The Safeguarding Company Limited - Period Ending 2022-12-31
The Safeguarding Company Limited - Period Ending 2022-12-31
Registration number:
The Safeguarding Company Limited
for the Year Ended 31 December 2022
The Safeguarding Company Limited
(Registration number: 9075059)
Balance Sheet as at 31 December 2022
Note |
2022 |
2021 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
1,299 |
1,299 |
|
Share premium reserve |
3,166,989 |
3,166,989 |
|
Profit and loss account |
(6,546,233) |
(5,122,561) |
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Shareholders' deficit |
(3,377,945) |
(1,954,273) |
For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
The Safeguarding Company Limited
(Registration number: 9075059)
Balance Sheet as at 31 December 2022
Approved and authorised by the
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The Safeguarding Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company have made a loss of £1,423,672 (2021: £1,817,667) in the period, and at the 31st December 2022, had negative retained earnings of £6,546,233 (2021: £5,122,561), and net liabilities of £3,377,945 (2020: £1,954,273).
However, the company continues to retain the support of its directors, investors and financial institutions, and also is continuing to trade strongly and in line with its forecasts and business plans.
Therefore, it is considered appropriate to prepare the financial statements on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
The Safeguarding Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Intangible assets
Intangible assets relate to separately identfiable costs incurred in relation to the development of the company website, the rebrand of the company, and also ghost writing costs in relation to a book published by the company They are each recognised at cost, and amortised in line with the amortisation policy below.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website Development |
33% Straight Line |
Brand Names |
10% - 20% Straight Line |
Ghost Writing |
20% Straight Line |
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold Property |
10% Straight Line |
Fixtures & Fittings |
20% Straight Line |
Office Equipment |
25% Reducing Balance |
The Safeguarding Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
The Safeguarding Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial Instruments
Classification
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Debt instruments are subsequently measured at amortised cost.
The Safeguarding Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Intangible assets |
Total |
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Cost or valuation |
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At 1 January 2022 |
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At 31 December 2022 |
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Amortisation |
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At 1 January 2022 |
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Amortisation charge |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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The Safeguarding Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2022 |
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Additions |
- |
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Disposals |
- |
( |
( |
At 31 December 2022 |
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Depreciation |
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At 1 January 2022 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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Included within the net book value of land and buildings above is £14,898 (2021 - £17,052) in respect of long leasehold land and buildings.
Investments |
2022 |
2021 |
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Investments in subsidiaries |
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The Safeguarding Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2022 |
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Additions |
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At 31 December 2022 |
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Provision |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2022 |
2021 |
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Subsidiary undertakings |
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Unit 2 Talbot Green Business Centre
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2005 East 2700 South
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Subsidiary undertakings |
One Team Property Ltd The principal activity of One Team Property Ltd is |
The Safeguarding Company Inc. The principal activity of The Safeguarding Company Inc. is |
The Safeguarding Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Debtors |
Current |
2022 |
2021 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Included within bank loans and overdrafts due within one year, are loans totalling £97,082 (2021: £90,226). The loans are secured by combination of fixed and floating charge over the assets of the company, as well as personal guarantees and a deed of subordination provided by the directors.
Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Other creditors |
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2,052,521 |
1,975,038 |
Included within loans and borrowings due in greater than one year, are loans totalling £69,046 (2021: £170,476). The loans are secured by combination of fixed and floating charge over the assets of the company, as well as personal guarantees and a deed of subordination provided by the directors.
The Safeguarding Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Loans and borrowings |
2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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Directors loan accounts |
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2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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1,026.00 |
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1,026.00 |
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272.55 |
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272.55 |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2022 |
2021 |
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Not later than one year |
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Later than one year and not later than five years |
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- |
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