Registered number:
For the Year Ended
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Shield Safety Group Limited
Company Information
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Shield Safety Group Limited
Contents
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Shield Safety Group Limited
Strategic Report
For the Year Ended 31 August 2024
The directors present their Strategic Report for the year ended 31 August 2024.
Shield Safety has developed a comprehensive platform of innovative solutions that ensure safety and promote business growth. By harnessing the combined strengths of technology, expertise, and standardisation, Shield Safety benefits individuals, industries, and the global community. With over 20 years of experience, we are proud to house the UK’s largest team of expert environmental health practitioners and are recognised as leaders in our field. We are honoured to support numerous esteemed brands in the UK, including multinational corporations, well-known household names, and independent operators across various sectors such as catering, hospitality, retail, and leisure. Innovation is at the heart of our progress. From launching our pioneering software ‘RiskProof’ to setting new benchmarks in food safety and health through the 'Safe to Trade' standard, we continually reshape the industry. Our visionary brands, coupled with our team of experts, offer a unique safety approach that exceeds typical provider solutions, protecting businesses, teams, and customers while leveraging safety to foster growth and success. Our mission extends further as we continue to revolutionise safety management both in the UK and internationally. Driven by our core vision of making the world a safer place, we prioritise the health and well-being of people above all else.
The fiscal year 2024 has been a year of notable achievement for Shield Safety. Despite ongoing challenges in the UK hospitality sector, the company delivered excellent financial results, achieving a 15% increase in turnover. Gross profit also saw a significant rise, reflecting the strength of our business model and our focus on delivering value to clients while managing cost efficiencies effectively. The hospitality sector faced significant challenges, with escalating operational costs being the primary issue. Rising energy costs and food prices further compounded the strain on profit margins, creating a difficult environment for many businesses. Despite these challenges, the industry demonstrated remarkable resilience, with many businesses adapting to these pressures through innovation and cost management strategies. Shield Safety exemplified this resilience by leveraging its expertise and adaptability to support its clients in navigating these complexities. Despite the external headwinds, Shield Safety remains on a solid foundation for growth. Our impressive pipeline of new business and contractual revenue provides confidence in our ability to deliver on our ambitious objectives in the forthcoming fiscal year. We continue to strengthen our position in the market through innovation, operational efficiency, and deep industry expertise. Future Outlook The outlook for Shield Safety remains exceptionally positive. With an established reputation as a trusted provider of safety solutions and a strategic emphasis on expanding our contractual revenue base, the company is well-positioned for significant growth in the forthcoming years. Our investments in technology, workforce development, and process improvement will continue to deliver substantial value to our clients and stakeholders while positioning the company for long-term success. The directors are assured that the combination of our robust business model, dedication to innovation, and commitment to operational excellence will guarantee sustained growth and profitability in the future.
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Shield Safety Group Limited
Strategic Report (continued)
For the Year Ended 31 August 2024
The management of the business and the nature of the Company’s strategy are subject to a number of risks. The directors have set out below the principal risks facing the business. The directors are of the opinion that a thorough risk management process is adopted which involves the formal review of all the risks identified below. Where possible, processes are in place to monitor and mitigate such risks.
Financial Risk Management Objectives and Policies The Company uses financial instruments comprising borrowings, cash and other liquid resources, derivatives and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Company’s operations. The main risks arising from the company’s financial instruments are interest rate risk and liquidity risk. The directors review and agree policies for management each of these risks and they are summarised below. Interest Rate Risk The Company finances its operations through a mixture of retained profits, asset finance and bank borrowings. The Company’s exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities. Liquidity Risk The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest any cash assets safely and profitably. Diversity We continue to support diversity because it is the right thing to do and we believe diverse teams perform better. We have created a culture in which everyone feels welcome, we offer equal opportunities in all aspects of employment. Diversity and a colleague base that brings different perspectives, backgrounds and ways of thinking is very important to our Company. Unconscious bias training and blind curriculum vitae’s are part of our approach to ensure fair consideration is given to all applicants. We are committed to treating all colleagues fairly and offer equal opportunities in all aspects of employment and advancement.
The Company closely monitors its performance against a series of performance metrics that are set as part of a rigorous budgeting process. Agreed key performance indicators are reported and reviewed monthly by the Leadership team alongside the wider management team, covering all facets of the business. These key performance indicators include EBITDA, cash conversion, new and renewed business, sales growth%, contractual value and tenure, net revenue retention and Gallup 12 survey.
This report was approved by the board and signed on its behalf.
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Shield Safety Group Limited
Directors' Report
For the Year Ended 31 August 2024
The directors present their report and the financial statements for the year ended 31 August 2024.
The directors who served during the year were:
The profit for the year, after taxation, amounted to £1,135,479 (2023 - £524,225).
Dividends paid during the year amount to £289,516 (2023 - £655,813). The directors do not recommend the payment of a final dividend
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements 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 directors are 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They 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 likely future developments in the Company's business are referred to in the Company Strategic Report.
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Shield Safety Group Limited
Directors' Report (continued)
For the Year Ended 31 August 2024
There have been no significant events affecting the Company since the year end.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Shield Safety Group Limited
Independent Auditors' Report to the Members of Shield Safety Group Limited
We have audited the financial statements of Shield Safety Group Limited (the 'Company') for the year ended 31 August 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' 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 directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
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Shield Safety Group Limited
Independent Auditors' Report to the Members of Shield Safety Group Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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Shield Safety Group Limited
Independent Auditors' Report to the Members of Shield Safety Group Limited (continued)
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 an Auditors' Report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial
statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Antibribery and Corruption.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the
provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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Shield Safety Group Limited
Independent Auditors' Report to the Members of Shield Safety Group Limited (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify
accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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 Auditors' 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 an Auditors' Report 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 and Statutory Auditors
3 Stockport Exchange
SK1 3GG
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Shield Safety Group Limited
Statement of Income and Retained Earnings
For the Year Ended 31 August 2024
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Shield Safety Group Limited
Registered number: 04777870
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 24 form part of these financial statements.
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Shield Safety Group Limited
Notes to the Financial Statements
For the Year Ended 31 August 2024
Shield Safety Group Limited is a private company limited by share capital incorporated in England and Wales, company number 04777870. The address of the registered office and principal place of business is 45/47 - 1st Floor Newton Street, Manchester, M1 1FT.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Shield Safety Holdings Limited as at 31 August 2024 and these financial statements may be obtained from Companies House.
The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis of which the directors have reached their conclusion.
The Company has a profit before tax of £1,260k (2023: £420k) and net assets totalling £1,900k (2023: £1,054k) at 31 August 2024. The Company currently meets its working capital requirements through its cash facilities and credit facilities. Based on the Company's forecasts and projections, the directors believe they have sufficient facilities to trade through the next 12 month period. Therefore, the directors believe it is appropriate to prepare the accounts to 31 August 2024 on a going concern basis and there will be no adverse effect on solvency for more than 12 months after the date of approval of the financial statements.
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Shield Safety Group Limited
Notes to the Financial Statements
For the Year Ended 31 August 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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Shield Safety Group Limited
Notes to the Financial Statements
For the Year Ended 31 August 2024
2.Accounting policies (continued)
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Shield Safety Group Limited
Notes to the Financial Statements
For the Year Ended 31 August 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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Shield Safety Group Limited
Notes to the Financial Statements
For the Year Ended 31 August 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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Shield Safety Group Limited
Notes to the Financial Statements
For the Year Ended 31 August 2024
2.Accounting policies (continued)
Recoverability of related party balance - Judgement The directors have assessed the carry value of the amount due from associated undertakings and based on detailed projections and forecasts, it is highly expected the balance will be recovered in full.
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Shield Safety Group Limited
Notes to the Financial Statements
For the Year Ended 31 August 2024
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Shield Safety Group Limited
Notes to the Financial Statements
For the Year Ended 31 August 2024
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Shield Safety Group Limited
Notes to the Financial Statements
For the Year Ended 31 August 2024
11.Taxation (continued)
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Shield Safety Group Limited
Notes to the Financial Statements
For the Year Ended 31 August 2024
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Shield Safety Group Limited
Notes to the Financial Statements
For the Year Ended 31 August 2024
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Shield Safety Group Limited
Notes to the Financial Statements
For the Year Ended 31 August 2024
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Shield Safety Group Limited
Notes to the Financial Statements
For the Year Ended 31 August 2024
Share premium account
Capital redemption reserve
Profit and loss account
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Shield Safety Group Limited
Notes to the Financial Statements
For the Year Ended 31 August 2024
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £213,386 (2023: £202,720). Contributions totalling £35,633 (2023: £32,675) were payable to the fund at the balance sheet date.
The company's parent undertaking is Shield Safety Group Holdings Limited (company number 11463184), a company incorporated in England and Wales.
This company is controlled by M Flanagan by virtue of his majority shareholding.
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