Company registration number 06871765 (England and Wales)
SAFESITE SUPPLIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SAFESITE SUPPLIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 6
SAFESITE SUPPLIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
224
264
Current assets
Stocks
1,850
1,800
Debtors
4
133,395
140,982
Cash at bank and in hand
838
136,083
142,782
Creditors: amounts falling due within one year
5
(132,657)
(136,395)
Net current assets
3,426
6,387
Total assets less current liabilities
3,650
6,651
Creditors: amounts falling due after more than one year
6
(3,500)
(6,500)
Provisions for liabilities
(43)
(50)
Net assets
107
101
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
7
1
Total equity
107
101
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SAFESITE SUPPLIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 18 November 2024
Mr M J Kirby
Director
Company registration number 06871765 (England and Wales)
SAFESITE SUPPLIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
100
7
107
Year ended 31 March 2023:
Profit and total comprehensive income
-
15,534
15,534
Dividends
-
(15,540)
(15,540)
Balance at 31 March 2023
100
1
101
Year ended 31 March 2024:
Profit and total comprehensive income
-
11,646
11,646
Dividends
-
(11,640)
(11,640)
Balance at 31 March 2024
100
7
107
SAFESITE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
SafeSite Supplies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 17-18, Trinity Enterprise Centre, Furness Business Park, Ironworks Road, Barrow-in-Furness, LA14 2PN.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office furniture
15% reducing balance
Computer equipment
33.3% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SAFESITE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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 liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
3,282
Depreciation and impairment
At 1 April 2023
3,018
Depreciation charged in the year
40
At 31 March 2024
3,058
Carrying amount
At 31 March 2024
224
At 31 March 2023
264
SAFESITE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
119,025
120,851
Other debtors
14,370
20,131
133,395
140,982
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,700
3,933
Trade creditors
117,679
123,104
Corporation tax
2,739
3,644
Other taxation and social security
1,998
2,668
Other creditors
3,541
3,046
132,657
136,395
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,500
6,500
7
Directors' transactions
The company was owed £11,811 (2023 - £14,408) by its director. The loan is interest free and £14,408 was the highest amount owed.