Company registration number 08817304 (England and Wales)
UK Safety Management Ltd
Annual Report and Financial Statements
for the year ended 30 September 2024
UK Safety Management Ltd
Company Information
Director
M J Devlin
Company number
08817304
Registered office
Unit 5 Temple Point
Finch Drive
Bullerthorpe Lane
Colton
LS15 9JL
Auditor
B M Howarth Ltd
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
Business address
Unit 5 Temple Point
Finch Drive
Bullerthorpe Lane
Colton
LS15 9JL
UK Safety Management Ltd
Contents
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 16
UK Safety Management Ltd
Strategic Report
for the year ended 30 September 2024
- 1 -
The director presents the strategic report for the year ended 30 September 2024.
Trading performance
The directors are satisfied with the company performance during the year with turnover of £16,216,887 generating a profit before tax of £1,526,578.
Financial risks and uncertainties
Competitive pressure in the UK is a continuing risk for the company. The company manages this risk by providing added value to customers and by maintaining strong relationships with them, reacting efficiently to their requirements and queries.
Employees
Details of the number of employees and related costs are shown in note 3 to the financial statements.
Key performance indicators
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EBITDA as a percentage of turnover | | | | | |
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Future outlook
The directors are to concentrate on making improvements to the existing business activities. They anticipate continued growth and the strengthening of the company's position within the UK PAT Testing market.
M J Devlin
Director
25 November 2024
UK Safety Management Ltd
Director's Report
for the year ended 30 September 2024
- 2 -
The director presents his annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the company is that of the provision of PAT testing services, fire extinguisher sales and service and fixed wire testing throughout the UK.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £1,000,000. The director does not recommend payment of a further dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
M J Devlin
Auditor
The auditor, B M Howarth Ltd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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. He is 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.
UK Safety Management Ltd
Director's Report (continued)
for the year ended 30 September 2024
- 3 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
M J Devlin
Director
25 November 2024
UK Safety Management Ltd
Independent Auditor's Report
to the members of UK Safety Management Ltd
- 4 -
Opinion
We have audited the financial statements of UK Safety Management Ltd (the 'company') for the year ended 30 September 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 September 2024 and of its profit 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.
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 Auditor's 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 director's 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 director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
UK Safety Management Ltd
Independent Auditor's Report
to the members of UK Safety Management Ltd (continued)
- 5 -
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 director's report.
We have nothing to report in respect of the following matters in relation to which 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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is 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 director determines is 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's 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 an auditor's report 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and the sector in which it operates, our audit work considers the risk of material misstatement on the financial statements as a result of non-compliance with laws and regulations, this includes fraud. These laws and regulations include, but are not limited to, those that relate to the form and content of the financial statements, such as the company accounting policies, the financial reporting framework and the UK Companies Act 2006.
We evaluated management incentives and opportunities for manipulation of the financial statements and determined that the principal risks related to management bias in accounting estimates and understatement or overstatement of revenue. Our audit procedures included, but were not limited to:
Agreement of the financial statements disclosures to underlying supporting documentation;
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
Challenging assumptions, accounting estimates and judgements made by directors;
Identifying and testing journal entries to ensure they are appropriate;
Sample testing of income and expenditure to ensure correct cut-off has been applied.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error.
There are inherent limitations in audit procedures, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
UK Safety Management Ltd
Independent Auditor's Report
to the members of UK Safety Management Ltd (continued)
- 6 -
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 an auditor's report 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.
James Bell
Senior Statutory Auditor
For and on behalf of B M Howarth Ltd
Chartered Accountants
Statutory Auditor
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
25 November 2024
UK Safety Management Ltd
Statement of Comprehensive Income
for year ended 30 September 2024
- 7 -
2024
2023
Notes
£
£
Turnover
16,216,887
14,838,296
Cost of sales
(7,645,651)
(8,370,405)
Gross profit
8,571,236
6,467,891
Administrative expenses
(7,047,214)
(6,199,193)
Operating profit
2
1,524,022
268,698
Interest receivable
6
1,933
Interest payable
7
623
Profit before taxation
1,526,578
268,698
Tax on profit
8
(479,556)
(211,607)
Profit for the financial year
1,047,022
57,091
The income statement has been prepared on the basis that all operations are continuing operations.
UK Safety Management Ltd
Statement of financial position
as at 30 September 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
274,609
549,193
Current assets
Stocks
12
81,380
82,454
Debtors
13
2,874,410
1,998,701
Cash at bank and in hand
619,128
121,758
3,574,918
2,202,913
Creditors: amounts falling due within one year
14
(2,461,257)
(1,410,858)
Net current assets
1,113,661
792,055
Net assets
1,388,270
1,341,248
Capital and reserves
Called up share capital
15
19
19
Share premium account
1,225,623
1,225,623
Profit and loss reserves
162,628
115,606
Total equity
1,388,270
1,341,248
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved and signed by the director and authorised for issue on 25 November 2024
M J Devlin
Director
Company registration number 08817304 (England and Wales)
UK Safety Management Ltd
Statement Of Changes In Equity
for the year ended 30 September 2024
- 9 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
19
1,225,623
347,921
1,573,563
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
57,091
57,091
Dividends
9
-
-
(289,406)
(289,406)
Balance at 30 September 2023
19
1,225,623
115,606
1,341,248
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
1,047,022
1,047,022
Dividends
9
-
-
(1,000,000)
(1,000,000)
Balance at 30 September 2024
19
1,225,623
162,628
1,388,270
UK Safety Management Ltd
Notes to the Financial Statements
for the year ended 30 September 2024
- 10 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions available to it.
The financial statements of the company are consolidated in the financial statements of Adamson Commercial Ltd. These consolidated financial statements are available from its registered office, West House, King Cross Road, Halifax, West Yorkshire, HX11EB.
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover represents the fair value of the consideration received for goods and services provided in the normal course of business, and is shown net of VAT. Turnover is recognised upon the provision of services.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
- 20% reducing balance
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
UK Safety Management Ltd
Notes to the Financial Statements (continued)
for the year ended 30 September 2024
1
Accounting policies
(continued)
- 11 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences 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. Such liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.
2
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
10,000
15,000
Depreciation of owned tangible fixed assets
-
14,655
Amortisation of intangible assets
274,584
274,584
Operating lease charges
669,577
578,721
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
248
236
UK Safety Management Ltd
Notes to the Financial Statements (continued)
for the year ended 30 September 2024
3
Employees
(continued)
- 12 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
9,261,245
8,092,998
Pension costs
256,751
263,112
9,517,996
8,356,110
4
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
12,570
10,835
Company pension contributions to defined contribution schemes
60,000
50,833
72,570
61,668
5
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
256,751
263,112
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
6
Interest receivable
2024
2023
£
£
Interest income
Interest on bank deposits
1,933
7
Interest payable
2024
2023
£
£
Other interest
(623)
UK Safety Management Ltd
Notes to the Financial Statements (continued)
for the year ended 30 September 2024
- 13 -
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
475,939
127,168
Adjustments in respect of prior periods
3,617
Other taxes
84,439
Total current tax
479,556
211,607
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,526,578
268,698
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
381,645
59,114
Tax effect of expenses that are not deductible in determining taxable profit
26,194
4,950
Change in unrecognised deferred tax assets
2,696
Permanent capital allowances in excess of depreciation
(546)
Amortisation on assets not qualifying for tax allowances
68,646
60,408
Under/(over) provided in prior years
3,617
Other taxes
84,439
Taxation charge for the year
479,556
211,607
9
Dividends
2024
2023
£
£
Final paid
1,000,000
289,406
UK Safety Management Ltd
Notes to the Financial Statements (continued)
for the year ended 30 September 2024
- 14 -
10
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
2,745,868
Amortisation and impairment
At 1 October 2023
2,196,675
Amortisation charged for the year
274,584
At 30 September 2024
2,471,259
Carrying amount
At 30 September 2024
274,609
At 30 September 2023
549,193
11
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 October 2023 and 30 September 2024
170,906
Depreciation and impairment
At 1 October 2023 and 30 September 2024
170,906
Carrying amount
At 30 September 2024
At 30 September 2023
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
81,380
82,454
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,033,197
1,104,877
Corporation tax recoverable
258,378
Amounts owed by group undertakings
1,770,274
579,106
Prepayments and accrued income
70,939
56,340
2,874,410
1,998,701
UK Safety Management Ltd
Notes to the Financial Statements (continued)
for the year ended 30 September 2024
- 15 -
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
128,440
131,510
Invoice finance
393,437
317,280
Corporation tax
221,178
127,168
Other taxation and social security
1,273,450
568,292
Accruals and deferred income
444,752
266,608
2,461,257
1,410,858
The invoice finance creditor is secured against the book debts of the company.
15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
1,100
1,100
11
11
A Ordinary shares of 1p each
800
800
8
8
1,900
1,900
19
19
16
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
277,175
341,225
Between two and five years
526,157
680,942
803,332
1,022,167
UK Safety Management Ltd
Notes to the Financial Statements (continued)
for the year ended 30 September 2024
- 16 -
17
Related party transactions
In accordance with the exemptions available to the company, related party disclosures in respect of group transactions are not disclosed on the basis that the details of the subsidiary are included in the group financial statements of the parent company.
Included in direct costs are amounts from Search Point Ltd amounting to £Nil (2023 : £1,614,290). M. Adamson was a shareholder of UK Safety Management Ltd until 22 December 2022 and shareholder of Search Point Ltd.
During the year the company recharged expenses to Search Point Ltd amounting to £25,647 (2023 : £23,505).
At 30 September, 2024 £3,452 (2023 : £7,283) was owed to UK Safety Management Ltd.
Included in direct costs are amounts from MSM Property and Investments Ltd amounting to £95,000 (2023 : £164,250). M. Devlin is a director and shareholder of UK Safety Management Ltd and a director and shareholder of MSM Property and Investments Ltd.
18
Ultimate controlling party
The parent company is Adamson Commercial Ltd and its registered office is West House, King Cross Road, Halifax, HX1 1EB. Group accounts are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
19
Company information
UK Safety Management Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5 Temple Point, Finch Drive, Bullerthorpe Lane, Colton, LS15 9JL.
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