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Registered Number: 06014849
England and Wales

 

 

 

INDEPENDENT SAFES LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 December 2023

End date: 30 November 2024
Directors Camilla Veronica Still
Maurice George John Still
Registered Number 06014849
Registered Office Produce House
1a Wickham Court Road
West Wickham
Kent
BR4 9LN
Accountants Ludlow Painter Limited
Produce House
1a Wickham Court Road
West Wickham
Kent
BR4 9LN
Secretary Maurice George John Still
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 30 November 2024.
Principal activities
The principal activity of the company during the financial year was of the retail sale of safes and security equipment.
Directors
The directors who served the company throughout the year were as follows:
Camilla Veronica Still
Maurice George John Still
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the companys 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. The directors are 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions.

This report was approved by the board and signed on its behalf by:


----------------------------------
Camilla Veronica Still
Director

Date approved: 26 March 2025
2
Report to the directors on the preparation of the unaudited statutory accounts of Independent Safes Limited for the year ended 30 November 2024.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Independent Safes Limited for the year ended 30 November 2024 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given to us.

As a practising member firm of the Institute of Financial Accountants (IFA), we are subject to its ethical and other professional requirements which are detailed at https://www.ifa.org.uk/about-us/acting-in-the-public-interest/memberregulations.

This report is made solely to the Board of Directors of Independent Safes Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Independent Safes Limited and state those matters that we have agreed to state to the Board of Directors of Independent Safes Limited, as a body, in this report.To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Independent Safes Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Independent Safes Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Independent Safes Limited.You consider that Independent Safes Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit of the accounts of Independent Safes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements 30 November 2024.



....................................................
Ludlow Painter Limited
Produce House
1a Wickham Court Road
West Wickham
Kent
BR4 9LN
26 March 2025
3
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 5 585    336 
585    336 
Current assets      
Stocks 6 10,782    500 
Debtors 7 5,397    18,441 
Cash at bank and in hand 123,539    149,477 
139,718    168,418 
Creditors: amount falling due within one year 8 (24,920)   (48,511)
Net current assets 114,798    119,907 
 
Total assets less current liabilities 115,383    120,243 
Provisions for liabilities 9 (111)   (62)
Net assets 115,272    120,181 
 

Capital and reserves
     
Called up share capital 10 2    2 
Profit and loss account 115,270    120,179 
Shareholders' funds 115,272    120,181 
 


For the year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 26 March 2025 and were signed on its behalf by:


-------------------------------
Maurice George John Still
Director
4
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 December 2022 2  150,394  150,396 
Profit for the year (9,215) (9,215)
Total comprehensive income for the year (9,215) (9,215)
Dividends (21,000) (21,000)
Total investments by and distributions to owners (21,000) (21,000)
At 30 November 2023 2  120,179  120,181 
At 01 December 2023 2  120,179  120,181 
Profit for the year 17,321  17,321 
Total comprehensive income for the year 17,321  17,321 
Dividends (22,230) (22,230)
Total investments by and distributions to owners (22,230) (22,230)
At 30 November 2024 2  115,270  115,272 
5
General Information
Independent Safes Limited is a private company, limited by shares, registered in England and Wales, registration number 06014849, registration address Produce House, 1a Wickham Court Road, West Wickham, Kent, BR4 9LN.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Website cost
Planning and operating costs for the company's website are charged to the profit and loss account as incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the balance sheet when their payment has been approved by the shareholders prior to the balance sheet date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 25% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Directors' Emoluments

2024
£
  2023
£
Administrative Expenses
Directors Remuneration 9,060    9,060 
Directors Pension Contributions 28,283    57,700 
37,343    66,760 

3.

Staff Costs

2024
£
  2023
£
Wages and salaries 9,060    9,060 
Pension costs, defined contribution plan 28,283    57,700 
Other staff costs 266    36 
37,609    66,796 

4.

Average number of employees

Average number of employees during the year was 1 (2023 : 1).
5.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Total
  £   £
At 01 December 2023 7,352    7,352 
Additions 444    444 
Disposals  
At 30 November 2024 7,796    7,796 
Depreciation
At 01 December 2023 7,016    7,016 
Charge for year 195    195 
On disposals  
At 30 November 2024 7,211    7,211 
Net book values
Closing balance as at 30 November 2024 585    585 
Opening balance as at 01 December 2023 336    336 


6.

Stocks

2024
£
  2023
£
Stocks 10,782    500 
10,782    500 

7.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 4,070    17,354 
Prepayments & Accrued Income 1,126    1,087 
VAT 201   
5,397    18,441 

8.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 20,059    43,903 
Corporation Tax 3,599   
Other Creditors 1,075    1,143 
Credit Card Account 178    17 
Directors Current Account   916 
VAT   2,532 
24,920    48,511 

9.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 62    83 
Charged to Profit & Loss 49    (21)
111    62 

10.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
2 Class A shares of £1.00 each  
 

6