REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements for the Year Ended 31st May 2024 |
for |
Allsafety Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements for the Year Ended 31st May 2024 |
for |
Allsafety Limited |
Allsafety Limited (Registered number: 07096284) |
Contents of the Financial Statements |
for the Year Ended 31st May 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 |
Allsafety Limited |
Company Information |
for the Year Ended 31st May 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
1-3 Manor Road |
Chatham |
Kent |
ME4 6AE |
Allsafety Limited (Registered number: 07096284) |
Strategic Report |
for the Year Ended 31st May 2024 |
The director presents his strategic report for the year ended 31st May 2024. |
REVIEW OF BUSINESS |
The company achieved turnover of £4,558,223 representing an increase of 14.1% compared to the prior year. |
The hard work to ensure the parks continue to be attractive to customers has resulted in gross profit of £2,219,923 (2023: £1,777,486) and a gross profit margin of 48.7% (2023: 44.5%) which exceeded expectations. |
We have continued to invest in our parks to ensure they are up to date and of the high quality customers expect. We have invested £765,504 in new plant and equipment as well as enhanced training for our new staff. |
KEY PERFORMANCE INDICATORS |
Management use a range of performance measures to monitor and manage the business. The KPIs used to determine the progress and performance are set out below: |
Turnover |
Turnover of £4,558,223 was achieved in the reporting period (2023: £3,993,575). |
Profit before tax |
Profit before tax of £502,850 was achieved in the reporting period (2023: £263,605) as the company successfully controlled its costs. |
Balance sheet |
The balance sheet shows that the company's net assets at the reporting date have increased to £3,703,398 from |
£3,637,084. |
Cash flow |
The company saw a net cash outflow of £143,634 (2023: £221,095) as the company reduced hire purchase liabilities and invested in fixed assets. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company operates in the entertainment industry, which is inherently uncertain and subject to several uncontrollable factors including: - |
- Consumer confidence and trends |
- Economic conditions, interest rates in particular |
- Government policy and levels of public spending |
- International pressures including conflicts |
RISK MANAGEMENT |
These principal risk factors are inextricably linked and while the outlook in the entertainment industry and the wider economy continues to be uncertain in a period of higher than usual inflation. We remain confident that our business can continue to be successfully managed through these challenging conditions. |
Allsafety Limited (Registered number: 07096284) |
Strategic Report |
for the Year Ended 31st May 2024 |
FUTURE DEVELOPMENTS |
We continue to strive to meet our customers' requirements by creating new attractions and planning new parks while keeping prices affordable. |
ON BEHALF OF THE BOARD: |
Allsafety Limited (Registered number: 07096284) |
Report of the Director |
for the Year Ended 31st May 2024 |
The director presents his report with the financial statements of the company for the year ended 31st May 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in year under review was the operation of the Diggerland theme parks. |
DIVIDENDS |
No dividends will be distributed for the year ended 31st May 2024. |
DIRECTOR |
DISCLOSURE IN THE STRATEGIC REPORT |
The directors have disclosed their review of the business, the key performance indicators, risk management policies, principal risks and uncertainties along with future developments in the Strategic Report. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director 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 him 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Beak Kemmenoe, are deemed to be reappointed. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Allsafety Limited |
Opinion |
We have audited the financial statements of Allsafety Limited (the 'company') for the year ended 31st May 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 31st May 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. |
Basis for opinion |
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 Auditors' 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. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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 the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Allsafety Limited |
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 Report of the Director. |
We have nothing to report in respect of the following matters where 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 director's 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 Statement of Director's Responsibilities set out on page four, 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 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. |
Report of the Independent Auditors to the Members of |
Allsafety Limited |
Auditors' 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 a Report of the Auditors 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: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the business sector; |
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment and health and safety legislation; |
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and |
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- Performed analytical procedures to identify any unusual or unexpected relationships; |
-Tested journal entries to identify unusual transactions; |
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
- Investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- Agreeing financial statement disclosures to underlying supporting documentation; and |
- Enquiring of management as to actual and potential litigation and claims; |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Allsafety Limited |
Use of our report |
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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditors |
1-3 Manor Road |
Chatham |
Kent |
ME4 6AE |
Allsafety Limited (Registered number: 07096284) |
Income Statement |
for the Year Ended 31st May 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
510,819 | 286,977 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
Allsafety Limited (Registered number: 07096284) |
Other Comprehensive Income |
for the Year Ended 31st May 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Allsafety Limited (Registered number: 07096284) |
Balance Sheet |
31st May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
Allsafety Limited (Registered number: 07096284) |
Statement of Changes in Equity |
for the Year Ended 31st May 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st June 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31st May 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31st May 2024 |
Allsafety Limited (Registered number: 07096284) |
Cash Flow Statement |
for the Year Ended 31st May 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Finance costs | (7,969 | ) | (23,372 | ) |
Movement on hire purchase contracts | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
2,741,882 |
Cash and cash equivalents at end of year | 2 | 2,377,153 | 2,520,787 |
Allsafety Limited (Registered number: 07096284) |
Notes to the Cash Flow Statement |
for the Year Ended 31st May 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance costs | 7,969 | 23,372 |
Finance income | (63,699 | ) | (18,617 | ) |
890,906 | 802,189 |
Decrease/(increase) in stocks | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31st May 2024 |
31.5.24 | 1.6.23 |
£ | £ |
Cash and cash equivalents | 2,377,153 | 2,520,787 |
Year ended 31st May 2023 |
31.5.23 | 1.6.22 |
£ | £ |
Cash and cash equivalents | 2,520,787 | 2,741,882 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.6.23 | Cash flow | At 31.5.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,520,787 | (143,634 | ) | 2,377,153 |
2,520,787 | ( |
) | 2,377,153 |
Debt |
Finance leases | (496,167 | ) | 496,167 | - |
(496,167 | ) | 496,167 | - |
Total | 2,024,620 | 352,533 | 2,377,153 |
Allsafety Limited (Registered number: 07096284) |
Notes to the Financial Statements |
for the Year Ended 31st May 2024 |
1. | STATUTORY INFORMATION |
Allsafety Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
In preparing the financial statements the directors have made the following judgements: |
The director has concluded that the value in use of the company's fixed assets continues to exceed the carrying amount. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable from the provision of goods and services, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Tangible fixed assets are stated in the balance sheet at cost less accumulated depreciation. The cost of tangible fixed assets includes directly attributable costs incurred in their acquisition and installation. |
Depreciation |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery are depreciated at 17.5% on a reducing balance basis. |
Fixtures and equipment are depreciated at 25% on a reducing balance or a 10 year straight line basis. |
Intangible assets |
The intangible assets are stated in the balance sheet at fair value. The value is determined by using the market price quoted on an reputable exchange. |
Fair value gains and losses are recognised in the Income Statement. |
Stocks |
Stocks are stated at the lower of cost and net realisable value. Cost is determined using a first-in, first-out method. |
Stock items are constantly reviewed to determine if the net realisable value has fallen below the carrying amount. |
Allsafety Limited (Registered number: 07096284) |
Notes to the Financial Statements - continued |
for the Year Ended 31st May 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. |
Debt instruments that comply with all of the conditions of paragraph 11.9 of FRS 102 are classified as 'basic'. For debt instruments that do not meet the conditions of FRS 102.11.9, the company considers whether the debt instrument is consistent with the principle in paragraph 11.9A of FRS 102 in order to determine whether it can be classified as basic. Instruments classified as 'basic' financial instruments are measured subsequently at amortised cost using the effective interest method. Debt instruments that have no stated interest rate (and do not constitute financing transaction) and are classified as payable or receivable within one year are initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. |
With the exception of some hedging instruments, other debt instruments not meeting conditions of being 'basic' financial instruments are measured at fair value through profit or loss. |
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment. |
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. |
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. |
Taxation |
Taxation for the year 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. |
Allsafety Limited (Registered number: 07096284) |
Notes to the Financial Statements - continued |
for the Year Ended 31st May 2024 |
2. | ACCOUNTING POLICIES - continued |
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 year 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. |
Government grants |
The company adopts the accrual model for accounting for government grants. Government grants in relation to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Operating lease agreements |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against on a straight line basis over the period of the lease. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Sale of goods | 535,832 | 480,899 |
Rendering of services | 4,022,391 | 3,512,676 |
4,558,223 | 3,993,575 |
Turnover has not been analysed by geographical market since the vast majority of turnover is from the United Kingdom. |
Allsafety Limited (Registered number: 07096284) |
Notes to the Financial Statements - continued |
for the Year Ended 31st May 2024 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Direct | 196 | 174 |
Administration and support | 46 | 45 |
Management | 1 | 1 |
2024 | 2023 |
£ | £ |
Director's remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Profit on sale of fixed assets |
Operating lease payments |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Hire purchase interest |
Allsafety Limited (Registered number: 07096284) |
Notes to the Financial Statements - continued |
for the Year Ended 31st May 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Depreciation in excess of capital allowances |
Profit on disposal | (24,534 | ) | (7,805 | ) |
Losses carried forward | - | (24,611 | ) |
Chargeable gains | 849 | 1,385 |
Deferred tax provision | (6,211 | ) | 147,585 |
Total tax charge | 140,721 | 197,291 |
8. | INTANGIBLE FIXED ASSETS |
Intangible |
assets |
£ |
COST |
At 1st June 2023 |
Additions |
At 31st May 2024 |
NET BOOK VALUE |
At 31st May 2024 |
At 31st May 2023 |
Allsafety Limited (Registered number: 07096284) |
Notes to the Financial Statements - continued |
for the Year Ended 31st May 2024 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1st June 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st May 2024 |
DEPRECIATION |
At 1st June 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st May 2024 |
NET BOOK VALUE |
At 31st May 2024 |
At 31st May 2023 |
ASSETS HELD UNDER FINANCE LEASES AND HIRE PURCHASE CONTRACTS |
The net carrying amount of tangible assets include the following amounts in respect of assets held under finance leases and hire purchase contracts: |
2024 | 2023 |
£ | £ |
Plant and machinery | - | 725,500 |
10. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
Stock comprises of assets held for sale, fuel and consumables. |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors and prepayments |
Allsafety Limited (Registered number: 07096284) |
Notes to the Financial Statements - continued |
for the Year Ended 31st May 2024 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 14) |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors and accruals |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 14) |
14. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | - | 496,167 |
Obligations under hire purchase contracts are secured on the assets concerned. |
Allsafety Limited (Registered number: 07096284) |
Notes to the Financial Statements - continued |
for the Year Ended 31st May 2024 |
16. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 664,859 | 671,070 |
Deferred |
tax |
£ |
Balance at 1st June 2023 |
Provided during the year | (6,211 | ) |
Balance at 31st May 2024 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
Ordinary shares have full rights in respect of voting, entitlement to dividends and assets on a winding up. |
18. | RESERVES |
Retained |
earnings |
£ |
At 1st June 2023 |
Profit for the year |
At 31st May 2024 |
19. | RELATED PARTY DISCLOSURES |
The following related parties with material transactions existed during the period. The nature of the relationship for each of them was that of shared directors and shareholders. |
Related Party | Transaction details | 2024 | 2023 |
£ | £ |
Other related parties | Sales | 159,104 | 272,605 |
Indirect expenses | 632,267 | 628,153 |
Other debtors | 8,186 | 4,611 |
Other creditors | 12,687 | 28,370 |
Amounts are unsecured and repayable on demand. No amounts were written off in the year. |
20. | ULTIMATE CONTROLLING PARTY |
The controlling party is H R Edeleanu. |