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Registration number: 05766104

Safemile Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Safemile Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Safemile Limited

Company Information

Director

S Taylor

Company secretary

K Taylor

Registered office

K2
44 Bond Street
Hull
HU1 3EN

 

Safemile Limited

(Registration number: 05766104)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

317,995

108,732

Investment property

5

257,294

257,294

 

575,289

366,026

Current assets

 

Debtors

6

120,826

353,556

Cash at bank and in hand

 

4,029,280

3,445,418

 

4,150,106

3,798,974

Creditors: Amounts falling due within one year

7

(653,380)

(694,163)

Net current assets

 

3,496,726

3,104,811

Total assets less current liabilities

 

4,072,015

3,470,837

Provisions for liabilities

(56,392)

(19,275)

Net assets

 

4,015,623

3,451,562

Capital and reserves

 

Called up share capital

31

31

Retained earnings

4,015,592

3,451,531

Shareholders' funds

 

4,015,623

3,451,562

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 January 2025
 

.........................................
S Taylor
Director

 

Safemile Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 05766104.

The address of its registered office is:
K2
44 Bond Street
Hull
HU1 3EN
England

These financial statements were authorised for issue by the director on 24 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling and are rounded to the nearest pound.

Summary of disclosure exemptions

The company has taken exemption under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with their parent entity or other group members. .

Group accounts not prepared

The company has taken exemption under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with their parent entity or other group members. .

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of vehicle sales and leasing services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

 

Safemile Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% on cost

Equipment, fixtures and fittings

10% on cost

Motor vehicles

33% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods and services sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price less any bad debts. A provision for the bad debts of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Safemile Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 3 (2023 - 3).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

68,829

9,378

98,160

176,367

Additions

14,095

139,426

162,739

316,260

Disposals

-

-

(81,173)

(81,173)

At 30 June 2024

82,924

148,804

179,726

411,454

Depreciation

At 1 July 2023

47,661

8,909

11,066

67,636

Charge for the year

3,259

8,063

29,721

41,043

Eliminated on disposal

-

-

(15,220)

(15,220)

At 30 June 2024

50,920

16,972

25,567

93,459

Carrying amount

At 30 June 2024

32,004

131,832

154,159

317,995

At 30 June 2023

21,169

469

87,094

108,732

 

Safemile Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Investment properties

2024
£

At 1 July

257,294

At 30 June

257,294

There has been no valuation of investment property by an independent valuer. However, the director considers the property to be in at fair value.

6

Debtors

Current

2024
£

2023
£

Trade debtors

(1,113)

57,463

Prepayments

1,995

1,890

Other debtors

119,944

294,203

 

120,826

353,556

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

120,344

71,746

Taxation and social security

239,153

227,482

Accruals and deferred income

265,350

223,156

Other creditors

28,533

171,779

653,380

694,163

8

Loans and borrowings

9

Related party transactions

Transactions with the Director

2024

At 1 July 2023
£

Advances to Director
£

Repayments by Director
£

At 30 June 2024
£

S Taylor

Unsecured, interest free loan, repayable on demand

(132,996)

(98,681)

136,910

(94,767)

Other transactions with the Director

At the year end the director owed the company £94,767 (2023: £132,996). Loans made to the director by the company are unsecured, interest free and repayable on demand.

 

Safemile Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

10

Parent and ultimate parent undertaking

The Company's immediate parent is T5 Holdings Limited, incorporated in England and Wales .

  These financial statements are available upon request from K2 44 Bond Street, Hull, United Kingdom, HU1 3EN

The registered office of the parent undertaking is:
K2
44 Bond Street
Hull
United Kingdom
HU1 3EN