Safety Services Direct Limited Filleted accounts for Companies House (small and micro)

SAFETY SERVICES DIRECT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05216927

Safety Services Direct Limited

Filleted Unaudited Financial Statements

30 June 2018

Safety Services Direct Limited

Statement of Financial Position

30 June 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	5	73,746	51,890

Current assets

Stocks		55,566	16,897
Debtors	7	1,431,984	1,260,422
Cash at bank and in hand		30,927	41,359
		------------	------------
		1,518,477	1,318,678

Creditors: amounts falling due within one year	8	400,555	196,980
		------------	------------
Net current assets		1,117,922	1,121,698
		------------	------------
Total assets less current liabilities		1,191,668	1,173,588

Creditors: amounts falling due after more than one year	9	14,034	–

Provisions

Taxation including deferred tax	13,186	8,852
	------------	------------
Net assets	1,164,448	1,164,736
	------------	------------

Capital and reserves

Called up share capital	2	2
Profit and loss account	1,164,446	1,164,734
	------------	------------
Shareholders funds	1,164,448	1,164,736
	------------	------------

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 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 comprehensive income has not been delivered.

For the year ending 30 June 2018 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 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 financial statements .

Safety Services Direct Limited

Statement of Financial Position (continued)

30 June 2018

These financial statements were approved by the board of directors and authorised for issue on 29 March 2019 , and are signed on behalf of the board by:

L O Bushell

Director

Company registration number: 05216927

Safety Services Direct Limited

Notes to the Financial Statements

Year ended 30 June 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Floor 8, Lydon House, Hagley Road, Birmingham, West Midlands, B16 8PE.

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.

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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer,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.

Income tax

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.

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:

Property Improvements	-	100% straight line
Plant & Machinery	-	25% reducing balance
Fixtures, Fittings & Equipment	-	25% reducing balance
Motor Vehicles	-	20% reducing balance

Computer Equipment	-	25% straight line
Scaffolding	-	10% straight line

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.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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.

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 8 (2017: 5 ).

5. Tangible assets

	At 1 July 2017	Additions	At 30 June 2018
	£	£	£
Cost
Plant and machinery	2,482	–	2,482
Fixtures and fittings	7,616	–	7,616
Motor vehicles	52,136	–	52,136
Equipment	14,233	13,147	27,380
Scaffolding	–	20,919	20,919
	---------	---------	---------
	76,467	34,066	110,533
	---------	---------	---------

	At 1 July 2017	Charge for the year	At 30 June 2018
	£	£	£
Depreciation
Plant and machinery	2,295	46	2,341
Fixtures and fittings	7,180	109	7,289
Motor vehicles	869	10,253	11,122
Equipment	14,233	1,628	15,861
Scaffolding	–	174	174
	---------	---------	---------
	24,577	12,210	36,787
	---------	---------	---------

	At 30 June 2018	At 30 June 2017
	£	£
Carrying amount
Plant and machinery	141	187
Fixtures and fittings	327	436
Motor vehicles	41,014	51,267
Equipment	11,519	–
Scaffolding	20,745	–
	---------	---------
	73,746	51,890
	---------	---------

6. Investments

	Other investments other than loans
	£
Cost
At 1 July 2017 and 30 June 2018	19,334
	---------
Impairment
At 1 July 2017 and 30 June 2018	19,334
	---------

Carrying amount
At 30 June 2018	–
	---------
At 30 June 2017	–
	---------

7. Debtors

	2018	2017
	£	£
Trade debtors	83,636	13,568
Amounts owed by group undertakings	1,275,428	1,198,145
Other debtors	72,920	48,709
	------------	------------
	1,431,984	1,260,422
	------------	------------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	104,906	21,689
Corporation tax	107,002	107,002
Social security and other taxes	61,779	29,303
Amounts owed to related company	86,912	28,973
Other creditors	39,956	10,013
	---------	---------
	400,555	196,980
	---------	---------

9. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Other creditors	14,034	–
	---------	---------

10. Directors' advances, credits and guarantees

There were no directors' advances, credits or guarantees during the year.

11. Related party transactions

The company was a wholly-owned subsidiary of Bushell Investment Group Safety Services Limited throughout the year. At the year end, the company was owed £1,233,139 (2017: £1,197,458) by Bushell Investment Group Safety Services Limited.

12. Controlling party

The ultimate parent company from 30 June 2016 is Bushell Investment Group Safety Services Limited, a company incorporated in England and Wales. Bushell Investment Group Safety Services Limited is exempt from preparing consolidated accounts.