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Company Registration No. 02556771 (England and Wales)
Safety Air Services Ltd Unaudited accounts for the year ended 30 November 2024
Safety Air Services Ltd Unaudited accounts Contents
Page
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Safety Air Services Ltd Company Information for the year ended 30 November 2024
Directors
Mr A Hares Mr P Hares
Secretary
Mrs V C Hares
Company Number
02556771 (England and Wales)
Registered Office
122-128 Lake Road Portsmouth Hampshire PO1 4HH
Accountants
Babcock Tax & Accountancy Services Ltd The Florins, 8 Lulworth Close Hayling Island Hampshire PO11 0NY
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Safety Air Services Ltd Statement of financial position as at 30 November 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
21,292 
25,872 
Current assets
Inventories
1,500 
1,500 
Debtors
20,629 
21,501 
Cash at bank and in hand
167,319 
260,500 
189,448 
283,501 
Creditors: amounts falling due within one year
(13,312)
(17,744)
Net current assets
176,136 
265,757 
Total assets less current liabilities
197,428 
291,629 
Provisions for liabilities
Deferred tax
- 
(6,023)
Net assets
197,428 
285,606 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
197,328 
285,506 
Shareholders' funds
197,428 
285,606 
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 13 May 2025 and were signed on its behalf by
Mr A Hares Director Company Registration No. 02556771
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Safety Air Services Ltd Notes to the Accounts for the year ended 30 November 2024
1
Statutory information
Safety Air Services Ltd is a private company, limited by shares, registered in England and Wales, registration number 02556771. The registered office is 122-128 Lake Road, Portsmouth, Hampshire, PO1 4HH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives: Plant & machinery - 10% on reducing balance Fixtures & fittings - 10% on reducing balance Motor vehicles - 25% on reducing balance Computer equipment - 33% on cost
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Safety Air Services Ltd Notes to the Accounts for the year ended 30 November 2024
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business in 1991, has been amortised evenly over its useful estimated life of twenty years.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue. The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing these financial statements.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 December 2023
148,144 
At 30 November 2024
148,144 
Amortisation
At 1 December 2023
148,144 
At 30 November 2024
148,144 
Net book value
At 30 November 2024
- 
5
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 December 2023
122,497 
62,422 
5,572 
2,817 
193,308 
At 30 November 2024
122,497 
62,422 
5,572 
2,817 
193,308 
Depreciation
At 1 December 2023
110,217 
49,140 
5,262 
2,817 
167,436 
Charge for the year
1,228 
3,321 
31 
- 
4,580 
At 30 November 2024
111,445 
52,461 
5,293 
2,817 
172,016 
Net book value
At 30 November 2024
11,052 
9,961 
279 
- 
21,292 
At 30 November 2023
12,280 
13,282 
310 
- 
25,872 
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Safety Air Services Ltd Notes to the Accounts for the year ended 30 November 2024
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
15,457 
10,931 
Accrued income and prepayments
5,064 
10,570 
Other debtors
108 
- 
20,629 
21,501 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
5,033 
3,942 
Trade creditors
2,197 
4,812 
Taxes and social security
3,649 
2,222 
Loans from directors
301 
301 
Accruals
2,132 
6,467 
13,312 
17,744 
8
Controlling party
The ultimate controlling party is Solent Divers (Portsmouth) Limited.
9
Average number of employees
During the year the average number of employees was 4 (2023: 3).
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