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Registered number: 05441035










SAFEBRIDGE EUROPE, LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

For the Year Ended 31 December 2023

 
SAFEBRIDGE EUROPE, LIMITED
Registered number: 05441035

BALANCE SHEET
As at 31 December 2023

2023
Restated 2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,309
3,384

  
1,309
3,384

Current assets
  

Debtors: amounts falling due within one year
 6 
1,140,143
886,510

Cash at bank and in hand
 7 
265,647
288,673

  
1,405,790
1,175,183

Creditors: amounts falling due within one year
 8 
(266,560)
(159,206)

Net current assets
  
 
 
1,139,230
 
 
1,015,977

Total assets less current liabilities
  
1,140,539
1,019,361

Provisions for liabilities
  

Deferred tax
 9 
-
(300)

  
 
 
-
 
 
(300)

Net assets
  
1,140,539
1,019,061


Capital and reserves
  

Called up share capital 
  
75
75

Profit and loss account
  
1,140,464
1,018,986

  
1,140,539
1,019,061


Page 1

 
SAFEBRIDGE EUROPE, LIMITED
Registered number: 05441035
    
BALANCE SHEET (CONTINUED)
As at 31 December 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 January 2025.




A M Remsberg Jr
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
SAFEBRIDGE EUROPE, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023

1.


General information

The entity is a private limited liability company, limited by shares registered in England and Wales within the United Kingdom. The registered office and principal place of business is St Andrews Castle, 33 St Andrews Street South, Bury St Edmunds, Suffolk, United Kingdom, IP33 3PH and the company number is 05441035.
Safebridge Europe Limited is a wholly-owned subsidiary of Safebridge Consultants Inc., a company incorporated in the United States of America. The ultimate parent company of Safebridge Consultants Inc. is TACH Holdings, Inc., a company incorporated in the United States of America.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.



The following principal accounting policies have been applied:

 
2.2

Going concern

The Company holds a level of cash reserves sufficient for the directors to believe that it is appropriate to prepare the financial statements on the going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
SAFEBRIDGE EUROPE, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
SAFEBRIDGE EUROPE, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
SAFEBRIDGE EUROPE, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
2,250
2,250


4.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Consultancy
6
7



Administration
1
1

7
8

Page 6

 
SAFEBRIDGE EUROPE, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2023
17,470


Additions
816



At 31 December 2023

18,286



Depreciation


At 1 January 2023
14,086


Charge for the year on owned assets
2,891



At 31 December 2023

16,977



Net book value



At 31 December 2023
1,309



At 31 December 2022
3,384


6.


Debtors

2023
2022
£
£


Trade debtors
335,789
239,471

Amounts owed by group undertakings
794,071
630,066

Prepayments and accrued income
10,283
16,973

1,140,143
886,510



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
265,647
288,673

265,647
288,673


Page 7

 
SAFEBRIDGE EUROPE, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
93,650
45,434

Other taxation and social security
41,226
45,814

Other creditors
2,741
3,676

Accruals and deferred income
128,943
64,282

266,560
159,206



9.


Deferred taxation




2023


£






At beginning of year
(300)


Charged to profit or loss
300



At end of year
-

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
-
(300)

-
(300)


10.


Prior year adjustment

The 2022 comparable year amount in debtors has been restated by £30,143 due to an error.  Sales have been increased by £25,119 and the tax effect is an increase in the prior year charge of £5,908. Opening reserves have increased by £25,119. 


11.


Pension commitments

The company pays into defined contribution pension plans. The assets of the plans 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 plans. Contributions totalling £2,186 (2022 - £3,676) were payable to the fund at the balance sheet date and are included in creditors.

Page 8

 
SAFEBRIDGE EUROPE, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023

12.


Controlling party

Safebridge Europe Limited is a wholly-owned subsidiary of Safebridge Consultants Inc., a company incorporated in the United States of America.
The ultimate parent company of Safebridge Consultants Inc. is TACH Holdings, Inc., a company incorporated in the United States of America.
The controlling party of the parent company is unknown.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 28 January 2025 by Stephen Talbot (Senior Statutory Auditor) on behalf of Langtons Professional Services Limited.

 
Page 9