Company registration number 07139365 (England and Wales)
Safe-Ex Limited
financial statements
for the year ended 29 May 2024
Pages for filing with registrar
Safe-Ex Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
Safe-Ex Limited
Balance sheet
as at 29 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
463
Current assets
Stocks
192,309
84,264
Debtors
6
229,134
47,256
Cash at bank and in hand
958,997
1,649
1,380,440
133,169
Creditors: amounts falling due within one year
7
(1,708,263)
(261,290)
Net current liabilities
(327,823)
(128,121)
Net liabilities
(327,823)
(127,658)
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
9
(328,823)
(128,658)
Total equity
(327,823)
(127,658)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 May 2025 and are signed on its behalf by:
Colin Maver
Director
Company registration number 07139365 (England and Wales)
Safe-Ex Limited
Notes to the financial statements
for the year ended 29 May 2024
- 2 -
1
Accounting policies
Company information
Safe-Ex Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 London Wall Place, London, EC2Y 5AU.
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. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and, most notably, the agreement reached by the Group with its lenders in May 2025 to extend its banking arrangements to 31 May 2027 in making their assessment. The directors have performed a robust analysis of the forecasts and projections, which make reasonable and realistic assumptions regarding possible changes in trading performance and take accounts of these amendments to its structure and funding arrangements. The forecasts and projections show that the company will be able to operate within the terms of its revised banking facilities agreements.
Based on these assessments and having regard to the resources available to the group and therefore the company, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Turnover
Turnover is stated net of VAT, other sales taxes and trade discounts. Turnover from the sale of goods is recognised when goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent there is a right to consideration, and is recorded at the value of consideration due. Where a contract for services has only been partially completed at the balance sheet date, turnover represents the value of the services provided to that date based on the contract terms and pricing. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.
1.4
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:
Plant and equipment
4 years 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.
Safe-Ex Limited
Notes to the financial statements (continued)
for the year ended 29 May 2024
1
Accounting policies (continued)
- 3 -
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value. Net realisable value is based on estimated net selling price, less further costs expected to be incurred up to the point of sale. Provision is made for obsolete, slow-moving or defective items where appropriate.
1.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Safe-Ex Limited
Notes to the financial statements (continued)
for the year ended 29 May 2024
1
Accounting policies (continued)
- 4 -
1.9
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.
1.10
Foreign exchange
Transactions in foreign currencies are recorded at the rates of exchange at the dates of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the prevailing rates of exchange at that date. All differences are taken to the profit and loss account.
Safe-Ex Limited
Notes to the financial statements (continued)
for the year ended 29 May 2024
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Carrying value of stock
At the end of each financial period, the company makes a provision against obsolete and slow moving stock. These provisions are calculated using actual current information.
Carrying value of intercompany balances
Intercompany debtors are assessed at each reporting date for any indication of impairment. If any such indication exists, the entity determines the recoverable amount of the intercompany debtor. The calculation of recoverable amount involves the use of net assets but, in some cases, it uses projected future cash flows which use estimates and assumptions on various inputs such as turnover, growth rates, margins, earnings multiples, risk-adjusted discount rate, as well as future economic and market conditions.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
The Company has no directly employed personnel and all staff costs are recharged by Starn Energy Group Services Limited, an intermediate parent company.
Safe-Ex Limited
Notes to the financial statements (continued)
for the year ended 29 May 2024
- 6 -
4
Director's remuneration
Directors received no remuneration for services to the Company in either year.
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 30 May 2023 and 29 May 2024
6,427
Depreciation and impairment
At 30 May 2023
5,964
Depreciation charged in the year
463
At 29 May 2024
6,427
Carrying amount
At 29 May 2024
At 29 May 2023
463
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
206,085
44,999
Other debtors
23,049
2,257
229,134
47,256
Amounts owed by group undertakings are interest free, unsecured and repayable on demand and arise from arm's length intra-group trading.
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
70,927
46,403
Amounts owed to group undertakings
1,619,801
205,137
Other creditors
17,535
9,750
1,708,263
261,290
Amounts owed to group undertakings are interest free, unsecured and repayable on demand and arise from arm's length intra-group trading.
Safe-Ex Limited
Notes to the financial statements (continued)
for the year ended 29 May 2024
- 7 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 10p each
5,000
5,000
500
500
Ordinary B shares of 10p each
5,000
5,000
500
500
10,000
10,000
1,000
1,000
A and B Ordinary shares rank pari passu in all respects, however, the Directors may at any time resolve to declare or recommend a dividend in respect of one of more classes of share either at the same or different amounts per share.
9
Profit and loss reserves
The profit and loss account comprises accumulated profits net of dividends.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Gavin Black
Statutory Auditor:
Henderson Loggie LLP
Date of audit report:
23 May 2025
11
Financial commitments, guarantees and contingent liabilities
The Company has a contingent liability under the Group's banking facility arising from the cross guarantees it has given which enable it to access funding. At 29 May 2024, the potential liability to the Company under these arrangements amounted to £3.1m (2023 - £3.7m). Of that facility, £Nil (2023 - £Nil) of the revolving credit facility remains undrawn.
HSBC holds a fixed and floating charge over all the property or undertaking of the Company.
12
Parent company
Energy Growth Investors, through the investing fund EGM Cayman L.P. control the company as a result of controlling the majority of the issued share capital and voting interest.
The smallest group in which the results of the Company are consolidated is that headed by Starn Group Limited, a company incorporated in Scotland. Copies of its Group financial statements are available from: Starn Group Limited, 2 Marischal Square, Broad Street, Aberdeen, AB10 1DQ.