REGISTERED NUMBER:
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THE SAFETY SUPPLY COMPANY LTD |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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REGISTERED NUMBER:
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THE SAFETY SUPPLY COMPANY LTD |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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THE SAFETY SUPPLY COMPANY LTD (REGISTERED NUMBER: 05870213) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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Company Information | 1 |
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Abridged Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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THE SAFETY SUPPLY COMPANY LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
923 Finchley Road |
London |
NW11 7PE |
THE SAFETY SUPPLY COMPANY LTD (REGISTERED NUMBER: 05870213) |
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ABRIDGED STATEMENT OF FINANCIAL POSITION |
31ST DECEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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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 ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 6 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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 SAFETY SUPPLY COMPANY LTD (REGISTERED NUMBER: 05870213) |
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ABRIDGED STATEMENT OF FINANCIAL POSITION - continued |
31ST DECEMBER 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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THE SAFETY SUPPLY COMPANY LTD (REGISTERED NUMBER: 05870213) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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1. | STATUTORY INFORMATION |
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The Safety Supply Company Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Revenue from sale of goods is recognised when goods are delivered and legal title has passed. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below. |
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Depreciation is provided on the following basis: |
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Plant and machinery - 25% on reducing balance |
Fixtures and fittings - 25% on reducing balance |
Motor vehicles - 25% on reducing balance |
Computer and equipment - 25% on reducing balance |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. |
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. |
THE SAFETY SUPPLY COMPANY LTD (REGISTERED NUMBER: 05870213) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Debtors |
Basic financial assets, including trade and other debtors, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
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Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
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Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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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. |
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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. |
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Pension costs and other post-retirement benefits |
The company contributes to a defined contribution pension scheme , "NEST" , for the benefit of its employees. Contributions are recognised in profit or loss as they become payable. |
THE SAFETY SUPPLY COMPANY LTD (REGISTERED NUMBER: 05870213) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Operating leases |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Totals |
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COST |
At 1st January 2020 |
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Additions |
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At 31st December 2020 |
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AMORTISATION |
At 1st January 2020 |
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Amortisation for year |
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At 31st December 2020 |
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NET BOOK VALUE |
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At 31st December 2020 |
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At 31st December 2019 |
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5. | TANGIBLE FIXED ASSETS |
Totals |
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COST |
At 1st January 2020 |
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Additions |
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At 31st December 2020 |
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DEPRECIATION |
At 1st January 2020 |
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Charge for year |
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At 31st December 2020 |
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NET BOOK VALUE |
At 31st December 2020 |
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At 31st December 2019 |
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THE SAFETY SUPPLY COMPANY LTD (REGISTERED NUMBER: 05870213) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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6. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax | 16,719 | 15,683 |
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Deferred |
tax |
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Balance at 1st January 2020 |
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Charge to Income Statement during year |
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Balance at 31st December 2020 |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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'A' Ordinary | £1 | 1,064 | 1,064 |
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'B' Ordinary | £1 | 451 | 451 |
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'C' Ordinary | £1 | 271 | 271 |
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'D' Ordinary | £1 | 19 | 19 |
95 | 'E' Ordinary | £1 | 95 | 95 |
1,900 | 1,900 |
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8. | RELATED PARTY DISCLOSURES |
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Included within other debtors is a loan of £420,961 (2019 : £20,960) to North West London Properties Ltd, a company in which Mr E L Scheiner is a director. This loan is unsecured, interest free and repayable upon demand. |
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Included within other debtors is a loan of £170,000 to Hallton Ltd a company in which Mr N D Heller is a director. This loan is unsecured, interest free and repayable upon demand. |