Company No: SC191840 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	43,750		0
Tangible assets	4	39,819		50,381
		83,569		50,381
Current assets
Debtors	5	16,543		11,724
Cash at bank and in hand	6	442,533		421,365
		459,076		433,089
Creditors: amounts falling due within one year	7	( 67,986)		( 51,034)
Net current assets		391,090		382,055
Total assets less current liabilities		474,659		432,436
Net assets		474,659		432,436
Reserves
Profit and loss account		474,659		432,436
Total reserves		474,659		432,436

For the financial year ending 31 December 2025 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of The Safety Association Of Federated Employers (registered number: SC191840) were approved and authorised for issue by the Board of Directors on 30 June 2026. They were signed on its behalf by:

Craig Bruce Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Safety Association Of Federated Employers (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Safe, 3 Diagonal Road, Elgin, IV30 6AH, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents the amounts receivable for providing health and safety advice and training courses net of VAT and trade discounts. Turnover is recognised on provision of the service to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

not amortised

Other intangible assets

The company incurred development expenditure of £43,750 during the year in relation to an intangible asset that remains in the course of construction at the year end. As the asset is not yet available for use, no amortisation has been charged. Additional development expenditure is expected to be incurred after the year end. The asset will be brought into use and amortised when the development is completed.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

15 - 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	6		6

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 January 2025	0		0
Additions	43,750		43,750
At 31 December 2025	43,750		43,750
Accumulated amortisation
At 01 January 2025	0		0
At 31 December 2025	0		0
Net book value
At 31 December 2025	43,750		43,750
At 31 December 2024	0		0

The amount of £43,750 includes development costs for an intangible asset which remains under development. As the asset is not yet available for use, it has not been brought into use and no amortisation has been charged. Additional development expenditure is expected to be incurred after the year end. The asset will be brought into use and amortised when the development is completed.

4. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 January 2025	128,137		128,137
Additions	1,545		1,545
Disposals	( 8,317)		( 8,317)
At 31 December 2025	121,365		121,365
Accumulated depreciation
At 01 January 2025	77,756		77,756
Charge for the financial year	9,940		9,940
Disposals	( 6,150)		( 6,150)
At 31 December 2025	81,546		81,546
Net book value
At 31 December 2025	39,819		39,819
At 31 December 2024	50,381		50,381

5. Debtors

	2025		2024
	£		£
Trade debtors	7,113		7,230
Other debtors	9,430		4,494
	16,543		11,724

6. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	442,533		421,365

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	5,716		6,284
Other taxation and social security	2,713		13,616
Other creditors	59,557		31,134
	67,986		51,034

8. Liability of members

The members of the The Safety Association Of Federated Employers have undertaken to contribute a sum not exceeding £1 each to meet the liabilities of the Company if it should be wound up.