Universal Safety Consultants Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02926910 (England and Wales)

UNIVERSAL SAFETY CONSULTANTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2019

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

R J M Durrant

G J M Durrant

B A I Durrant

A S K Durrant

SECRETARY:

Mrs K M Durrant

REGISTERED OFFICE:

6 Woodshots Meadow

Croxley Green Business Park

Watford

Hertfordshire

WD18 8YS

REGISTERED NUMBER:

02926910 (England and Wales)

ACCOUNTANTS:

Miller & Co

Chartered Accountants

2 Victoria Road

Harpenden

Hertfordshire

AL5 4EA

FIXED ASSETS

Tangible assets

5

393,442

398,037

CURRENT ASSETS

Debtors

6

51,961

285,557

Cash at bank and in hand

18,517

18,464

70,478

304,021

CREDITORS

Amounts falling due within one year

7

221,336

199,516

NET CURRENT (LIABILITIES)/ASSETS

(150,858

)

104,505

TOTAL ASSETS LESS CURRENT LIABILITIES

242,584

502,542

CREDITORS

Amounts falling due after more than one year

8

210,628

225,690

NET ASSETS

31,956

276,852

CAPITAL AND RESERVES

Called up, paid and allotted share capital

2

2

Retained earnings

31,954

276,850

SHAREHOLDERS' FUNDS

31,956

276,852

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 August 2020 and were signed on its behalf by:

G J M Durrant - Director

1.	STATUTORY INFORMATION

Universal Safety Consultants Limited is a private company, limited by shares, registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling, rounded to the nearest pound.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Income recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and

the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or

receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from a contract to provide services is recognised in the period in which the services are provided in

accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial

assets and liabilities like trade debtors and creditors and other debtors and creditors and loans from banks, other

third parties and related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting date for

evidence of impairment. If evidence of impairment is found then an impairment loss is recognized in the

Statement of Comprehensive Income.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the

current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax

rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial

statements of current and previous periods. It is recognised in respect of all timing differences, with certain

exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated

in the financial statements that arise from the inclusion of income and expense in tax assessments in periods

different from those in which they are recognised in the financial statements. Unrelieved tax losses and other

deferred tax assets are recognised only 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

balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued

non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that

apply to the sale of the asset.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 August 2018

440,215

69,538

6,869

516,622

Additions

-

393

-

393

At 31 July 2019

440,215

69,931

6,869

517,015

DEPRECIATION

At 1 August 2018

42,332

69,385

6,868

118,585

Charge for year

4,704

284

-

4,988

At 31 July 2019

47,036

69,669

6,868

123,573

NET BOOK VALUE

At 31 July 2019

393,179

262

1

393,442

At 31 July 2018

397,883

153

1

398,037

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

14,742

20,250

Amounts owed by group undertakings

-

225,775

Other debtors

37,219

39,532

51,961

285,557

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

20,687

16,485

Trade creditors

7,143

9,336

Amounts owed to group undertakings

20,264

20,264

Taxation and social security

3,065

5,060

Other creditors

170,177

148,371

221,336

199,516

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

210,628

225,690

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

145,729

159,941

9.	LEASING AGREEMENTS

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line

basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis

over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit

from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows

lease incentives on leases entered into before the date of transition to the standard 01 August 2015 to continue to

be charged over the period to the first market rent review rather than the term of the lease.

10.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

226,503

241,785

11.	RELATED PARTY DISCLOSURES

During the year, the company received advances of £196,190 (2018: £167,288) from Salveo Limited, a

fellow subsidiary company. The company also made repayments to Salveo Limited totalling £154,807

(2018: £163,237). The balance due from from Salveo Limited at the balance sheet date totalled £184,392.

However a provision has been made against the whole of this balance due to non recoverability as post year end,

Salveo Limited has gone into liquidation. Therefore the balance due from Salveo Limited as at 31 July 2019 is

£nil (2018: £225,775). This loan was unsecured, interest free and repayable on demand.

During the year, dividends of £nil (2018: £2,000) were paid to Elitewilde Holdings Limited, the parent

company. At 31 July 2019, the balance due to Elitewilde Holdings Limited was £20,264 (2018: £20,264).

The balance outstanding is unsecured, interest free and repayable on demand.