Intersafe Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03140542 (England and Wales)

INTERSAFE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Pendle

M L Truscott

C Lang

REGISTERED OFFICE:

Unit 5

Old Farm Court

Nursling Street

Southampton

Hampshire

SO16 0AJ

REGISTERED NUMBER:

03140542 (England and Wales)

FIXED ASSETS

Tangible assets

4

765,652

660,768

CURRENT ASSETS

Debtors

5

688,239

551,223

Cash at bank

229,400

175,934

917,639

727,157

CREDITORS

Amounts falling due within one year

6

(460,841

)

(374,398

)

NET CURRENT ASSETS

456,798

352,759

TOTAL ASSETS LESS CURRENT LIABILITIES

1,222,450

1,013,527

CREDITORS

Amounts falling due after more than one year

7

(344,648

)

(311,057

)

PROVISIONS FOR LIABILITIES

(94,534

)

(72,806

)

NET ASSETS

783,268

629,664

CAPITAL AND RESERVES

Called up share capital

500

500

Retained earnings

782,768

629,164

SHAREHOLDERS' FUNDS

783,268

629,664

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2023 and were signed on its behalf by:

A Pendle - Director

1.	STATUTORY INFORMATION

Intersafe 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 FRS102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The disclosure requirements of section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and far view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover

Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% Straight line

Improvements to property

-

2% Straight line

Plant and machinery

-

Straight line over 4 years

Motor vehicles

-

25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Financial assets

The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities

Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, 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.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 50 (2021 - 33 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

Motor

property

property

machinery

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2022

356,066

19,835

211,851

382,063

969,815

Additions

-

-

57,140

168,442

225,582

At 31 December 2022

356,066

19,835

268,991

550,505

1,195,397

DEPRECIATION

At 1 January 2022

18,693

916

138,859

150,579

309,047

Charge for year

7,122

389

33,216

79,971

120,698

At 31 December 2022

25,815

1,305

172,075

230,550

429,745

NET BOOK VALUE

At 31 December 2022

330,251

18,530

96,916

319,955

765,652

At 31 December 2021

337,373

18,919

72,992

231,484

660,768

The net book value tangible fixed assets includes £184,305 (2021 - £137,807) in respect of assets held under hire purchase contacts.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

572,024

401,341

Other debtors

116,215

149,882

688,239

551,223

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

19,264

18,625

Hire purchase contracts (see note 8)

67,717

38,402

Trade creditors

120,792

100,706

Taxation and social security

242,050

205,061

Other creditors

11,018

11,604

460,841

374,398

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

246,187

265,917

Hire purchase contracts (see note 8)

98,461

45,140

344,648

311,057

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by instalments

177,619

189,163

177,619

189,163

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2022

2021

£

£

Net obligations repayable:

Within one year

67,717

38,402

Between one and five years

98,461

45,140

166,178

83,542

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Hire purchase contracts

166,178

83,542

Bank Loans

228,988

238,379

395,166

321,921

Hire purchase balances are secured on the assets to which they relate.

The bank loans are secured against the property to which they relate.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year advances totalling £75,028 (2021: £75,712) were made to the company's director. £77,479 (2021: £74,000) was repaid prior to the year end. The balance outstanding at the year end was £91,704 (2021: £94,155).

Interest of £2,028 (2021: £1,712) has been charged on this loan at a rate of 2.0% (2021: 2.0% & 2.25%) and the advances are repayable on demand.