Safecote Limited Filleted accounts for Companies House (small and micro)

4 20 December 2023 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 160,228 160,228 166,813 166,813 166,813 xbrli:pure xbrli:shares iso4217:GBP 03409789 2022-04-01 2023-03-31 03409789 2023-03-31 03409789 2022-03-31 03409789 2021-04-01 2022-03-31 03409789 2022-03-31 03409789 2021-03-31 03409789 core:PatentsTrademarksLicencesConcessionsSimilar 2022-04-01 2023-03-31 03409789 core:PlantMachinery 2022-04-01 2023-03-31 03409789 core:FurnitureFittings 2022-04-01 2023-03-31 03409789 bus:Director2 2022-04-01 2023-03-31 03409789 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 03409789 core:PlantMachinery 2022-03-31 03409789 core:FurnitureFittings 2022-03-31 03409789 core:PlantMachinery 2023-03-31 03409789 core:FurnitureFittings 2023-03-31 03409789 core:WithinOneYear 2023-03-31 03409789 core:WithinOneYear 2022-03-31 03409789 core:ShareCapital 2023-03-31 03409789 core:ShareCapital 2022-03-31 03409789 core:RetainedEarningsAccumulatedLosses 2023-03-31 03409789 core:RetainedEarningsAccumulatedLosses 2022-03-31 03409789 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 03409789 core:Non-currentFinancialInstruments 2023-03-31 03409789 core:Non-currentFinancialInstruments 2022-03-31 03409789 core:PlantMachinery 2022-03-31 03409789 core:FurnitureFittings 2022-03-31 03409789 bus:SmallEntities 2022-04-01 2023-03-31 03409789 bus:Audited 2022-04-01 2023-03-31 03409789 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 03409789 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03409789 bus:FullAccounts 2022-04-01 2023-03-31

COMPANY REGISTRATION NUMBER: 03409789

Safecote Limited

Filleted Financial Statements

31 March 2023

Safecote Limited

Statement of Financial Position

31 March 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	6	17,441	20,701
Investments	7	166,813	166,813
		---------	---------
		184,254	187,514

Current assets

Stocks		114,693	136,477
Debtors	8	1,324,825	1,033,813
Cash at bank and in hand		1,028,383	838,597
		------------	------------
		2,467,901	2,008,887

Creditors: amounts falling due within one year	9	360,390	87,746
		------------	------------
Net current assets		2,107,511	1,921,141
		------------	------------
Total assets less current liabilities		2,291,765	2,108,655
		------------	------------
Net assets		2,291,765	2,108,655
		------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	2,291,665	2,108,555
	------------	------------
Shareholders funds	2,291,765	2,108,655
	------------	------------

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.

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.

These financial statements were approved by the board of directors and authorised for issue on 20 December 2023 , and are signed on behalf of the board by:

Colin Walsh

Director

Company registration number: 03409789

Safecote Limited

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Houldsworth Mill Business & Arts Centre, Houldsworth Street, Stockport, Cheshire, SK5 6DA.

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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.

Corporation tax

The taxation charge 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. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Patents, trademarks and licences	-	25% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).

5. Intangible assets

	Patents, trademarks and licences
	£
Cost
At 1 April 2022 and 31 March 2023	160,228
	---------
Amortisation
At 1 April 2022 and 31 March 2023	160,228
	---------
Carrying amount
At 31 March 2023	–
	---------
At 31 March 2022	–
	---------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost
At 1 April 2022	12,000	65,581	77,581
Additions	–	2,554	2,554
	--------	--------	--------
At 31 March 2023	12,000	68,135	80,135
	--------	--------	--------
Depreciation
At 1 April 2022	11,916	44,964	56,880
Charge for the year	21	5,793	5,814
	--------	--------	--------
At 31 March 2023	11,937	50,757	62,694
	--------	--------	--------
Carrying amount
At 31 March 2023	63	17,378	17,441
	--------	--------	--------
At 31 March 2022	84	20,617	20,701
	--------	--------	--------

7. Investments

	Loans to participating interests
	£
Cost
At 1 April 2022 and 31 March 2023	166,813
	---------
Impairment
At 1 April 2022 and 31 March 2023	–
	---------

Carrying amount
At 31 March 2023	166,813
	---------
At 31 March 2022	166,813
	---------

8. Debtors

	2023	2022
	£	£
Trade debtors	288,999	54,560
Other debtors	1,035,826	979,253
	------------	------------
	1,324,825	1,033,813
	------------	------------

9. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	179,429	15,684
Corporation tax	46,720	18,523
Social security and other taxes	81,221	48,004
Other creditors	53,020	5,535
	---------	--------
	360,390	87,746
	---------	--------

10. Summary audit opinion

The auditor's report dated 20 December 2023 was unqualified .

The senior statutory auditor was Cathal Maneely , for and on behalf of Maneely Mc Cann Chartered Accountants .

11. Related party transactions

A balance outstanding of £438,500 (2022: £420,500) is included within other debtors from a company in which Colin Walsh is also a director.

12. Controlling party

The directors are considered to be the ultimate controlling party by virtue of their shareholdings in the company.