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REGISTERED NUMBER: 05333874 (England and Wales)










Financial Statements

for the Period 1 February 2023 to 30 January 2024

for

Safeside Netting Ltd

Safeside Netting Ltd (Registered number: 05333874)






Contents of the Financial Statements
for the Period 1 February 2023 to 30 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Safeside Netting Ltd

Company Information
for the Period 1 February 2023 to 30 January 2024







DIRECTORS: P M Cullen
Mrs D A Cullen
Miss E L Cullen
M P Cullen
T A Horrocks





SECRETARY: P M Cullen





REGISTERED OFFICE: 392 Cromwell Road
Grimsby
N E Lincolnshire
DN31 2BN





REGISTERED NUMBER: 05333874 (England and Wales)





ACCOUNTANTS: SKS Bailey Group Limited
Suite 32/33 Normany Gateway,
Lysaghts Way,
Scunthorpe
North Lincolnshire
DN15 9YG

Safeside Netting Ltd (Registered number: 05333874)

Balance Sheet
30 January 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 122,884 130,722

CURRENT ASSETS
Stocks 50,882 46,050
Debtors 5 248,038 229,652
Cash at bank and in hand 8,152 1,390
307,072 277,092
CREDITORS
Amounts falling due within one year 6 (386,819 ) (317,258 )
NET CURRENT LIABILITIES (79,747 ) (40,166 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

43,137

90,556

CREDITORS
Amounts falling due after more than one year 7 (13,333 ) (27,938 )
NET ASSETS 29,804 62,618

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 9 29,704 62,518
29,804 62,618

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 January 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 January 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.

Safeside Netting Ltd (Registered number: 05333874)

Balance Sheet - continued
30 January 2024


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

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 January 2025 and were signed on its behalf by:





P M Cullen - Director


Safeside Netting Ltd (Registered number: 05333874)

Notes to the Financial Statements
for the Period 1 February 2023 to 30 January 2024

1. STATUTORY INFORMATION

Safeside Netting Ltd 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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

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 period 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 period 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.

Safeside Netting Ltd (Registered number: 05333874)

Notes to the Financial Statements - continued
for the Period 1 February 2023 to 30 January 2024

2. ACCOUNTING POLICIES - continued

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

The average number of employees during the period was 6 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 February 2023
and 30 January 2024 522,615 538 65,500 588,653
DEPRECIATION
At 1 February 2023 457,695 236 - 457,931
Charge for period 7,763 75 - 7,838
At 30 January 2024 465,458 311 - 465,769
NET BOOK VALUE
At 30 January 2024 57,157 227 65,500 122,884
At 31 January 2023 64,920 302 65,500 130,722

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 200,886 177,497
Other debtors 4,955 4,955
Loan 37,892 47,200
VAT 1,731 -
Prepayments 2,574 -
248,038 229,652

Safeside Netting Ltd (Registered number: 05333874)

Notes to the Financial Statements - continued
for the Period 1 February 2023 to 30 January 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 8) 10,000 9,999
Hire purchase contracts 4,605 9,209
Trade creditors 290,741 221,956
Corporation tax 1,651 8,642
Social security and other tax 5,892 6,257
Pension fund 2,254 2,049
VAT - 8,587
Other creditors 1,913 -
Net Wages - 8,287
Credit card 3,034 5,626
Lloyds Commercial finance 61,675 33,970
Other payroll deductions 207 -
Directors' current accounts 767 768
Accrued expenses 4,080 1,908
386,819 317,258

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 8) 13,333 23,333
Hire purchase contracts - 4,605
13,333 27,938

8. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bounce Back Loan 10,000 9,999

Amounts falling due between one and two years:
Bounce back loan 13,333 23,333

Safeside Netting Ltd (Registered number: 05333874)

Notes to the Financial Statements - continued
for the Period 1 February 2023 to 30 January 2024

9. RESERVES
Retained
earnings
£   

At 1 February 2023 62,518
Deficit for the period (19,314 )
Dividends (13,500 )
At 30 January 2024 29,704