Company registration number SC556604 (Scotland)
Sabre Safety Services Limited
financial statements
for the year ended 29 May 2024
Pages for filing with registrar
Sabre Safety Services Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 9
Sabre Safety Services Limited
Balance sheet
as at 29 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
11,527
13,410
Tangible assets
6
173,759
273,996
185,286
287,406
Current assets
Stocks
127,681
132,066
Debtors
7
2,101,874
1,504,913
Cash at bank and in hand
275,201
26,790
2,504,756
1,663,769
Creditors: amounts falling due within one year
8
(3,545,516)
(3,195,299)
Net current liabilities
(1,040,760)
(1,531,530)
Total assets less current liabilities
(855,474)
(1,244,124)
Creditors: amounts falling due after more than one year
9
(32,622)
Provisions for liabilities
(2,946)
(19,233)
Net liabilities
(858,420)
(1,295,979)
Capital and reserves
Called up share capital
10
1,000
1,000
Profit and loss reserves
11
(859,420)
(1,296,979)
Total equity
(858,420)
(1,295,979)
The directors of the company have 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 SC556604 (Scotland)
Sabre Safety Services Limited
Notes to the financial statements
for the year ended 29 May 2024
- 2 -
1
Accounting policies
Company information
Sabre Safety Services Limited is a private company limited by shares incorporated in Scotland. The registered office is 2 Marischal Square, Broad Street, Aberdeen, AB10 1DQ.
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.
Sabre Safety Services Limited
Notes to the financial statements (continued)
for the year ended 29 May 2024
1
Accounting policies (continued)
- 3 -
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Intangible fixed assets other than goodwill
Intangible assets - customer relationships
Customer relationship values arising on acquisition of subsidiary undertakings and businesses, representing the fair value of the future discounted cash flows of these relationships, is capitalised and written off on a straight line basis over its useful economic life. Provision is made for any impairment.
Intangible assets - brand
Brand values arising on acquisition of subsidiary undertakings and businesses, representing the fair value of the future discounted cash flows attributable to holding the brands, are capitalised and written off on a straight line basis over their useful economic life. Provision is made for any impairment.
Brand
Over 5 years
Customer relationships
Over 5 years
1.6
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
1.5 to 10 years straight line
Fixtures and fittings
4 years straight line
Motor vehicles
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.
1.7
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.
1.8
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.
Sabre Safety Services Limited
Notes to the financial statements (continued)
for the year ended 29 May 2024
1
Accounting policies (continued)
- 4 -
1.9
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.
1.10
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.
1.11
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.
Sabre Safety Services Limited
Notes to the financial statements (continued)
for the year ended 29 May 2024
1
Accounting policies (continued)
- 5 -
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.
1.12
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.
1.13
Retirement benefits
The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the contributions payable in the year and solely arises from defined benefit contribution pension schemes. Differences between contributions payable in the year and contributions actually paid are shown as accruals or prepayments in the balance sheet.
1.14
Leases
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line over the lease term, except where the period to the review date on which rent is first expected to be adjusted to the prevailing market rate is shorter than the full lease term, in which case the shorter period is used.
1.15
Foreign exchange
Transactions in foreign currencies are recorded at the rate of exchange at the date 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.
1.16
Finance costs of financial liabilities are recognised in the profit and loss account over the term of the debt instruments concerned at a constant rate on the carrying amount.
Sabre Safety Services Limited
Notes to the financial statements (continued)
for the year ended 29 May 2024
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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, slow moving stock and negative margin 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
19
24
4
Directors' remuneration
Directors received no remuneration for services to the Company in either year.
Sabre Safety Services Limited
Notes to the financial statements (continued)
for the year ended 29 May 2024
- 7 -
5
Intangible fixed assets
Goodwill
Brand
Customer relationships
Total
£
£
£
£
Cost
At 30 May 2023 and 29 May 2024
14,584
29,615
25,000
69,199
Amortisation and impairment
At 30 May 2023
4,635
26,154
25,000
55,789
Amortisation charged for the year
729
1,154
1,883
At 29 May 2024
5,364
27,308
25,000
57,672
Carrying amount
At 29 May 2024
9,220
2,307
11,527
At 29 May 2023
9,949
3,461
13,410
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 30 May 2023
1,368,892
Additions
3,024
At 29 May 2024
1,371,916
Depreciation and impairment
At 30 May 2023
1,094,896
Depreciation charged in the year
103,261
At 29 May 2024
1,198,157
Carrying amount
At 29 May 2024
173,759
At 29 May 2023
273,996
Sabre Safety Services Limited
Notes to the financial statements (continued)
for the year ended 29 May 2024
- 8 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
896,024
683,797
Corporation tax recoverable
1,542
1,542
Amounts owed by group undertakings
1,158,968
819,425
Other debtors
45,340
149
2,101,874
1,504,913
Amounts owed by group undertakings are interest free, unsecured and repayable on demand and arise from arm's length intra-group trading.
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
140,669
261,843
Amounts owed to group undertakings
3,102,627
2,580,649
Taxation and social security
114,745
129,157
Other creditors
187,475
223,650
3,545,516
3,195,299
Included in amounts owed to group undertakings is a loan balance attracting interest at 8.5%. All other amounts are interest free, unsecured, repayable on demand and arise from arm's length intra-group trading.
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Taxation and social security
32,622
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
800
800
800
800
Ordinary B shares of £1 each
200
200
200
200
1,000
1,000
1,000
1,000
Sabre Safety Services Limited
Notes to the financial statements (continued)
for the year ended 29 May 2024
10
Called up share capital (continued)
- 9 -
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.
11
Profit and loss reserves
The profit and loss account comprises accumulated profits net of dividends.
12
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
13
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.
14
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.
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