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Registered number: 07377491
SAFETY CARE LIMITED
FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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SAFETY CARE LIMITED
REGISTERED NUMBER: 07377491
BALANCE SHEET
AS AT 31 MARCH 2021
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 6 form part of these financial statements.
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SAFETY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Safety Care Limited is a private company limited by shares and incorporated in England and Wales.
The address of its registered office is Greenwood House, Greenwood Court, Skyliner Way, Bury St Edmunds, Suffolk, IP32 7GY.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
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. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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SAFETY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.Accounting policies (continued)
All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year
which they are incurred.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
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SAFETY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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The average monthly number of employees, including directors, during the year was 1 (2020 - 1).
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The company does not have a tax liability for the year due to the offset of current year trading and group tax losses.
The company has tax losses of £15,456 (2020 - £15,456) that are available for offset against future taxable profits as at 31 March 2021.
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Investments in subsidiary companies
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings
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SAFETY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Allotted, called up and fully paid
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50,100 (2020 - 50,100) Ordinary shares of £1.00 each
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Related party transactions
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Mibeck Limited
A company in which M J Peck is a director and shareholder.
During the year the company purchased services from Mibeck Limited to the value of £1,200 (2020 - £1,200).
Lalan Rubbers (Pvt) Limited
The parent company and is registered in Sri Lanka.
At the year end there was a loan balance of £100,000 (2020 - £100,000) owed by the company. The loan is interest free and no repayment terms have been agreed.
At the year end there was a balance of £2,000 (2020 - £2,000) due to the company and included in debtors.
World of Outdoors Limited
The company's subsidiary company.
At the year end there was a balance of £455,691 (2020 - £455,691) due to the company. During the year, interest was charged and paid of £9,030 (2020 - £9,030). No repayment terms have been agreed.
Main Man Supplies Limited
A company in which Lalan Rubbers (Pvt) Limited is the majority shareholder.
At the year end there was a loan balance outstanding of £100,000 (2020 - £100,000). During the year, interest was charged of £3,000 (2020 - £3,000). No repayment terms have been agreed.
During the year, costs were recharged of £13,575 (2020 - £nil) and was due to the company at year end.
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SAFETY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Lalan Rubbers (Pvt) Ltd (incorporated in Sri Lanka) is regarded by the directors as being the company's ultimate parent company. The main address of the company is shown below:
No 95B, Zone A
Export Processing Zone
Biyagama
Malwana
Sri Lanka
The ultimate controlling party is L P Hapangama.
The auditors' report on the financial statements for the year ended 31 March 2021 was qualified.
The qualification in the audit report was as follows:
Included in fixed asset investments is a balance of £25,083 in respect of the company’s 75% holding in a subsidiary company.
Included within amounts owed by group undertakings is a balance of £455,691 due from this subsidiary. In our opinion the company is unlikely to recover these amounts and full provision should have been made.
Accordingly the profit for the year should have been decreased by £480,774 and the reserves reduced by £480,774.
The audit report was signed on 21 December 2021 by Jonathan Moore (Senior Statutory Auditor) on behalf of Whitings LLP.
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