REGISTERED NUMBER: 05274349 (England and Wales)

FINANCIAL STATEMENTS FOR THE PERIOD 1 APRIL 2024 TO 31 DECEMBER 2024

FOR

MORSAFE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

L N E Ehnimb

P J Ward

SECRETARY:

M Rylance

REGISTERED OFFICE:

Unit 13a Imperial Way

Eagle Business Park

Yaxley

Peterborough

Cambridgeshire

PE7 3GP

REGISTERED NUMBER:

05274349 (England and Wales)

AUDITORS:

Christian Douglass Accountants Limited

Chartered Accountants

Statutory Auditor

2 Jordan Street

Knott Mill

Manchester

M15 4PY

FIXED ASSETS

Tangible assets

4

463,113

475,213

CURRENT ASSETS

Debtors

5

357,445

333,480

Cash at bank

217,436

175,840

574,881

509,320

CREDITORS

Amounts falling due within one year

6

190,381

149,672

NET CURRENT ASSETS

384,500

359,648

TOTAL ASSETS LESS CURRENT LIABILITIES

847,613

834,861

PROVISIONS FOR LIABILITIES

12,273

12,936

NET ASSETS

835,340

821,925

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

835,240

821,825

835,340

821,925

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

P J Ward - Director

1.	STATUTORY INFORMATION

Morsafe Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 05274349 and its registered address is Unit 13a Imperial Way, Eagle Business Park, Yaxley, Peterborough, Cambs, England, PE7 3GP.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements - transition to frs 102

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The date of transition to FRS 102 was 1 April 2023. These financial statements are the first that the company has presented in accordance with the Standard. The transition to FRS 102 has impacted the reported financial position or performance by virtue of the presentation of tangible fixed assets for which no depreciation was previously charged and the introduction of deferred taxation provisions. The effect was to reduce the comparative net assets, and opening profit reserves, by £41,426, and reduce the comparative period profit after taxation by £10,176.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents income derived from operating activities being the training and other services provided during the period, at selling price less trade discounts and rebates and net of value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Land and buildings

-

1% per annum on cost

Plant and machinery etc

-

33% on cost, 25% on reducing balance, 20% on reducing balance and 15% on reducing balance

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure directly attributable to bringing the asset to the location and condition necessary for operation by the company.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 4 (2024 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2024

445,880

133,520

579,400

Additions

-

2,349

2,349

At 31 December 2024

445,880

135,869

581,749

DEPRECIATION

At 1 April 2024

28,490

75,697

104,187

Charge for period

5,631

8,818

14,449

At 31 December 2024

34,121

84,515

118,636

NET BOOK VALUE

At 31 December 2024

411,759

51,354

463,113

At 31 March 2024

417,390

57,823

475,213

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.3.24

as restated

£

£

Trade debtors

69,582

134,351

Amounts owed by group undertakings

279,397

-

Other debtors

8,466

199,129

357,445

333,480

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.3.24

as restated

£

£

Bank loans and overdrafts

-

53,519

Trade creditors

72,844

9,659

Taxation and social security

98,061

81,424

Other creditors

19,476

5,070

190,381

149,672

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.3.24

as restated

£

£

Bank loans

-

53,519

Bank borrowings are secured by a debenture and first legal charge over the company's land and buildings.

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mrs Deborah Burton FCA (Senior Statutory Auditor)

for and on behalf of Christian Douglass Accountants Limited

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 December 2024 and the year ended 31 March 2024:

31.12.24

31.3.24

as restated

£

£

G Morpeth and Mrs J Morpeth

Balance outstanding at start of period

199,129

14,717

Amounts advanced

-

229,376

Amounts repaid

(199,129

)

(44,964

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

-

199,129

10.	ULTIMATE PARENT UNDERTAKING

The company's parent undertaking, from 10 September 2024, is Spanset Limited and its ultimate parent undertaking is Spanset Inter AG, a company incorporated in Switzerland. Spanset Inter AG prepares consolidated accounts including the results of the company. Its registered office is at 1 Samstagernstrasse 45, CH-8832 Wollerau, Switzerland from where copies of the consolidated accounts can be obtained.