SAFE TEXTILES LIMITED Filleted accounts for Companies House (small and micro)

S.A.F.E.TEXTILES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00501125

SAFE TEXTILES LIMITED

Filleted Unaudited Financial Statements

31 December 2018

SAFE TEXTILES LIMITED

Statement of Financial Position

31 December 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		116,915	109,840

Current assets

Stocks		10,000	10,000
Debtors	6	238,575	235,087
Investments	7	332	332
Cash at bank and in hand		448,790	459,540
		---------	---------
		697,697	704,959

Creditors: amounts falling due within one year	8	8,176		10,292
		---------		---------
Net current assets			689,521	694,667
			---------	---------
Total assets less current liabilities			806,436	804,507
			---------	---------
Net assets			806,436	804,507
			---------	---------

Capital and reserves

Called up share capital	500	500
Profit and loss account	805,936	804,007
	---------	---------
Shareholders funds	806,436	804,507
	---------	---------

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 income and retained earnings has not been delivered.

For the year ending 31 December 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 .

SAFE TEXTILES LIMITED

Statement of Financial Position (continued)

31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 27 August 2019 , and are signed on behalf of the board by:

N Fluss

Director

Company registration number: 00501125

SAFE TEXTILES LIMITED

Notes to the Financial Statements

Year ended 31 December 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 Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.

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.

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 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:

Freehold property	-	2% straight line
Fixtures and fittings	-	25% reducing balance
Equipment	-	33% 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2017: 4 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 January 2018	172,411	16,042	3,882	192,335
Additions	6,327	1,050	–	7,377
	---------	--------	-------	---------
At 31 December 2018	178,738	17,092	3,882	199,712
	---------	--------	-------	---------
Depreciation
At 1 January 2018	62,730	15,883	3,882	82,495
Charge for the year	–	302	–	302
	---------	--------	-------	---------
At 31 December 2018	62,730	16,185	3,882	82,797
	---------	--------	-------	---------
Carrying amount
At 31 December 2018	116,008	907	–	116,915
	---------	--------	-------	---------
At 31 December 2017	109,681	159	–	109,840
	---------	--------	-------	---------

6. Debtors

	2018	2017
	£	£
Trade debtors	150	150
Other debtors	238,425	234,937
	---------	---------
	238,575	235,087
	---------	---------

7. Investments

	2018	2017
	£	£
Listed investments	332	332
	----	----

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Corporation tax	502	3,181
Social security and other taxes	4,974	4,194
Other creditors	2,700	2,917
	-------	--------
	8,176	10,292
	-------	--------