Universal Safety Consultants Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02926910 (England and Wales)

UNIVERSAL SAFETY CONSULTANTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

G J M Durrant

B A I Durrant

SECRETARY:

Mrs K M Durrant

REGISTERED OFFICE:

2 Victoria Road

Harpenden

Hertfordshire

AL5 4EA

REGISTERED NUMBER:

02926910 (England and Wales)

ACCOUNTANTS:

Miller & Co

Chartered Accountants

2 Victoria Road

Harpenden

Hertfordshire

AL5 4EA

FIXED ASSETS

Tangible assets

5

714

384,841

CURRENT ASSETS

Debtors

6

375,873

47,576

Cash at bank and in hand

12,869

365

388,742

47,941

CREDITORS

Amounts falling due within one year

7

349,956

481,476

NET CURRENT ASSETS/(LIABILITIES)

38,786

(433,535

)

TOTAL ASSETS LESS CURRENT LIABILITIES

39,500

(48,694

)

CREDITORS

Amounts falling due after more than one year

8

33,727

219,707

NET ASSETS/(LIABILITIES)

5,773

(268,401

)

CAPITAL AND RESERVES

Called up, paid and allotted share capital

2

2

Retained earnings

5,771

(268,403

)

SHAREHOLDERS' FUNDS

5,773

(268,401

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 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.

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 27 April 2023 and were signed on its behalf by:

G J M Durrant - Director

1.	STATUTORY INFORMATION

Universal Safety Consultants 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.

The presentation currency of the financial statements is the Pound Sterling, rounded to the nearest pound.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The company has made a loss for the year of £78,965. This was due to reduced trading due to the Covid-19 pandemic.

Whilst the company has net liabilities at the balance sheet date, the company is operating within its banking facilities and is being supported by directors loans. On this basis the accounts have been prepared on the going concern basis which is considered appropriate by the directors.

Income recognition

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.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors and other debtors and creditors and loans from banks, other third parties and related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting date for evidence of impairment. If evidence of impairment is found then an impairment loss is recognized in the Statement of Comprehensive Income.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Hire purchase and leasing commitments

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 5 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 August 2021

440,215

69,931

8,293

518,439

Disposals

(440,215

)

-

-

(440,215

)

At 31 July 2022

-

69,931

8,293

78,224

DEPRECIATION

At 1 August 2021

56,443

69,931

7,224

133,598

Charge for year

-

-

355

355

Eliminated on disposal

(56,443

)

-

-

(56,443

)

At 31 July 2022

-

69,931

7,579

77,510

NET BOOK VALUE

At 31 July 2022

-

-

714

714

At 31 July 2021

383,772

-

1,069

384,841

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

31,912

34,915

Amounts owed by group undertakings

343,961

-

Other debtors

-

12,661

375,873

47,576

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

4,930

31,345

Trade creditors

6,713

6,302

Amounts owed to group undertakings

33,414

33,414

Taxation and social security

29,689

72,835

Other creditors

275,210

337,580

349,956

481,476

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

33,727

219,707

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

33,727

111,885

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

38,657

246,787

10.	RELATED PARTY DISCLOSURES

At 31 July 2022, the balance due to Elitewilde Holdings Limited, the parent company was £33,414 (2021: £33,414). The balance outstanding is unsecured, interest free and repayable on demand.

The company operates a loan account with Mr G J Durrant, a director of the company and Mrs K Durrant, the company secretary, which is repayable on demand..The balance owing to them at the balance sheet date was £261,633 (2021: £265,374).

During the year the company sold its freehold property to USC UK Ltd, a group company for £695,000. The balance owing to Universal Safety Consultants Limited at the year end was £343,961. The loan is interest free and repayable on demand.

11.

COVID-19

The directors have reviewed the company's position at the balance sheet date and up to the date of signing these accounts and has concluded that there are no material post balance sheet event adjustments required to the carrying amounts of the company's assets and liabilities as a result of the continuing effects of the pandemic. They also do not consider that there will be any material financial effect from the pandemic that will impact on the company's ability to continue as a going concern for a period of 12 months from the date of approval of these accounts.