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Registration number: 10077512

Safar Publications Ltd

Filleted Financial Statements

for the Year Ended 31 August 2023

 

Safar Publications Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Safar Publications Ltd

Company Information

Directors

S A Wasim

I A N Mahuroof

Registered office

1st Floor Woodgate Studios
2-8 Games Road
Cockfosters
Barnet
Hertfordshire
EN4 9HN

Auditors

NA Associates LLP
Chartered Certified Accountants
Woodgate Studios
2-8 Games Road
Cockfosters
Hertfordshire
EN4 9HN

 

Safar Publications Ltd

(Registration number: 10077512)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,275

-

Current assets

 

Stocks

5

107,201

181,777

Debtors

6

52,501

48,755

Cash at bank and in hand

 

114,270

28,126

 

273,972

258,658

Creditors: Amounts falling due within one year

7

(405,082)

(313,752)

Net current liabilities

 

(131,110)

(55,094)

Net liabilities

 

(128,835)

(55,094)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(128,935)

(55,194)

Shareholders' deficit

 

(128,835)

(55,094)

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 November 2024 and signed on its behalf by:
 

.........................................
S A Wasim
Director

 

Safar Publications Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
1st Floor Woodgate Studios
2-8 Games Road
Cockfosters
Barnet
Hertfordshire
EN4 9HN

2

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 that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are prepared in the company's functional currency of British Pounds (£) and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis, the validity of which is based on the continued support of the company directors and the parent entity. The company was in a net liability position at the year end and made a loss in the year, which was due to the development expenditure on software which was concluded in 2023. Since the year end the company has returned to making net cash income and the directors have forecast that the company will continue to make a profit and net cash income for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

 

Safar Publications Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 15 November 2024 was Nicholas Antoniou, who signed for and on behalf of NA Associates LLP.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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.

Other grants

Grants are accounted for in the period to which they relate.

 

Safar Publications Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

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

Office equipment

20% straight line

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

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

Trade creditors

Creditors with no stated interest rate and payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 7).

 

Safar Publications Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

2,844

2,844

At 31 August 2023

2,844

2,844

Depreciation

Charge for the year

569

569

At 31 August 2023

569

569

Carrying amount

At 31 August 2023

2,275

2,275

5

Stocks

2023
£

2022
£

Other inventories

107,201

181,777

 

Safar Publications Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

6

Debtors

2023
£

2022
£

Trade debtors

19,821

-

Prepayments

453

26,389

Other debtors

32,227

22,366

52,501

48,755

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

170,695

67,927

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

122,751

162,685

Taxation and social security

 

7,939

5,872

Accruals and deferred income

 

8,850

4,000

Other creditors

 

94,847

73,268

 

405,082

313,752

 

Safar Publications Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

9

Related party transactions

Administrative expenses includes donations of £Nil (2022 : £Nil) paid to a related party. Amounts owed to group undertakings includes an amount of £122,751 (2022 : £162,685) owed to related parties. Other creditors includes an amount of £Nil (2022 : £60,000) owed to related parties.

 

Safar Publications Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

10

Parent and ultimate parent undertaking

The ultimate parent is Safar Academy Trust, incorporated in the United Kingdom.