21 01/03/2023 29/02/2024 2024-02-29 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-03-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 03014731 2023-03-01 2024-02-29 03014731 2024-02-29 03014731 2023-02-28 03014731 2022-03-01 2023-02-28 03014731 2023-02-28 03014731 2022-02-28 03014731 core:PlantMachinery 2023-03-01 2024-02-29 03014731 core:OnerousContractsExcludingVacantProperties 2023-03-01 2024-02-29 03014731 bus:RegisteredOffice 2023-03-01 2024-02-29 03014731 bus:LeadAgentIfApplicable 2023-03-01 2024-02-29 03014731 bus:Director1 2023-03-01 2024-02-29 03014731 bus:Director2 2023-03-01 2024-02-29 03014731 bus:Director3 2023-03-01 2024-02-29 03014731 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 03014731 core:PlantMachinery 2023-02-28 03014731 core:LandBuildings core:OwnedOrFreeholdAssets 2024-02-29 03014731 core:PlantMachinery 2024-02-29 03014731 core:WithinOneYear 2024-02-29 03014731 core:WithinOneYear 2023-02-28 03014731 core:AfterOneYear 2024-02-29 03014731 core:AfterOneYear 2023-02-28 03014731 core:ShareCapital 2024-02-29 03014731 core:ShareCapital 2023-02-28 03014731 core:RetainedEarningsAccumulatedLosses 2024-02-29 03014731 core:RetainedEarningsAccumulatedLosses 2023-02-28 03014731 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 03014731 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 03014731 core:PlantMachinery 2023-02-28 03014731 bus:SmallEntities 2023-03-01 2024-02-29 03014731 bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 03014731 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 03014731 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 03014731 bus:FullAccounts 2023-03-01 2024-02-29 03014731 core:ComputerEquipment 2023-03-01 2024-02-29 03014731 core:ComputerEquipment 2023-02-28 03014731 core:ComputerEquipment 2024-02-29
Company registration number: 03014731
Business Safety Systems Limited
Unaudited filleted financial statements
29 February 2024
Business Safety Systems Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Business Safety Systems Limited
Directors and other information
Directors P Shotton
J Firth
N Shotton
Company number 03014731
Registered office 7 Rutherford Court
Stafford Technology Park
Stafford
ST18 0GP
Business address 7 Rutherford Court
Stafford Technology Park
Stafford
ST18 0GP
Accountants Jacksons
Chartered Accountants
Deansfield House
98 Lancaster Road
Newcastle under Lyme
Staffordshire
ST5 1DS
Bankers Starling Bank Limited
3rd floor
2 Finsbury Avenue
London
EC2M 2PP
Business Safety Systems Limited
Statement of financial position
29 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 85,408 84,733
_______ _______
85,408 84,733
Current assets
Stocks 2,850 2,850
Debtors 7 345,594 272,114
Cash at bank and in hand 247,639 332,217
_______ _______
596,083 607,181
Creditors: amounts falling due
within one year 8 ( 462,005) ( 451,965)
_______ _______
Net current assets 134,078 155,216
_______ _______
Total assets less current liabilities 219,486 239,949
Creditors: amounts falling due
after more than one year 9 ( 31,599) ( 97,117)
_______ _______
Net assets 187,887 142,832
_______ _______
Capital and reserves
Called up share capital 337 337
Profit and loss account 187,550 142,495
_______ _______
Shareholders funds 187,887 142,832
_______ _______
For the year ending 29 February 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
N Shotton
Director
Company registration number: 03014731
Business Safety Systems Limited
Notes to the financial statements
Year ended 29 February 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 7 Rutherford Court, Stafford Technology Park, Stafford, ST18 0GP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Freehold property - Not depreciated
Plant and machinery - 15 % reducing balance
Computer equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2023: 22 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 6,248 5,278
_______ _______
6. Tangible assets
Freehold property Plant and machinery Computer equipment Total
£ £ £ £
Cost
At 1 March 2023 50,000 134,355 42,576 226,931
Additions - 4,450 2,473 6,923
_______ _______ _______ _______
At 29 February 2024 50,000 138,805 45,049 233,854
_______ _______ _______ _______
Depreciation
At 1 March 2023 - 119,724 22,474 142,198
Charge for the year - 2,862 3,386 6,248
_______ _______ _______ _______
At 29 February 2024 - 122,586 25,860 148,446
_______ _______ _______ _______
Carrying amount
At 29 February 2024 50,000 16,219 19,189 85,408
_______ _______ _______ _______
At 28 February 2023 50,000 14,631 20,102 84,733
_______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 129,774 96,893
Other debtors - 25,000
Amounts owed by related party 171,807 146,206
Prepayments and accrued income 44,013 4,015
_______ _______
345,594 272,114
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 35,259 14,277
Social security and other taxes 108,334 110,282
Funding Circle loan 65,519 59,959
Amounts owed to related party 5,740 6,940
Director loan accounts 7,838 4,548
Other creditors 2,911 2,306
Accruals and deferred income 236,404 253,653
_______ _______
462,005 451,965
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Funding Circle loan 31,599 97,117
_______ _______
The bank loan is secured by way of a fixed and floating charge over the assets of the company.
10. Related party transactions
The following are considered to be related parties by virtue of their shareholdings and directorships in the company:Mrs P Shotton Mr N Shotton Mrs J Firth During the year the Directors provided an interest free loan to the company.During the year the Directors introduced net monies from the company in the sum of £3,290 (2023: withdrew net monies of £13,395). At the balance sheet date the company owed the Directors the sum of £7,838 (2023: £4,548).