Safelinx Ltd Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 10077647

Safelinx Ltd

Filleted Unaudited Financial Statements

31 December 2020

Safelinx Ltd

Financial Statements

Year ended 31 December 2020

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 5

Safelinx Ltd

Statement of Financial Position

31 December 2020

	2020	2019
Note	£	£

Fixed assets

Intangible assets	4	1,950	2,150

Current assets

Debtors	5	5,210	44,250
Cash at bank and in hand		92,517	9,508
		---------	---------
		97,727	53,758

Creditors: amounts falling due within one year	6	75,312	52,383
		---------	---------
Net current assets		22,415	1,375
		---------	---------
Total assets less current liabilities		24,365	3,525

Creditors: amounts falling due after more than one year	7	21,200	–

Provisions	93	99
	---------	---------
Net assets	3,072	3,426
	---------	---------

Capital and reserves

Called up share capital	10	10
Profit and loss account	3,062	3,416
	---------	---------
Shareholders funds	3,072	3,426
	---------	---------

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 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Safelinx Ltd

Statement of Financial Position (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 30 December 2021 , and are signed on behalf of the board by:

Mr R. S. Dale
Director

Company registration number: 10077647

Safelinx Ltd

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 Waterloo Road, Wolverhampton, WV1 4DJ, England.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Patents	-	Amortised over 10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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. Intangible assets

	Patents, trademarks and licences
	£
Cost
At 1 January 2020 and 31 December 2020	2,950
	---------
Amortisation
At 1 January 2020	800
Charge for the year	200
	---------
At 31 December 2020	1,000
	---------
Carrying amount
At 31 December 2020	1,950
	---------
At 31 December 2019	2,150
	---------

5. Debtors

	2020	2019
	£	£
Other debtors	5,210	44,250
	---------	---------

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	2,800	–
Trade creditors	17,448	27,420
Corporation tax	7,876	3,644
Social security and other taxes	7,074	2,487
Amounts owed to related companies	16,800	1,000
Other creditors	23,314	17,832
	---------	---------
	75,312	52,383
	---------	---------

The bank loan is a covid-19 bounce back loan, which commenced May 2020. Interest is charged on this loan and repayments made after 12 months.

7. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	21,200	–
	---------	---------

The bank loan is a covid-19 bounce back loan, which commenced May 2020. Interest is charged on this loan and repayments made after 12 months.

8. Related party transactions

The company was under the control of the director throughout the current year. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for Small Entities.