Safety Systems Distribution Limited Filleted accounts for Companies House (small and micro)

SAFETY SYSTEMS DISTRIBUTION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03584701

Safety Systems Distribution Limited

Filleted Unaudited Abridged Financial Statements

30 November 2017

Safety Systems Distribution Limited

Abridged Statement of Financial Position

30 November 2017

	2017	2016
Note	£	£

Fixed assets

Tangible assets	5	13,242	15,317

Current assets

Stocks		257,105	279,094
Debtors		371,844	269,682
Investments	6	100,000	100,000
Cash at bank and in hand		839,162	659,848
		------------	------------
		1,568,111	1,308,624

Creditors: amounts falling due within one year	511,929	367,373
	------------	------------
Net current assets	1,056,182	941,251
	------------	---------
Total assets less current liabilities	1,069,424	956,568

Provisions	2,516	3,063
	------------	---------
Net assets	1,066,908	953,505
	------------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	1,066,906	953,503
	------------	---------
Shareholders funds	1,066,908	953,505
	------------	---------

These abridged 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 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 abridged statement of comprehensive income has not been delivered.

For the year ending 30 November 2017 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 abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 30 November 2017 in accordance with Section 444(2A) of the Companies Act 2006.

Safety Systems Distribution Limited

Abridged Statement of Financial Position (continued)

30 November 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 15 June 2018 , and are signed on behalf of the board by:

Mr N Robson

Director

Company registration number: 03584701

Safety Systems Distribution Limited

Notes to the Abridged Financial Statements

Year ended 30 November 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 11B, Hobson Industrial Estate, Burnopfield, Newcastle, Tyne & Wear, NE16 6EA, United Kingdom.

2. Statement of compliance

These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

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.

Taxation

The taxation expense 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.

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	-	50% straight line
Fixtures and fittings	-	20% straight line

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.

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 6 (2016: 9 ).

5. Tangible assets

	£
Cost
At 1 December 2016	62,884
Additions	5,109
	--------
At 30 November 2017	67,993
	--------
Depreciation
At 1 December 2016	47,567
Charge for the year	7,184
	--------
At 30 November 2017	54,751
	--------
Carrying amount
At 30 November 2017	13,242
	--------
At 30 November 2016	15,317
	--------

6. Investments

	2017	2016
	£	£
Other investments	100,000	100,000
	---------	---------