SAFE TEXTILES LIMITED Filleted accounts for Companies House (small and micro)

SAFE TEXTILES LIMITED Filleted accounts for Companies House (small and micro)

S.A.F.E.TEXTILES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00501125
SAFE TEXTILES LIMITED
Filleted Unaudited Financial Statements
31 December 2022
SAFE TEXTILES LIMITED
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
126,730
122,767
Current assets
Stocks
2,000
10,000
Debtors
6
344,640
251,063
Investments
7
332
332
Cash at bank and in hand
357,074
442,736
---------
---------
704,046
704,131
Creditors: amounts falling due within one year
8
3,201
3,475
---------
---------
Net current assets
700,845
700,656
---------
---------
Total assets less current liabilities
827,575
823,423
Creditors: amounts falling due after more than one year
9
17,852
20,000
---------
---------
Net assets
809,723
803,423
---------
---------
Capital and reserves
Called up share capital
500
500
Profit and loss account
809,223
802,923
---------
---------
Shareholders funds
809,723
803,423
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SAFE TEXTILES LIMITED
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 20 June 2023 , and are signed on behalf of the board by:
D Fluss
Director
Company registration number: 00501125
SAFE TEXTILES LIMITED
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Fixtures and fittings
-
25% reducing balance
Equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2021: 4 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2022
180,388
25,491
205,879
Additions
5,240
–
5,240
---------
--------
---------
At 31 December 2022
185,628
25,491
211,119
---------
--------
---------
Depreciation
At 1 January 2022
62,730
20,382
83,112
Charge for the year
–
1,277
1,277
---------
--------
---------
At 31 December 2022
62,730
21,659
84,389
---------
--------
---------
Carrying amount
At 31 December 2022
122,898
3,832
126,730
---------
--------
---------
At 31 December 2021
117,658
5,109
122,767
---------
--------
---------
6. Debtors
2022
2021
£
£
Trade debtors
150
150
Other debtors
344,490
250,913
---------
---------
344,640
251,063
---------
---------
7. Investments
2022
2021
£
£
Listed investments
332
332
----
----
8. Creditors: amounts falling due within one year
2022
2021
£
£
Social security and other taxes
612
975
Other creditors
2,589
2,500
-------
-------
3,201
3,475
-------
-------
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
17,852
20,000
--------
--------