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Registration number: 06456170

Safeguard Developments Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Safeguard Developments Ltd

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

Safeguard Developments Ltd

Company Information

Directors

Mrs Susan Mary Guard

Mr Colin Guard

Registered office

2 Nanturras Parc
Goldsithney
PENZANCE
TR20 9HP

Accountants

Crane & Johnston C&J Ltd
Chartered Certified Accountants11 Alverton Terrace
PENZANCE
Cornwall
TR18 4JH

 

Safeguard Developments Ltd

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the company

The directors who held office during the year were as follows:

Mrs Susan Mary Guard

Mr Colin Guard

Principal activity

The principal activity of the company is property rental and building work

Small companies provision statement

This report has 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.

Approved by the Board on 31 January 2025 and signed on its behalf by:

..............................
Mrs Susan Mary Guard
Director

 

Safeguard Developments Ltd

(Registration number: 06456170)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

10,310

11,945

Investment property

5

210,000

200,000

 

220,310

211,945

Current assets

 

Debtors

6

782

590

Cash at bank and in hand

 

59

15,779

 

841

16,369

Creditors: Amounts falling due within one year

7

(4,867)

(3,476)

Net current (liabilities)/assets

 

(4,026)

12,893

Total assets less current liabilities

 

216,284

224,838

Creditors: Amounts falling due after more than one year

7

(198,819)

(198,819)

Provisions for liabilities

(14,267)

(12,729)

Net assets

 

3,198

13,290

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

52,691

44,591

Retained earnings

(49,593)

(31,401)

Shareholders' funds

 

3,198

13,290

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Safeguard Developments Ltd

(Registration number: 06456170)
Balance Sheet as at 31 December 2024 (continued)

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 31 January 2025 and signed on its behalf by:
 

Mrs Susan Mary Guard
Director

   
     
 

Safeguard Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
2 Nanturras Parc
Goldsithney
PENZANCE
TR20 9HP

These financial statements were authorised for issue by the Board on 31 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of 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.

 

Safeguard Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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 & macinery

15% reducing annual basis

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.

 

Safeguard Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment 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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Safeguard Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

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.

 

Safeguard Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

3

Staff numbers

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

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

3,729

13,332

17,061

Additions

275

-

275

At 31 December 2024

4,004

13,332

17,336

Depreciation

At 1 January 2024

3,116

2,000

5,116

Charge for the year

210

1,700

1,910

At 31 December 2024

3,326

3,700

7,026

Carrying amount

At 31 December 2024

678

9,632

10,310

At 31 December 2023

613

11,332

11,945

5

Investment properties

2024
£

At 1 January

200,000

Fair value adjustments

10,000

At 31 December

210,000

The investment property was valued by the directors at 31st December 2024.

 

Safeguard Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6

Debtors

Current

2024
£

2023
£

Prepayments

782

590

 

782

590

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

1,257

-

Taxation and social security

 

1,272

1,218

Accruals and deferred income

 

1,666

1,585

Other creditors

 

672

673

 

4,867

3,476

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

198,819

198,819

 

Safeguard Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(1,900)

(1,900)

Surplus/deficit on revaluation of other assets

10,000

10,000

8,100

8,100

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Retained earnings
£

Surplus/deficit on property, plant and equipment revaluation

(17,099)

17,099

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

64,260

64,260

Other borrowings

134,559

134,559

198,819

198,819

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

1,257

-

 

Safeguard Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

28,899

28,920

Contributions paid to money purchase schemes

572

572

29,471

29,492