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REGISTERED NUMBER: SC347802 (Scotland)




















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

PEOPLES SAFETY LTD

PEOPLES SAFETY LTD (REGISTERED NUMBER: SC347802)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


PEOPLES SAFETY LTD

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: R Christie
C Mckenna
J E Peoples



REGISTERED OFFICE: Peoples Safety Limited
Bo'Ness Road
Grangemouth
Stirlingshire
FK3 9XF



REGISTERED NUMBER: SC347802 (Scotland)



ACCOUNTANTS: Curle & Co
Chartered Accountants
22 Backbrae Street
Kilsyth
G65 0NH



BANKERS: The Co-operative Bank
P.O. Box 101
1 Balloon Street
Manchester
M60 4EP

PEOPLES SAFETY LTD (REGISTERED NUMBER: SC347802)

ABRIDGED BALANCE SHEET
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,509,344 1,502,819

CURRENT ASSETS
Stocks 10,000 40,000
Debtors 1,074,411 1,949,184
Cash at bank 153,607 144,323
1,238,018 2,133,507
CREDITORS
Amounts falling due within one year 851,913 1,279,134
NET CURRENT ASSETS 386,105 854,373
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,895,449

2,357,192

CREDITORS
Amounts falling due after more than one
year

5

(219,951

)

(247,164

)

PROVISIONS FOR LIABILITIES (271,713 ) (203,397 )
NET ASSETS 1,403,785 1,906,631

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 8 616,434 616,434
Retained earnings 787,251 1,290,097
1,403,785 1,906,631

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PEOPLES SAFETY LTD (REGISTERED NUMBER: SC347802)

ABRIDGED BALANCE SHEET - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:





J E Peoples - Director


PEOPLES SAFETY LTD (REGISTERED NUMBER: SC347802)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Peoples Safety Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover and revenue recognition
Turnover represents net invoiced sales of goods and services, excluding VAT. Revenue is recognised when goods and services are provided to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 25% on cost
Motor vehicles - 25% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
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 income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

PEOPLES SAFETY LTD (REGISTERED NUMBER: SC347802)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 15 ).

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 April 2023 2,183,437
Additions 573,365
Disposals (62,143 )
At 31 March 2024 2,694,659
DEPRECIATION
At 1 April 2023 680,618
Charge for year 504,697
At 31 March 2024 1,185,315
NET BOOK VALUE
At 31 March 2024 1,509,344
At 31 March 2023 1,502,819

The net book value of assets held under finance lease at the year end was £6,204 (2023: £17,933). Depreciation charged on these assets during the year was £11,728 (2023: 11,728)

Cost or valuation at 31 March 2024 is represented by:

Totals
£   
Valuation in 2023 2,183,437
Valuation in 2024 511,222
2,694,659

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
31.3.24 31.3.23
£    £   
Repayable by instalments
Bank loans more 5 yr by instal 100,235 116,656

6. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 37,518 37,518

PEOPLES SAFETY LTD (REGISTERED NUMBER: SC347802)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

6. LOANS - continued
31.3.24 31.3.23
£    £   
Amounts falling due between one and two years:
Bank loans - 1-2 years 37,163 37,518

Amounts falling due between two and five years:
Bank loans - 2-5 years 82,553 92,990

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 100,235 116,656

Interest on outstanding loans is charged at a rate of between 1 percent and 3 percent.

7. SECURED DEBTS

A bank loan due to Natwest PLC to the value of £237,823 (2023: £254,244 is secured by the way of a standard charge over a property held at Boness Road, Grangemouth and a floating charge over all property and undertaking of the company.

8. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 616,434

9. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to 32,118 (2023: £30,957). At the balance sheet date there was unpaid contributions of £Nil (2023: £Nil).