Manchester Safety Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01438951 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2021

for

Manchester Safety Services Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

David Manchester

Paul Manchester

Louise Langhorn

SECRETARY:

Louise Langhorn

REGISTERED OFFICE:

Fir Street

Heywood

Lancashire

OL10 1NW

REGISTERED NUMBER:

01438951 (England and Wales)

ACCOUNTANTS:

Mayes Business Partnership Ltd

Chartered Certified Accountants

22-28 Willow Street

Accrington

Lancashire

BB5 1LP

BANKERS:

National Westminster Bank Plc

36 The Rock

Bury

Lancashire

BL9 0NU

FIXED ASSETS

Tangible assets

4

313,426

184,135

CURRENT ASSETS

Stocks

495,100

433,320

Debtors

459,417

407,187

Cash at bank and in hand

20,618

16,622

975,135

857,129

CREDITORS

Amounts falling due within one year

783,249

613,647

NET CURRENT ASSETS

191,886

243,482

TOTAL ASSETS LESS CURRENT LIABILITIES

505,312

427,617

CREDITORS

Amounts falling due after more than one year

(149,651

)

(156,316

)

PROVISIONS FOR LIABILITIES

(53,075

)

(26,957

)

NET ASSETS

302,586

244,344

CAPITAL AND RESERVES

Called up share capital

7

100,400

100,400

Retained earnings

202,186

143,944

SHAREHOLDERS' FUNDS

302,586

244,344

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

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

The directors acknowledge their 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 December 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 Board of Directors and authorised for issue on 10 March 2022 and were signed on its behalf by:

Paul Manchester - Director

1.	STATUTORY INFORMATION

Manchester Safety Services 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.

The company operates a trade shop, website and catalogue for the sale of road safety equipment and certain related products. Sales of goods are recognised on sale to the customer, which is considered the point of delivery. Retail sales are usually by cash, credit or payment card. Sales are made to retail customers with a right to return within 28 days, subject to certain conditions regarding the usage. Accumulated experience is used to estimate and provide for such returns at the time of sale. The company does not operate any loyalty programmes.

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

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Government grants

Covid-19 grants provided by the government are revenue-based grants and have been accounted for using the Accrual model. The grant has been recognised as income on a systematic basis over the period in which the entity recognises the related loss for which the grant is intended to compensate.

Stocks

Stocks are valued at the lower of cost at cost on a first in, first out basis after making due provision for obsolete and slow moving items.

Financial instruments

Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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.

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 17 (2020 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2021

612,807

Additions

204,507

Disposals

(56,621

)

At 31 December 2021

760,693

DEPRECIATION

At 1 January 2021

428,672

Charge for year

63,488

Eliminated on disposal

(44,893

)

At 31 December 2021

447,267

NET BOOK VALUE

At 31 December 2021

313,426

At 31 December 2020

184,135

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 January 2021

198,737

Additions

66,000

Transfer to ownership

(62,805

)

At 31 December 2021

201,932

DEPRECIATION

At 1 January 2021

98,608

Charge for year

12,832

Transfer to ownership

(40,098

)

At 31 December 2021

71,342

NET BOOK VALUE

At 31 December 2021

130,590

At 31 December 2020

100,129

5.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31/12/21

31/12/20

£

£

Net obligations repayable:

Within one year

61,864

31,476

Between one and five years

65,651

48,316

127,515

79,792

Non-cancellable operating

leases

31/12/21

31/12/20

£

£

Between one and five years

149,875

204,375

6.	SECURED DEBTS

The following secured debts are included within creditors:

31/12/21

31/12/20

£

£

Hire purchase contracts

127,515

79,792

Invoice discounting

285,531

211,954

413,046

291,746

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/21

31/12/20

value:

£

£

100,000

Ordinary

£1

100,000

100,000

100

Ordinary A

£1

100

100

100

Ordinary B

£1

100

100

100

Ordinary C

£1

100

100

100

Ordinary D

£1

100

100

100,400

100,400

A,B,C and D shares carry no voting rights and are entitled to dividends upon the recommendation of the directors. Such dividends may be paid either in respect of one class of shares to the exclusion of the other classes, or in respect of all classes of shares. In the event of winding up the holders of A,B,C and D shares are entitled to only the sum of the capital paid up on such shares.