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Registered number: 07642889
Folgate Safety Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Harrisons Accountancy Ltd
Harrison House Sheep Walk
Langford Road
Biggleswade
Bedfordshire
SG18 9RB
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 07642889
31 December 2024 31 December 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 62,543 57,324
62,543 57,324
CURRENT ASSETS
Stocks 5 56,319 19,846
Debtors 6 45,269 61,866
Cash at bank and in hand 17,946 82,207
119,534 163,919
Creditors: Amounts Falling Due Within One Year 7 (99,551 ) (116,862 )
NET CURRENT ASSETS (LIABILITIES) 19,983 47,057
TOTAL ASSETS LESS CURRENT LIABILITIES 82,526 104,381
Creditors: Amounts Falling Due After More Than One Year 8 (8,827 ) (5,490 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (1,350 ) (5,125 )
NET ASSETS 72,349 93,766
CAPITAL AND RESERVES
Called up share capital 10 1 1
Income Statement 72,348 93,765
SHAREHOLDERS' FUNDS 72,349 93,766
Page 1
Page 2
For the 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.
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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Daniel Lee
Director
29/08/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Folgate Safety Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07642889 . The registered office is 9 Shieling Court, Corby, NN18 9QD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% on cost
Plant & Machinery 10% on cost
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 20% on cost
Computer Equipment 20% on cost
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
Page 3
Page 4
2.5. Taxation - continued
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 13)
8 13
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2024 15,725 7,061 67,835 2,291
Additions - - 24,228 -
As at 31 December 2024 15,725 7,061 92,063 2,291
Depreciation
As at 1 January 2024 7,169 7,061 19,923 2,291
Provided during the period 1,572 - 18,035 -
As at 31 December 2024 8,741 7,061 37,958 2,291
Net Book Value
As at 31 December 2024 6,984 - 54,105 -
As at 1 January 2024 8,556 - 47,912 -
Computer Equipment Total
£ £
Cost
As at 1 January 2024 5,337 98,249
Additions 1,015 25,243
As at 31 December 2024 6,352 123,492
Depreciation
As at 1 January 2024 4,481 40,925
Provided during the period 417 20,024
As at 31 December 2024 4,898 60,949
Net Book Value
As at 31 December 2024 1,454 62,543
As at 1 January 2024 856 57,324
5. Stocks
31 December 2024 31 December 2023
£ £
Stock 56,319 19,846
Page 4
Page 5
6. Debtors
31 December 2024 31 December 2023
£ £
Due within one year
Trade debtors 40,194 58,136
Prepayments and accrued income 5,075 3,730
45,269 61,866
7. Creditors: Amounts Falling Due Within One Year
31 December 2024 31 December 2023
£ £
Trade creditors 42,734 41,455
Bank loans and overdrafts 1,680 7,250
Corporation tax 20,212 41,160
Other taxes and social security 7,622 4,225
VAT 19,661 14,423
AMEX - 2,339
Pensions payable 842 389
Credit card - 1,766
Accruals and deferred income 1,800 1,800
Directors' loan accounts - 2,055
Amounts owed to parent undertaking 5,000 -
99,551 116,862
8. Creditors: Amounts Falling Due After More Than One Year
31 December 2024 31 December 2023
£ £
Bounce back loan 8,827 5,490
9. Deferred Taxation
The provision for deferred tax is made up as follows:
31 December 2024 31 December 2023
£ £
Other timing differences 1,350 5,125
10. Share Capital
31 December 2024 31 December 2023
£ £
Allotted, Called up and fully paid 1 1
Page 5