatedLosses 2024-03-31 04460839 core:RetainedEarningsAccumulatedLosses 2023-03-31 04460839 core:PlantMachinery 2023-03-31 04460839 core:MotorVehicles 2023-03-31 04460839 bus:SmallEntities 2023-04-01 2024-03-31 04460839 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04460839 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04460839 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04460839 bus:FullAccounts 2023-04-01 2024-03-31 04460839 core:ComputerEquipment 2023-04-01 2024-03-31 04460839 core:ComputerEquipment 2023-03-31 04460839 core:ComputerEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 04460839
SAFE OPENINGS LIMITED
Filleted Unaudited Financial Statements
31 March 2024
SAFE OPENINGS LIMITED
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
21,740
38,580
Current assets
Stocks
4,500
7,596
Debtors
6
72,524
6,064
Cash at bank and in hand
102,190
103,928
---------
---------
179,214
117,588
Creditors: amounts falling due within one year
7
( 19,229)
( 44,429)
---------
---------
Net current assets
159,985
73,159
---------
---------
Total assets less current liabilities
181,725
111,739
Provisions
Taxation including deferred tax
( 4,094)
---------
---------
Net assets
177,631
111,739
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
177,629
111,737
---------
---------
Shareholders funds
177,631
111,739
---------
---------
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 March 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 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 OPENINGS LIMITED
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 7 October 2024 , and are signed on behalf of the board by:
Mr M. Newton
Director
Company registration number: 04460839
SAFE OPENINGS LIMITED
Notes to the Financial Statements
Year ended 31 March 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 Kingfisher House, Hurstwood Grange, Hurstwood Lane, Haywards Heath, RH17 7QX, West Sussex.
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
3.1 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.
3.2 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.
3.3 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.
3.4 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.
3.5 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.
3.6 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:
Plant and equipment
-
10% straight line
Motor vehicle
-
10% straight line
Computer equipment
-
25% straight line
3.7 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 .
3.8 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.
3.9 Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
3.10 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 2 (2023: 2 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
49,763
72,495
6,727
128,985
Additions
1,839
1,839
Disposals
( 17,204)
( 17,204)
--------
--------
-------
---------
At 31 March 2024
32,559
72,495
8,566
113,620
--------
--------
-------
---------
Depreciation
At 1 April 2023
28,423
57,998
3,984
90,405
Charge for the year
3,253
7,250
3,848
14,351
Disposals
( 12,876)
( 12,876)
--------
--------
-------
---------
At 31 March 2024
18,800
65,248
7,832
91,880
--------
--------
-------
---------
Carrying amount
At 31 March 2024
13,759
7,247
734
21,740
--------
--------
-------
---------
At 31 March 2023
21,340
14,497
2,743
38,580
--------
--------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
71,804
5,378
Other debtors
720
686
--------
-------
72,524
6,064
--------
-------
The directors overdrawn current account balance is included in Other debtors as follows:
2024 2023
£ £
Mr & Mrs M. Newton 433 407
---- ----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
15,489
Corporation tax
7,479
Social security and other taxes
6,550
23,755
Other creditors
5,200
5,185
--------
--------
19,229
44,429
--------
--------
8. Directors' advances, credits and guarantees
There were no transactions with related parties that require disclosure under FRS102.