Safe Products Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04271710

SAFE PRODUCTS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 September 2024

SAFE PRODUCTS LIMITED

STATEMENT OF FINANCIAL POSITION

30 September 2024

	2024		2023
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		21,924		24,427

CURRENT ASSETS

Stocks		426,022	389,661
Debtors	6	199,809	274,365
Cash at bank and in hand		5,692	14,190
		---------	---------
		631,523	678,216

CREDITORS: amounts falling due within one year	7	242,257		297,184
		---------		---------
NET CURRENT ASSETS			389,266		381,032
			---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			411,190		405,459
			---------		---------
NET ASSETS			411,190		405,459
			---------		---------

CAPITAL AND RESERVES

Called up share capital fully paid	100	100
Profit and loss account	411,090	405,359
	---------	---------
SHAREHOLDERS FUNDS	411,190	405,459
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 September 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 financial statements for the year in question in accordance with section 476 ;

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

SAFE PRODUCTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 September 2024

These financial statements were approved by the board of directors and authorised for issue on 21 July 2025 , and are signed on behalf of the board by:

Mr J A Stevenson

Director

Company registration number: 04271710

SAFE PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Signal House, Station Road, Uppingham, Rutland, LE15 9TX.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold improvements	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Fixtures,fittings and equipment	-	25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 10 (2023: 5 ).

5. TANGIBLE ASSETS

	Leasehold improvements	Motor vehicles	Fixtures, fittings and equipment	Total
	£	£	£	£
Cost
At 1 October 2023	37,638	25,480	47,603	110,721
Additions	–	–	3,966	3,966
	--------	--------	--------	---------
At 30 September 2024	37,638	25,480	51,569	114,687
	--------	--------	--------	---------
Depreciation
At 1 October 2023	24,647	22,079	39,568	86,294
Charge for the year	3,264	852	2,353	6,469
	--------	--------	--------	---------
At 30 September 2024	27,911	22,931	41,921	92,763
	--------	--------	--------	---------
Carrying amount
At 30 September 2024	9,727	2,549	9,648	21,924
	--------	--------	--------	---------
At 30 September 2023	12,991	3,401	8,035	24,427
	--------	--------	--------	---------

6. DEBTORS

	2024	2023
	£	£
Trade debtors	172,144	237,817
Other debtors	27,665	36,548
	---------	---------
	199,809	274,365
	---------	---------

7. CREDITORS: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	6,825	1,667
Trade creditors	82,231	110,265
Corporation tax	38,510	35,038
Social security and other taxes	48,319	83,189
Other creditors	66,372	67,025
	---------	---------
	242,257	297,184
	---------	---------

8. RELATED PARTY TRANSACTIONS

During the year, the company undertook the following transactions with related parties: The directors have advanced monies to the company. At 30 September 2024, the amount due from the company was £50,471 (2023 - £50,471).