Safeop Limited 15204535 false 2023-10-11 2024-10-31 2024-10-31 The principal activity of the company is the development and sale of AI camera equipment and security devices for commercial machinery. Digita Accounts Production Advanced 6.30.9574.0 true true 15204535 2023-10-11 2024-10-31 15204535 2024-10-31 15204535 core:RetainedEarningsAccumulatedLosses 2024-10-31 15204535 core:ShareCapital 2024-10-31 15204535 core:CurrentFinancialInstruments 2024-10-31 15204535 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 15204535 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-10-31 15204535 bus:SmallEntities 2023-10-11 2024-10-31 15204535 bus:AuditExemptWithAccountantsReport 2023-10-11 2024-10-31 15204535 bus:FilletedAccounts 2023-10-11 2024-10-31 15204535 bus:SmallCompaniesRegimeForAccounts 2023-10-11 2024-10-31 15204535 bus:RegisteredOffice 2023-10-11 2024-10-31 15204535 bus:Director1 2023-10-11 2024-10-31 15204535 bus:Director2 2023-10-11 2024-10-31 15204535 bus:Director3 2023-10-11 2024-10-31 15204535 bus:Director4 2023-10-11 2024-10-31 15204535 bus:PrivateLimitedCompanyLtd 2023-10-11 2024-10-31 15204535 core:ComputerSoftware 2023-10-11 2024-10-31 15204535 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-11 2024-10-31 15204535 core:OtherRelatedParties 2023-10-11 2024-10-31 15204535 countries:EnglandWales 2023-10-11 2024-10-31 iso4217:GBP xbrli:pure

Registration number: 15204535

Safeop Limited

Unaudited Filleted Financial Statements

for the Period from 11 October 2023 to 31 October 2024

 

Safeop Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Safeop Limited

Company Information

Directors

Mr D G Gould

Mr A B Dix

Mrs N Dix

Mrs R H Gould

Registered office

Unit 52
Greendale Business Park
Woodbury Salterton
Exeter
Devon
EX5 1EW

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Safeop Limited

(Registration number: 15204535)
Balance Sheet as at 31 October 2024

Note

2024
£

Fixed assets

 

Intangible assets

4

46,335

Current assets

 

Debtors

5

12,101

Cash at bank and in hand

 

10,331

 

22,432

Creditors: Amounts falling due within one year

6

(61,323)

Net current liabilities

 

(38,891)

Total assets less current liabilities

 

7,444

Provisions for liabilities

(11,584)

Net liabilities

 

(4,140)

Capital and reserves

 

Called up share capital

100

Retained earnings

(4,240)

Shareholders' deficit

 

(4,140)

For the financial period ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 May 2025 and signed on its behalf by:
 

.........................................
Mrs N Dix
Director

 

Safeop Limited

Notes to the Unaudited Financial Statements for the Period from 11 October 2023 to 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 52
Greendale Business Park
Woodbury Salterton
Exeter
Devon
EX5 1EW
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis, as the directors are confident that the Company has adequate resources to continue in operational existence for the foreseeable future. The loss incurred in the current year is a result of this being the first period of trade, during which the company has been developing an asset to bring to market and the directors are confident of achieving future profits.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises 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.

 

Safeop Limited

Notes to the Unaudited Financial Statements for the Period from 11 October 2023 to 31 October 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Development costs

Software and website development costs are recognised as internally generated intangibles, when:

a) the technical feasibility of completing the intangible asset for use or sale can be demonstrated and there is an intention to complete the asset;
b) the company has the ability to use or sell the intangible asset;
c) how the intangible asset will generate probable future economic benefits can be demonstrated;
d) the company has the resources to complete the development and to use or sell the intangible asset;
e) the expenditure attributable to the intangible asset during its development can be reliably measured.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

10% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors 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 debtors 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Safeop Limited

Notes to the Unaudited Financial Statements for the Period from 11 October 2023 to 31 October 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 4.

 

Safeop Limited

Notes to the Unaudited Financial Statements for the Period from 11 October 2023 to 31 October 2024

4

Intangible assets

Computer software
 £

Total
£

Cost or valuation

Additions acquired separately

46,335

46,335

At 31 October 2024

46,335

46,335

Amortisation

Carrying amount

At 31 October 2024

46,335

46,335

5

Debtors

2024
£

Other debtors

12,101

Total current trade and other debtors

12,101

6

Creditors

2024
£

Due within one year

Trade creditors

173

Other creditors

59,950

Accrued expenses

1,200

61,323

7

Related party transactions

Summary of transactions with other related parties

Westexe Forklifts Limited
 During the year, the company was in receipt of a loan from Westexe Forklifts Limited, a company with directors and shareholders in common. At the year end £30,000 was due to Westexe Forklifts Limited from Safeop Limited. The loan is interest free and repayable on demand.