Company registration number 06343525 (England and Wales)
STRATEGIC RISK MANAGEMENT (ASBESTOS) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
STRATEGIC RISK MANAGEMENT (ASBESTOS) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 8
STRATEGIC RISK MANAGEMENT (ASBESTOS) LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr D. S. Ungoed-Thomas
Mr I. J. Simcott
Company number
06343525
Registered office
3rd Floor
8 Boundary Row
London
United Kingdom
SE1 8HP
Auditor
TC Group
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
STRATEGIC RISK MANAGEMENT (ASBESTOS) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
12,299
100,658
Cash at bank and in hand
15
50
12,314
100,708
Creditors: amounts falling due within one year
5
(460,536)
(498,135)
Net current liabilities
(448,222)
(397,427)
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
(449,222)
(398,427)
Total equity
(448,222)
(397,427)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 September 2024 and are signed on its behalf by:
Mr D. S. Ungoed-Thomas
Director
Company Registration No. 06343525
STRATEGIC RISK MANAGEMENT (ASBESTOS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Strategic Risk Management (Asbestos) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 8 Boundary Row, London, United Kingdom, SE1 8HP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The ability of the company to continue trading is dependent on the company generating sustainable profits and positive cash flows. In addition, the ability of the company to continue as a going concern depends on it continuing to receive financial support from its parent company to allow it to meet its financial obligations as they fall due and also the management and recoverability of intra-group and loan balances so that they do not place unnecessary financial pressure on the company.
The directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Not withstanding that the net current liabilities of £448,222 the financial statements have been prepared on a going concern basis which the director considers to be appropriate for the following reasons.
The directors of the parent company have prepared forecasts for a period of 12 months from the date of approval of these financial statements which indicate that the group will be able to generate positive cash flows and manage its working capital to enable it to pay its debts as they fall due. The forecast are dependent on Metro Safety Group Limited and its fellow subsidiary companies not seeking repayment of the amounts currently due to the group which at 31 January 2024 amounted to £454,123, and providing additional financial support during that period. Metro Safety Group Limited has indicated its intention to continue to make available such funds as are needed by the company, and that it does not intend to seek repayment of the amounts due at the balance sheet date, for the period covered by the forecasts. As with any company placing reliance on another group entity for financial support, the directors acknowledge that there can be no certainty that this support with continue although, at the date of approval of these financial statements, they have no reason to believe that they will not do so.
Accordingly the directors believe that it is appropriate to prepare the financial statements on a going concern basis.
STRATEGIC RISK MANAGEMENT (ASBESTOS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.3
Turnover
Turnover comprises revenue recognised by the company in respect of services, exclusive of Value Added Tax and trade discounts.
Turnover consists of services performed for external customers and is recognised on a job by job basis on completion of work or after the substantive completion of the work according to the firm's contractual obligations.
1.4
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, and deposits held at call with banks.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
STRATEGIC RISK MANAGEMENT (ASBESTOS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
STRATEGIC RISK MANAGEMENT (ASBESTOS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors have considered whether there are any critical judgements required in the preparation of these accounts and have concluded that there are none requiring disclosure.
3
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
4
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,319
39,468
Amounts due from group undertakings
2,846
Prepayments and accrued income
6,980
58,344
12,299
100,658
STRATEGIC RISK MANAGEMENT (ASBESTOS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
450
180
Amounts owed to group undertakings
454,123
475,370
Taxation and social security
5,946
20,004
Other creditors
17
827
Accruals and deferred income
1,754
460,536
498,135
6
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Philip Clark FCCA
Statutory Auditor:
TC Group
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
788
11,757
STRATEGIC RISK MANAGEMENT (ASBESTOS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
9
Financial commitments, guarantees and contingent liabilities
A cross party guarantee exists between the company and other group companies whereby the company's assets are held as security against the secured debts in other group companies. At the balance sheet date, the total of those companies' secured debts amounted to £841,904. No losses are expected to arise as a result of this guarantee.
10
Related party transactions
As a wholly owned subsidiary of Metro Safety Group Limited, the company has taken advantage of the exemption available under FRS 102 Section 33.1A not to disclose transactions with other wholly-owned members of the group.
11
Ultimate parent undertaking
The ultimate parent undertaking and controlling party is Metro Safety Group Limited, a company incorporated in England and Wales.