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

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 2021
SAFE TEXTILES LIMITED
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
5
122,767
125,912
Current assets
Stocks
10,000
10,000
Debtors
6
251,063
236,744
Investments
7
332
332
Cash at bank and in hand
442,736
432,013
---------
---------
704,131
679,089
Creditors: amounts falling due within one year
8
3,475
12,383
---------
---------
Net current assets
700,656
666,706
---------
---------
Total assets less current liabilities
823,423
792,618
Creditors: amounts falling due after more than one year
9
20,000
–
---------
---------
Net assets
803,423
792,618
---------
---------
Capital and reserves
Called up share capital
500
500
Profit and loss account
802,923
792,118
---------
---------
Shareholders funds
803,423
792,618
---------
---------
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 Section 1A of 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 2021 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 2021
These financial statements were approved by the board of directors and authorised for issue on 15 November 2022 , and are signed on behalf of the board by:
D Fluss
Director
Company registration number: 00501125
SAFE TEXTILES LIMITED
Notes to the Financial Statements
Year ended 31 December 2021
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.
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 (2020: 4 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2021 and 31 December 2021
180,388
25,491
4,242
210,121
---------
--------
-------
---------
Depreciation
At 1 January 2021
62,730
18,679
2,800
84,209
Charge for the year
–
1,703
1,442
3,145
---------
--------
-------
---------
At 31 December 2021
62,730
20,382
4,242
87,354
---------
--------
-------
---------
Carrying amount
At 31 December 2021
117,658
5,109
–
122,767
---------
--------
-------
---------
At 31 December 2020
117,658
6,812
1,442
125,912
---------
--------
-------
---------
6. Debtors
2021
2020
£
£
Trade debtors
150
150
Other debtors
250,913
236,594
---------
---------
251,063
236,744
---------
---------
7. Investments
2021
2020
£
£
Listed investments
332
332
----
----
8. Creditors: amounts falling due within one year
2021
2020
£
£
Social security and other taxes
975
5,671
Other creditors
2,500
6,712
-------
--------
3,475
12,383
-------
--------
9. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
20,000
–
--------
----