Safeguard Europe Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01721203 (England and Wales)

Safeguard Europe Limited

Audited Financial Statements for the Year Ended 31 December 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D J C Lambert

Mr H J Lambert

Mr C Ridgwell

Mr R D Lambert

Dr E A Rirsch

REGISTERED OFFICE:

Redkiln Close

Redkiln Way

Horsham

West Sussex

RH13 5QL

REGISTERED NUMBER:

01721203 (England and Wales)

AUDITORS:

Swindells LLP

Chartered Accountants

and Statutory Auditor

Atlantic House

8 Bell Lane

Bellbrook Industrial Estate

Uckfield

East Sussex

TN22 1QL

FIXED ASSETS

Intangible assets

4

1,615

1,982

Tangible assets

5

117,611

158,319

Investments

6

17,986

17,986

137,212

178,287

CURRENT ASSETS

Stocks

787,748

752,364

Debtors

7

1,050,127

968,796

Cash at bank and in hand

1,222,562

1,077,335

3,060,437

2,798,495

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

8

560,185

473,052

NET CURRENT ASSETS

2,500,252

2,325,443

TOTAL ASSETS LESS CURRENT LIABILITIES

2,637,464

2,503,730

PROVISIONS FOR LIABILITIES

15,687

20,033

NET ASSETS

2,621,777

2,483,697

CAPITAL AND RESERVES

Called up share capital

9

3,000

3,000

Capital redemption reserve

2,000

2,000

Retained earnings

2,616,777

2,478,697

2,621,777

2,483,697

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 December 2020 and were signed on its behalf by:

Mr D J C Lambert - Director

Mr H J Lambert - Director

Mr C Ridgwell - Director

Mr R D Lambert - Director

1.	STATUTORY INFORMATION

Safeguard Europe 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 (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Preparation of consolidated financial statements

The financial statements contain information about Safeguard Europe Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents revenue, net of VAT, from commercial transactions under which the company supplies customers the goods that it is in business to provide and it is recognised when it obtains, through performance under contract, the right to consideration for those goods.

Trademarks

Trademarks are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives of 10, 5 and 3 years. Amortisation commences on assets at the point in which they are brought to market.

Tangible fixed assets

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

Short leasehold

-

over the term of the lease

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

33% on cost and 25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less a provision for any impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 contributes to 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.

Going concern

The directors have assessed whether the going concern basis of preparation continues to be appropriate, based on whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. This assessment has been required in the light of the significant uncertainty around the short to medium term impact of the spread of the Covid-19 virus.

At the time of approving the financial statements the directors believe that all appropriate measures have been or will be taken to ensure that the company will be able to continue its operations for at least the next 12 months and thus conclude that the going concern basis remains appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2018 - 35 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2019

and 31 December 2019

54,816

AMORTISATION

At 1 January 2019

52,834

Charge for year

367

At 31 December 2019

53,201

NET BOOK VALUE

At 31 December 2019

1,615

At 31 December 2018

1,982

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

COST

At 1 January 2019

178,105

395,574

169,476

743,155

Additions

-

6,992

6,435

13,427

At 31 December 2019

178,105

402,566

175,911

756,582

DEPRECIATION

At 1 January 2019

146,661

316,233

121,942

584,836

Charge for year

13,975

20,906

19,254

54,135

At 31 December 2019

160,636

337,139

141,196

638,971

NET BOOK VALUE

At 31 December 2019

17,469

65,427

34,715

117,611

At 31 December 2018

31,444

79,341

47,534

158,319

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2019

and 31 December 2019

17,986

NET BOOK VALUE

At 31 December 2019

17,986

At 31 December 2018

17,986

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

945,099

852,180

Other debtors

105,028

116,616

1,050,127

968,796

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

257,774

200,217

Amounts owed to group undertakings

358

-

Taxation and social security

255,523

234,871

Other creditors

46,530

37,964

560,185

473,052

9.	CALLED UP SHARE CAPITAL

Number:

Class:

Nominal value

2019

2018

£

£

2,250

Ordinary A

£1

2,100

2,250

150

Ordinary B

£1

300

150

300

Ordinary C

£1

300

300

300

Ordinary D

£1

300

300

3,000

3,000

The company's ordinary A, ordinary B, ordinary C and ordinary D shares have equal unrestricted voting rights.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Robert Willison FCCA (Senior Statutory Auditor)

for and on behalf of Swindells LLP

11.	OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £197,508 (2018: £296,569).

12.	RELATED PARTY DISCLOSURES

At the balance sheet date a director owed the company £372 (2018 - £nil). This balance is interest free, unsecured, and repayable on demand.