SAF Contracts Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04304399 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2021

for

SAF Contracts Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R J Clowes

REGISTERED OFFICE:

Lancaster House

Sopwith Crescent

Shotgate

Wickford

Essex

SS11 8YU

REGISTERED NUMBER:

04304399 (England and Wales)

ACCOUNTANTS:

Macrays Accountants & Business Advisers

Lancaster House

Sopwith Crescent

Shotgate

Wickford

Essex

SS11 8YU

FIXED ASSETS

Tangible assets

4

116,694

42,522

CURRENT ASSETS

Stocks

9,000

8,000

Debtors

222,590

202,786

Cash at bank

129,905

112,641

361,495

323,427

CREDITORS

Amounts falling due within one year

389,487

325,364

NET CURRENT LIABILITIES

(27,992

)

(1,937

)

TOTAL ASSETS LESS CURRENT LIABILITIES

88,702

40,585

CREDITORS

Amounts falling due after more than one year

5

39,888

11,544

NET ASSETS

48,814

29,041

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

7

48,714

28,941

48,814

29,041

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 5 November 2021 and were signed by:

R J Clowes - Director

1.	STATUTORY INFORMATION

SAF Contracts 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Government grants

Government grants are recognised as due to the company, when all the conditions for the grant have been met.

Grants that compensate the company for expenses incurred are recognised as income in the periods in which the expenses are recognised.

Capital based grants are included within accruals and deferred income and credited to the trading profit over the expected useful life of the assets concerned.

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 Income Statement, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2020 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2020

94,821

Additions

113,077

Disposals

(24,096

)

At 31 March 2021

183,802

DEPRECIATION

At 1 April 2020

52,299

Charge for year

35,859

Eliminated on disposal

(21,050

)

At 31 March 2021

67,108

NET BOOK VALUE

At 31 March 2021

116,694

At 31 March 2020

42,522

Fixed assets, included in the above, which are held under finance leases are as follows:

Totals

£

COST

At 1 April 2020

and 31 March 2021

19,111

DEPRECIATION

At 1 April 2020

11,048

Charge for year

2,016

At 31 March 2021

13,064

NET BOOK VALUE

At 31 March 2021

6,047

At 31 March 2020

8,063

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2021

2020

£

£

Repayable by instalments

Bank loans more 5 yr by instal

2,333

-

6.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Finance leases

11,544

13,533

Amounts due under hire purchase and finance leases are secured on the assets concerned.

7.

RESERVES

Retained

earnings

£

At 1 April 2020

28,941

Profit for the year

19,773

At 31 March 2021

48,714