Registration number:
Survival-32 Ltd
for the Year Ended 31 December 2024
Survival-32 Ltd
Contents
|
Company Information |
|
|
Statement of Financial Position |
|
|
Notes to the Unaudited Financial Statements |
Survival-32 Ltd
Company Information
|
Directors |
C K Jones B H Jones |
|
Company secretary |
B Jones |
|
Registered office |
|
|
Accountants |
|
Survival-32 Ltd
(Registration number: 04248076)
Statement of Financial Position as at 31 December 2024
|
Note |
2024 |
2023 |
|
|
Non-current assets |
|||
|
Property, plant and equipment |
|
|
|
|
Current assets |
|||
|
Inventories |
|
|
|
|
Receivables |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Payables: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Equity |
|||
|
Called up share capital |
|
|
|
|
Retained earnings |
|
|
|
|
Shareholders' funds |
|
|
For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
|
• |
|
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Survival-32 Ltd
(Registration number: 04248076)
Statement of Financial Position as at 31 December 2024 (continued)
The financial statements of Survival-32 Ltd were approved and authorised for issue by the
.........................................
Director
Survival-32 Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024
|
General information |
Survival-32 Ltd (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.
|
Accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Going concern
The directors 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 in preparing the annual financial statements.
Survival-32 Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)
|
2 |
Accounting policies (continued) |
Key sources of estimation uncertainty and critical judgements
The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The estimates and associated assumptions are based on historical experience, knowledge of the business and other factors that are considered to be relevant. However, the nature of estimation means that actual outcomes could differ from those estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future period if the revision affects both current and future periods.
The following estimates have had the most significant effect on amounts recognised in the financial statements:
Inventory
Provisions are made where necessary to ensure that stock is stated at the lower of cost and net realisable value. This provision is an estimate based on the company's understanding of its future needs, knowledge and historical trends.
Trade receivables
Provisions have been made for potential trade receivables which will not be collected. This provision is an estimate based on the company's understanding, knowledge and historical trends.
Depreciation
The company makes provision for depreciation of plant and equipment; this provision requires estimates of the useful economic lives and residual values for the underlying assets. These estimates are based on a variety of factors which may be uncertain.
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Revenue is recognised net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.
Foreign currency transactions and balances
Survival-32 Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)
|
2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Property, plant and equipment
Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives as follows:
|
Asset class |
Depreciation method and rate |
|
Fixtures and equipment |
10% straight line |
|
Computer equipment |
33% straight line |
|
|
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, has been amortised evenly over its estimated useful life of ten years.
Cash and cash equivalents
Cash and cash equivalents comprise cash current account balances and are subject to an insignificant risk of change in value.
Receivables
Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Inventories
Inventories are stated at the lower of cost and net realisable vale, after making due allowance for obsolete and slow moving items.
Survival-32 Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)
|
2 |
Accounting policies (continued) |
Payables
Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Payables are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
The company contributes into defined contribution pension schemes for the benefit of its employees.
The assets of the schemes are held separately from those of the company. Contributions are
recognised in the income statement in the period in which they become payable.
Financial instruments
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Survival-32 Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)
|
Taxation |
Tax charged/(credited) in the income statement
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
- |
|
|
Effect of change in rate of taxes |
|
( |
|
Total tax charge |
|
|
Deferred tax
Survival-32 Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)
|
Intangible assets |
|
Goodwill |
|
|
Cost or valuation |
|
|
At 1 January 2024 |
|
|
At 31 December 2024 |
|
|
Amortisation |
|
|
At 1 January 2024 |
|
|
At 31 December 2024 |
|
|
Carrying amount |
|
|
At 31 December 2024 |
- |
|
At 31 December 2023 |
- |
|
Property, plant and equipment |
|
Fixtures and equipment |
Computer equipment |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2024 |
|
|
|
|
Additions |
|
|
|
|
At 31 December 2024 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2024 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 December 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2024 |
|
|
|
|
At 31 December 2023 |
|
|
|
Survival-32 Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)
|
Inventories |
|
2024 |
2023 |
|
|
Dental supplies and equipment |
|
|
|
Receivables |
|
2024 |
2023 |
|
|
Trade receivables |
|
|
|
Other receivables |
|
|
|
Prepayments |
|
|
|
|
|
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash at bank |
|
|
|
Payables |
|
2024 |
2023 |
|
|
Due within one year |
||
|
Trade payables |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
Corporation tax liability |
54,038 |
51,389 |
|
|
|
Survival-32 Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)
|
Provisions for liabilities |
|
Deferred tax |
|
|
At 1 January 2024 |
|
|
Decrease in existing provision |
( |
|
At 31 December 2024 |
|
|
|
|
The provisions for liabilities is a deferred tax liability in respect of capital allowances.
|
Share capital and reserves |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
275 |
|
275 |
|
|
|
276 |
|
276 |
|
|
|
224 |
|
224 |
|
|
|
225 |
|
225 |
|
|
|
|
|
|
All share classes rank pari passu in all respects save as to dividends which are at the discretion of the board in respect of each class.
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
|
Pension scheme |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Survival-32 Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)
|
Obligations under leases |
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Dividends |
|
2024 |
2023 |
|||
|
£ |
£ |
|||
|
Interim dividend of £ |
155,000 |
169,000 |
||
|
Related party transactions |
During the year the company made sales of £495,049 (2023: £251,010) on normal commercial terms to a company controlled by a shareholder.
Included in trade receivables is £567 owed by the same company to Survival-32 Limited (2023: £6,660).
|
Events after the financial period |
|
|