The Safety Supply Company Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 05870213 (England and Wales)

THE SAFETY SUPPLY COMPANY LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

N D Heller

E L Scheiner

SECRETARY:

Mrs D Heller

REGISTERED OFFICE:

923 Finchley Road

Golders Green

London

NW11 7PE

REGISTERED NUMBER:

05870213 (England and Wales)

ACCOUNTANTS:

Joseph Kahan Associates LLP

Chartered Accountants

923 Finchley Road

London

NW11 7PE

FIXED ASSETS

Intangible assets

4

217,062

251,089

Tangible assets

5

227,011

232,789

444,073

483,878

CURRENT ASSETS

Stocks

3,004,810

2,041,536

Debtors

1,699,862

1,488,045

Cash at bank and in hand

723,795

693,468

5,428,467

4,223,049

CREDITORS

Amounts falling due within one year

2,697,078

2,292,059

NET CURRENT ASSETS

2,731,389

1,930,990

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,175,462

2,414,868

PROVISIONS FOR LIABILITIES

43,408

44,425

NET ASSETS

3,132,054

2,370,443

CAPITAL AND RESERVES

Called up share capital

6

1,900

Retained earnings

3,130,154

2,368,543

SHAREHOLDERS' FUNDS

3,132,054

2,370,443

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 28 November 2025 and were signed on its behalf by:

E L Scheiner - Director

1.	STATUTORY INFORMATION

The Safety Supply Company Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from sale of goods is recognised when goods are delivered and legal title has passed.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Storage Containers -10% Straight Line basis

Plant and machinery - 25% on reducing balance

Fixtures and fittings - 25% on reducing balance

Motor vehicles - 25% on reducing balance

Computer and equipment - 25% on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Pension costs and other post-retirement benefits

The company contributes to a defined contribution pension scheme , "NEST" , for the benefit of its employees. Contributions are recognised in profit or loss as they become payable.

Operating leases

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2023 - 38 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2024

798,791

Additions

100,065

At 31 December 2024

898,856

AMORTISATION

At 1 January 2024

547,702

Amortisation for year

134,092

At 31 December 2024

681,794

NET BOOK VALUE

At 31 December 2024

217,062

At 31 December 2023

251,089

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2024

641,697

Additions

58,709

At 31 December 2024

700,406

DEPRECIATION

At 1 January 2024

408,908

Charge for year

64,487

At 31 December 2024

473,395

NET BOOK VALUE

At 31 December 2024

227,011

At 31 December 2023

232,789

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

1,064

'A' Ordinary

£1

1,064

451

'B' Ordinary

£1

451

271

'C' Ordinary

£1

271

19

'D' Ordinary

£1

19

95

'E' Ordinary

£1

95

1,900