Company registration number SC392297 (Scotland)
Safetrade 247 Limited
Unaudited financial statements
for the year ended 31 October 2024
Pages for filing with registrar
Safetrade 247 Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Safetrade 247 Limited
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Safetrade 247 Limited for the year ended 31 October 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the board of directors of Safetrade 247 Limited, as a body, in accordance with the terms of our engagement letter dated 9 August 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Safetrade 247 Limited and state those matters that we have agreed to state to the board of directors of Safetrade 247 Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Safetrade 247 Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Safetrade 247 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Safetrade 247 Limited. You consider that Safetrade 247 Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Safetrade 247 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 statutory financial statements.
James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
23 April 2025
Safetrade 247 Limited
Balance sheet
as at 31 October 2024
31 October 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
22,666
27,314
Current assets
Stocks
364,758
568,244
Debtors
103,836
224,796
Cash at bank and in hand
114,097
39,401
582,691
832,441
Creditors: amounts falling due within one year
(204,701)
(523,480)
Net current assets
377,990
308,961
Total assets less current liabilities
400,656
336,275
Provisions for liabilities
(1,138)
(1,476)
Net assets
399,518
334,799
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
399,418
334,699
Total equity
399,518
334,799
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Safetrade 247 Limited
Balance sheet (continued)
as at 31 October 2024
31 October 2024
3
The financial statements were approved by the board of directors and authorised for issue on 18 April 2025 and are signed on its behalf by:
Thomas J. Innes
Director
Company registration number SC392297 (Scotland)
Safetrade 247 Limited
Notes to the financial statements
for the year ended 31 October 2024
4
1
Accounting policies
Company information
Safetrade 247 Limited is a private company limited by shares incorporated in Scotland. The registered office is Aquithie Road, Kemnay, Inverurie, Aberdeenshire, AB51 5PD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Property improvements
10% straight line
Plant and equipment
20% straight line
Fixtures and fittings
33% straight line
Computers
33% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Safetrade 247 Limited
Notes to the financial statements (continued)
for the year ended 31 October 2024
1
Accounting policies (continued)
5
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Safetrade 247 Limited
Notes to the financial statements (continued)
for the year ended 31 October 2024
1
Accounting policies (continued)
6
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
5
3
Tangible fixed assets
Total
£
Cost
At 1 November 2023
70,984
Additions
6,080
At 31 October 2024
77,064
Depreciation and impairment
At 1 November 2023
43,670
Depreciation charged in the year
10,728
At 31 October 2024
54,398
Carrying amount
At 31 October 2024
22,666
At 31 October 2023
27,314
Safetrade 247 Limited
Notes to the financial statements (continued)
for the year ended 31 October 2024
7
4
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
5,682
3,855
5
Related party transactions
During the year, the company transacted with Safelift Offshore Limited, a company under common control.
During the year, the company paid expenses on behalf of Safelift Offshore Limited of £337,768 (2023 - £274,050) and were repaid £347,931 (2023 - £263,887).
Safelift Offshore Limited also incurred expenses on behalf of the company of £45,591 (2023 - £44,931) and the company repaid £47,817 (2023 - £42,706).
At the year end Safelift Offshore Limited were due the company £nil (2023 - £7,938).
There are no fixed repayment terms or interest applied to balances owed to or from Safelift Offshore Limited.
6
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors loan
-
525
5,872
(312)
6,085
525
5,872
(312)
6,085