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REGISTERED NUMBER: 03213061 (England and Wales)









SAFETY FIRST MANUFACTURING COMPANY
LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






SAFETY FIRST MANUFACTURING COMPANY
LIMITED (REGISTERED NUMBER: 03213061)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


SAFETY FIRST MANUFACTURING COMPANY
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Mrs A Thatcher
Mrs E A Drake



REGISTERED OFFICE: 2 Lister Close
Newnham Industrial Estate
PLYMOUTH
Devon
PL7 4BA



REGISTERED NUMBER: 03213061 (England and Wales)



ACCOUNTANTS: Mark Holt & Co Limited
Chartered Accountants
7 Sandy Court
Ashleigh Way
Langage Business Park
Plymouth
Devon
PL7 5JX



BANKERS: HSBC Bank plc
4 Old Town Street
Plymouth
Devon
PL1 1DD

SAFETY FIRST MANUFACTURING COMPANY
LIMITED (REGISTERED NUMBER: 03213061)

ABRIDGED BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 54,155 25,724
54,155 25,724

CURRENT ASSETS
Stocks 102,867 69,318
Debtors 736,715 566,636
Cash at bank 197,605 346,048
1,037,187 982,002
CREDITORS
Amounts falling due within one year 386,721 339,377
NET CURRENT ASSETS 650,466 642,625
TOTAL ASSETS LESS CURRENT LIABILITIES 704,621 668,349

CREDITORS
Amounts falling due after more than one year (17,639 ) -

PROVISIONS FOR LIABILITIES (14,000 ) (6,400 )
NET ASSETS 672,982 661,949

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 671,982 660,949
SHAREHOLDERS' FUNDS 672,982 661,949

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

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

SAFETY FIRST MANUFACTURING COMPANY
LIMITED (REGISTERED NUMBER: 03213061)

ABRIDGED BALANCE SHEET - continued
30 JUNE 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 3 March 2025 and were signed on its behalf by:





Mrs E A Drake - Director


SAFETY FIRST MANUFACTURING COMPANY
LIMITED (REGISTERED NUMBER: 03213061)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Safety First Manufacturing Company Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of 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 wholly owned subsidiaries within the group.

Turnover
Turnover represents invoiced sales of safety and protective clothing and associated safety products, net of value added tax. Turnover is recognised upon delivery of the products.

Goodwill and intangible assets
Goodwill, which represents the excess of cost of acquisitions of businesses over the value attributed to their net assets, is amortised through the profit and loss account by equal instalments over its estimated useful economic life of 5 years. Goodwill previously eliminated against reserves has not been reinstated and will only be charged to the profit and loss account on the subsequent disposal of any business to which it related.

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings - 15% on reducing balance
Office equipment and furniture - 15% reducing balance
Equipment - 25% reducing balance
Leasehold improvements - 10 year straight line

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at the transaction price.

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


SAFETY FIRST MANUFACTURING COMPANY
LIMITED (REGISTERED NUMBER: 03213061)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

Contributions to pension funds
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

Government grants
Revenue based grants are included in other income for the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 21 ) .

5. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 July 2023
and 30 June 2024 199,071
AMORTISATION
At 1 July 2023
and 30 June 2024 199,071
NET BOOK VALUE

At 30 June 2024 -
At 30 June 2023 -

SAFETY FIRST MANUFACTURING COMPANY
LIMITED (REGISTERED NUMBER: 03213061)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

6. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 July 2023 229,910
Additions 44,687
At 30 June 2024 274,597
DEPRECIATION
At 1 July 2023 204,186
Charge for year 16,256
At 30 June 2024 220,442
NET BOOK VALUE
At 30 June 2024 54,155
At 30 June 2023 25,724

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
Additions 43,000
At 30 June 2024 43,000
DEPRECIATION
Charge for year 10,750
At 30 June 2024 10,750
NET BOOK VALUE
At 30 June 2024 32,250

7. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 8,297 -
Between one and five years 17,639 -
25,936 -

Non-cancellable operating leases
2024 2023
£    £   
Within one year 1,652 1,652
Between one and five years 826 2,478
2,478 4,130