Company Registration No. 02001503 (England and Wales)
BAFE HOLDINGS LIMITED
FORMERLY BRITISH APPROVALS FOR FIRE EQUIPMENT
(A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
BAFE HOLDINGS LIMITED
FORMERLY BRITISH APPROVALS FOR FIRE EQUIPMENT
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,776
3,137
Investments
4
200,106
100,101
203,882
103,238
Current assets
Debtors falling due after more than one year
6
96,000
125,000
Debtors falling due within one year
6
476,704
335,143
Cash at bank and in hand
614,687
466,803
1,187,391
926,946
Creditors: amounts falling due within one year
7
(465,341)
(265,999)
Net current assets
722,050
660,947
Total assets less current liabilities
925,932
764,185
Provisions for liabilities
Deferred tax liability
944
784
(944)
(784)
Net assets
924,988
763,401
Reserves
Income and expenditure account
924,988
763,401
Members' funds
924,988
763,401

The directors of the company have elected not to include a copy of the income and expenditure 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 27 November 2025 and are signed on its behalf by:
Mr D E Barnett (Chairman)
Dr J M Maltby-Smith
Director
Director
Company Registration No. 02001503
BAFE HOLDINGS LIMITED
FORMERLY BRITISH APPROVALS FOR FIRE EQUIPMENT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information

BAFE Holdings Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Fire Service College, London Road, Moreton-in-Marsh, Gloucestershire, GL56 0RH.

On 29 January 2025, the company changed its name from British Approvals for Fire Equipment to BAFE Holdings Limited.

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 a mounts 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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business and is shown net of VAT.

Revenue from levies, subscriptions and membership fees are reco gnised in the period to which they relate.

Revenue from examinations is recognised when the examinations are sat.

1.3
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:

Computer and office equipment
3 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 surplus or deficit.

1.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

BAFE HOLDINGS LIMITED
FORMERLY BRITISH APPROVALS FOR FIRE EQUIPMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.7
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 trade debtors, amounts due from subsidiary undertakings 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, 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 paymen ts 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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable.

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.

BAFE HOLDINGS LIMITED
FORMERLY BRITISH APPROVALS FOR FIRE EQUIPMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
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.

1.9
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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
16
18
BAFE HOLDINGS LIMITED
FORMERLY BRITISH APPROVALS FOR FIRE EQUIPMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024
9,961
Additions
3,413
Disposals
(708)
At 31 March 2025
12,666
Depreciation and impairment
At 1 April 2024
6,824
Depreciation charged in the year
2,223
Eliminated in respect of disposals
(157)
At 31 March 2025
8,890
Carrying amount
At 31 March 2025
3,776
At 31 March 2024
3,137
4
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
200,106
100,101
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024
100,101
Additions
100,005
At 31 March 2025
200,106
Carrying amount
At 31 March 2025
200,106
At 31 March 2024
100,101
BAFE HOLDINGS LIMITED
FORMERLY BRITISH APPROVALS FOR FIRE EQUIPMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
4
Fixed asset investments
(Continued)
- 6 -

During the year to 31 March 2025, BAFE Holdings Limited acquired a further 99,999 £1 ordinary shares in BAFE Limited, one of its subsidiaries. BAFE Holdings Limited also acquired 100% of the share capital of BAFE Group Ltd, BAFE International Limited and BAFE Firequal Training Ltd, being 2 £1 ordinary shares in each.

5
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
BAFE Limited
Fire Service College, London Road, Moreton-in-Marsh, Glos, GL56 0RH
Fire safety register and scheme provider
Ordinary £1 shares
100.00
BAFE Firequal Ltd
Fire Service College, London Road, Moreton-in-Marsh, Glos, GL56 0RH
Qualification awarding body
Ordinary £1 shares
100.00
BAFE Group Ltd
Fire Service College, London Road, Moreton-in-Marsh, Glos, GL56 0RH
Dormant
Ordinary £1 shares
100.00
BAFE International Limited
Fire Service College, London Road, Moreton-in-Marsh, Glos, GL56 0RH
Dormant
Ordinary £1 shares
100.00
BAFE Firequal Training Ltd
Fire Service College, London Road, Moreton-in-Marsh, Glos, GL56 0RH
Dormant
Ordinary £1 shares
100.00
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
423,903
70,761
Amounts owed by group undertakings
-
0
5,373
Other debtors
52,801
259,009
476,704
335,143
2025
2024
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
96,000
125,000
Total debtors
572,704
460,143

Included within amounts falling due after more than one year is £96,000 (2024 - £125,000) due from BAFE Firequal Ltd, a wholly owned subsidiary of BAFE Holdings Limited. A formal loan agreement is in place for this balance, with repayments not being required until September 2026. Interest will be charged on the outstanding balance from September 2026.

BAFE HOLDINGS LIMITED
FORMERLY BRITISH APPROVALS FOR FIRE EQUIPMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
44,450
41,778
Amounts owed to group undertakings
100,006
-
Taxation and social security
147,209
79,997
Other creditors
173,676
144,224
465,341
265,999

Included in amounts owed to group undertakings is £100,000 due to BAFE Limited, £2 due to BAFE Group Ltd, £2 due to BAFE International Limited, and £2 due to BAFE Firequal Training Ltd in relation to unpaid share capital. The amount due to BAFE Limited will be settled in the year to 31 March 2026.

8
Members' liability

The company is limited by guarantee, not having a share capital, and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required, not exceeding £10.

9
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:
Laura Adkins
Statutory Auditor:
Whitley Stimpson Limited
Date of audit report:
27 November 2025
10
Financial commitments, guarantees and contingent liabilities

During the year, the company signed a software licence agreement for a term of 1 year. At the year end, the company is committed to incur future costs of £5,000 in relation to the terms of this agreement.

11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
36,611
25,252
BAFE HOLDINGS LIMITED
FORMERLY BRITISH APPROVALS FOR FIRE EQUIPMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
12
Events after the reporting date

On 1 April 2025, the trade and assets of BAFE Holdings Limited were transferred into BAFE Limited as part of a group restructure. BAFE Limited will continue the trade of BAFE Holdings Limited and BAFE Holdings Limited will continue to hold the share capital of BAFE Firequal Ltd, BAFE Limited and the dormant companies disclosed in note 5 to these accounts.

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