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REGISTERED NUMBER: 02651047 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

SAFEDALE LIMITED

SAFEDALE LIMITED (REGISTERED NUMBER: 02651047)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


SAFEDALE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: B K Patel
A Patel


SECRETARY: Mrs K B Patel


REGISTERED OFFICE: Ramsay House
18 Vera Avenue
London
N21 1RA


REGISTERED NUMBER: 02651047 (England and Wales)


SENIOR STATUTORY AUDITOR: Ashok Mukundlal Shah


AUDITORS: Ashfords Partnership LLP
114-116 Goodmayes Road
Ilford
Esex
IG3 9UZ


BANKERS: Lloyds Banking Group
3rd Floor, Citymark
150 Fountainbridge
Edinburgh
EH3 9PE

SAFEDALE LIMITED (REGISTERED NUMBER: 02651047)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their strategic report for the year ended 30 April 2024.

The principal activity of the company in the year under review was that of dispensing, retail chemist and druggists.

REVIEW OF BUSINESS
The company operates from a number of pharmacy branches. In common with other similar businesses, the company has faced increased labour and other costs and this combined with restriction in drug reimbursement costs from NHS has resulted in a reduction in net trading income for the year.

The company believes in providing quality service to customers in line with NHS patient first moto.

PRINCIPAL RISKS AND UNCERTAINTIES
The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are reviewed and approved by the management.

The Directors consider the principal risk for the pharmacy business to be any change of future government policy towards the pricing and cost model of NHS dispensing drugs. The NHS funding cuts which came into operation during March 2017 have impacted on the profitability of the Pharmacy businesses throughout the country and may continue to have an impact on the future profits of the Company.

In the opinion of the Directors, there is no apparent competition risk of any new pharmacies opening in the immediate location of its existing pharmacies which would have an impact on its sales, due to restriction on licencing policies by the Pharmaceutical Society.

FINANCIAL KEY PERFORMANCE INDICATORS
The main shareholders of the Company are also the Directors of the Company and all of them are closely involved in the management of the Company on a day to day basis. The Directors do not consider that a detailed analysis of the Key Performance Indicators which are fully understood by them is necessary for the purpose of this report.

ON BEHALF OF THE BOARD:





B K Patel - Director


22 January 2025

SAFEDALE LIMITED (REGISTERED NUMBER: 02651047)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their report with the financial statements of the company for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of dispensing, retail chemists and druggists.

DIVIDENDS
An interim dividend of 2.61p per share was paid on the Ordinary "A" £1 shares on 31st March 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

B K Patel
A Patel

POLITICAL DONATIONS AND EXPENDITURE
During the year the company made charitable donation of Nil (2023: £8,970 )

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Ashfords Partnership LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





B K Patel - Director


22 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SAFEDALE LIMITED


Opinion
We have audited the financial statements of Safedale Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SAFEDALE LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SAFEDALE LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the consultancy services sector; we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, and health and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were
reasonable
- were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance; enquiring of management as to actual and potential litigation and claims; and reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SAFEDALE LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Ashok Mukundlal Shah (Senior Statutory Auditor)
for and on behalf of Ashfords Partnership LLP
114-116 Goodmayes Road
Ilford
Esex
IG3 9UZ

22 January 2025

SAFEDALE LIMITED (REGISTERED NUMBER: 02651047)

INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

30.4.24 30.4.23
Notes £    £   

TURNOVER 8,552,572 8,167,788

Cost of sales 5,580,362 5,182,992
GROSS PROFIT 2,972,210 2,984,796

Administrative expenses 3,350,157 3,182,880
(377,947 ) (198,084 )

Other operating income 265,008 273,807
OPERATING (LOSS)/PROFIT 5 (112,939 ) 75,723

Interest receivable and similar income 69,579 19,736
(43,360 ) 95,459

Interest payable and similar expenses 6 68 6,535
(LOSS)/PROFIT BEFORE TAXATION (43,428 ) 88,924

Tax on (loss)/profit 7 19,895 21,055
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(63,323

)

67,869

SAFEDALE LIMITED (REGISTERED NUMBER: 02651047)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

30.4.24 30.4.23
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (63,323 ) 67,869


OTHER COMPREHENSIVE INCOME
Freehold property revaluation
Investment property revaluation
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

-

-
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(63,323

)

67,869

SAFEDALE LIMITED (REGISTERED NUMBER: 02651047)

BALANCE SHEET
30 APRIL 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 99,151 132,203
Tangible assets 10 5,857,377 5,915,589
Investments 11 50,001 -
Investment property 12 287,500 287,500
6,294,029 6,335,292

CURRENT ASSETS
Stocks 13 678,280 618,920
Debtors 14 857,394 888,051
Cash at bank and in hand 2,087,086 2,401,617
3,622,760 3,908,588
CREDITORS
Amounts falling due within one year 15 1,114,109 1,375,189
NET CURRENT ASSETS 2,508,651 2,533,399
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,802,680

8,868,691

PROVISIONS FOR LIABILITIES 16 683,885 683,885
NET ASSETS 8,118,795 8,184,806

CAPITAL AND RESERVES
Called up share capital 17 103,125 103,125
Share premium 18 293,194 293,194
Revaluation reserve 18 1,305,946 1,305,946
Retained earnings 18 6,416,530 6,482,541
SHAREHOLDERS' FUNDS 8,118,795 8,184,806

The financial statements were approved by the Board of Directors and authorised for issue on 22 January 2025 and were signed on its behalf by:




B K Patel - Director



A Patel - Director


SAFEDALE LIMITED (REGISTERED NUMBER: 02651047)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 May 2022 103,125 6,426,672 293,194 1,305,946 8,128,937

Changes in equity
Dividends - (12,000 ) - - (12,000 )
Total comprehensive income - 67,869 - - 67,869
Balance at 30 April 2023 103,125 6,482,541 293,194 1,305,946 8,184,806

Changes in equity
Dividends - (2,688 ) - - (2,688 )
Total comprehensive income - (63,323 ) - - (63,323 )
Balance at 30 April 2024 103,125 6,416,530 293,194 1,305,946 8,118,795

SAFEDALE LIMITED (REGISTERED NUMBER: 02651047)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

30.4.24 30.4.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (129,761 ) (10,573 )
Interest paid (68 ) (6,535 )
Tax paid (21,264 ) (260,801 )
Net cash from operating activities (151,093 ) (277,909 )

Cash flows from investing activities
Purchase of tangible fixed assets (164,017 ) (215,611 )
Purchase of fixed asset investments (50,001 ) -
Sale of tangible fixed assets - 3,669
Interest received 69,579 19,736
Net cash from investing activities (144,439 ) (192,206 )

Cash flows from financing activities
Loan repayments in year - (682,981 )
Amount introduced by directors - 66,357
Amount withdrawn by directors (19,000 ) (30,860 )
Amount owed to group undertaking 2,689 -
Equity dividends paid (2,688 ) (12,000 )
Net cash from financing activities (18,999 ) (659,484 )

Decrease in cash and cash equivalents (314,531 ) (1,129,599 )
Cash and cash equivalents at beginning
of year

2

2,401,617

3,531,216

Cash and cash equivalents at end of
year

2

2,087,086

2,401,617

SAFEDALE LIMITED (REGISTERED NUMBER: 02651047)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024


1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.4.24 30.4.23
£    £   
(Loss)/profit before taxation (43,428 ) 88,924
Depreciation charges 255,280 266,463
Profit on disposal of fixed assets - (738 )
Finance costs 68 6,535
Finance income (69,579 ) (19,736 )
142,341 341,448
Increase in stocks (59,360 ) (162,795 )
Decrease/(increase) in trade and other debtors 30,657 (189,138 )
Decrease in trade and other creditors (243,399 ) (88 )
Cash generated from operations (129,761 ) (10,573 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 2,087,086 2,401,617
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 2,401,617 3,531,216


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 2,401,617 (314,531 ) 2,087,086
2,401,617 (314,531 ) 2,087,086
Total 2,401,617 (314,531 ) 2,087,086

SAFEDALE LIMITED (REGISTERED NUMBER: 02651047)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Safedale Limited is a private company, limited by shares , registered in England and Wales. 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" 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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses over the period, is amortized evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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
Short leasehold - 10% on cost
Improvements to property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 20% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


SAFEDALE LIMITED (REGISTERED NUMBER: 02651047)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3. EMPLOYEES AND DIRECTORS
30.4.24 30.4.23
£    £   
Wages and salaries 1,497,158 1,312,901
Social security costs 121,253 112,191
Other pension costs 16,680 14,704
1,635,091 1,439,796

The average number of employees during the year was as follows:
30.4.24 30.4.23

Directors 2 2
Operational manager 1 1
Administration 4 4
Retail 55 50
62 57

4. DIRECTORS' EMOLUMENTS
30.4.24 30.4.23
£    £   
Directors' remuneration 270,996 248,497

Information regarding the highest paid director is as follows:
30.4.24 30.4.23
£    £   
Emoluments etc 195,996 173,497

SAFEDALE LIMITED (REGISTERED NUMBER: 02651047)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


5. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

30.4.24 30.4.23
£    £   
Hire of plant and machinery 1,225 476
Depreciation - owned assets 222,229 233,411
Profit on disposal of fixed assets - (738 )
Goodwill amortisation 33,052 33,052
Auditors' remuneration 6,600 6,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.4.24 30.4.23
£    £   
Bank Loan interest - 2,957
Interest on corporation tax 68 3,578
68 6,535

7. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
30.4.24 30.4.23
£    £   
Current tax:
UK corporation tax 19,895 21,300
Over/under provision of CT - (245 )

Tax on (loss)/profit 19,895 21,055

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 30 April 2024.

30.4.23
Gross Tax Net
£    £    £   
Freehold property revaluation
Investment property revaluation
- - -

8. DIVIDENDS
30.4.24 30.4.23
£    £   
Ordinary "A" shares of £1 each
Interim 2,688 12,000

SAFEDALE LIMITED (REGISTERED NUMBER: 02651047)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 2,431,253
AMORTISATION
At 1 May 2023 2,299,050
Amortisation for year 33,052
At 30 April 2024 2,332,102
NET BOOK VALUE
At 30 April 2024 99,151
At 30 April 2023 132,203

10. TANGIBLE FIXED ASSETS
Improvements
Freehold Short to Plant and
property leasehold property machinery
£    £    £    £   
COST OR VALUATION
At 1 May 2023 5,955,787 12,193 204,543 160,836
Additions 41,435 - 69,625 2,315
At 30 April 2024 5,997,222 12,193 274,168 163,151
DEPRECIATION
At 1 May 2023 619,682 6,870 24,885 40,209
Charge for year 119,944 1,161 5,484 30,736
At 30 April 2024 739,626 8,031 30,369 70,945
NET BOOK VALUE
At 30 April 2024 5,257,596 4,162 243,799 92,206
At 30 April 2023 5,336,105 5,323 179,658 120,627

SAFEDALE LIMITED (REGISTERED NUMBER: 02651047)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


10. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 May 2023 2,318,983 23,214 475,330 9,150,886
Additions 7,642 43,000 - 164,017
At 30 April 2024 2,326,625 66,214 475,330 9,314,903
DEPRECIATION
At 1 May 2023 2,133,307 4,643 405,701 3,235,297
Charge for year 38,664 12,314 13,926 222,229
At 30 April 2024 2,171,971 16,957 419,627 3,457,526
NET BOOK VALUE
At 30 April 2024 154,654 49,257 55,703 5,857,377
At 30 April 2023 185,676 18,571 69,629 5,915,589

Cost or valuation at 30 April 2024 is represented by:

Improvements
Freehold Short to Plant and
property leasehold property machinery
£    £    £    £   
Valuation in 2017 3,699,229 - - -
Valuation in 2021 (595,939 ) - - -
Cost 2,893,932 12,193 274,168 163,151
5,997,222 12,193 274,168 163,151

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2017 - - - 3,699,229
Valuation in 2021 - - - (595,939 )
Cost 2,326,625 66,214 475,330 6,211,613
2,326,625 66,214 475,330 9,314,903

SAFEDALE LIMITED (REGISTERED NUMBER: 02651047)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


10. TANGIBLE FIXED ASSETS - continued

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

30.4.24 30.4.23
£    £   
Cost 2,845,117 2,845,117
Aggregate depreciation 505,347 505,347

Value of land in freehold land and buildings 2,339,770 2,339,770

Freehold land and buildings were valued on an open market basis on 30 April 2021 by the Directors .

11. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
Additions 50,001
At 30 April 2024 50,001
NET BOOK VALUE
At 30 April 2024 50,001

The company's investments at the Balance Sheet date in the share capital of companies include the following:


12. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 287,500
NET BOOK VALUE
At 30 April 2024 287,500
At 30 April 2023 287,500

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2016 195,440
Valuation in 2021 (62,500 )
Cost 154,560
287,500

SAFEDALE LIMITED (REGISTERED NUMBER: 02651047)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


12. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

30.4.24 30.4.23
£    £   
Cost 154,560 154,560

Investment property was valued on an open market basis on 30 April 2021 by the Directors .

13. STOCKS
30.4.24 30.4.23
£    £   
Stocks 678,280 618,920

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 701,058 599,787
VAT 76,953 168,946
Prepayments 79,383 119,318
857,394 888,051

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade creditors 922,778 1,072,943
Tenants Deposits 13,188 29,718
Amounts owed to group undertakings 2,688 -
Corporation tax 19,885 21,254
Social security and other taxes 34,135 31,441
Staff Pension 8,928 9,435
Directors' current accounts 89,429 108,429
Accrued expenses 23,078 101,969
1,114,109 1,375,189

16. PROVISIONS FOR LIABILITIES
30.4.24 30.4.23
£    £   
Deferred tax 683,885 683,885

Deferred
tax
£   
Balance at 1 May 2023 683,885
Revaluation - Freehold Prop
Balance at 30 April 2024 683,885

SAFEDALE LIMITED (REGISTERED NUMBER: 02651047)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
103,125 Ordinary "A" £1 103,125 103,125

18. RESERVES
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 May 2023 6,482,541 293,194 1,305,946 8,081,681
Deficit for the year (63,323 ) (63,323 )
Dividends (2,688 ) (2,688 )
At 30 April 2024 6,416,530 293,194 1,305,946 8,015,670

19. ULTIMATE CONTROLLING PARTY

As of 05 July 2023, the company was controlled by Safedale Holdings Ltd.

The ultimate controlling party is Mr B K Patel and Mrs K B Patel.