SAFETY NOMINEE LIMITED
|
|
NOTES TO THE FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to the small companies regime. The disclosure requirements of section 1A have been applied other than where additional disclosure is required to show a true and fair 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 £. The financial statements have been prepared under the historical convention. The principal accounting policies adopted are set out below.
|
|
|
Going concern |
|
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the company being able to trade profitably in the future and the continued support of the company's director who is also a shareholder. The financial statements do not include any adjustments that would result if the company continued to make losses and such support were withdrawn. If the company was unable to continue to trade, adjustments would have to be made to reduce the value of assets to their recoverable amounts, provide for further liabilities that may arise and to reclassify fixed assets and long term liabilities as current assets and liabilities. The shareholder and director has expressed their willingness to continue supporting the company for the foreseeable future and hence it is appropriate for the financial statements to be prepared on a going concern basis. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
|
|
|
Debtors |
|
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs, 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 amortised cost using effective interest method, less any impairment.
|
|
|
Cash and cash equivalents |
|
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with financial institutions, and other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
|
|
Creditors |
|
Basic financial liabilities, including creditors, bank loans, 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 effective interest method. Financial liabilities classified as payable within one year are not amortised.
|
|
|
Provisions |
|
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
|
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
|
|
|
2 |
Employees |
2016 |
|
2015 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
3 |
Debtors |
2016 |
|
2015 |
£ |
£ |
|
|
Trade debtors |
500 |
|
500 |
|
|
|
|
|
|
|
|
|
|
4 |
Creditors: amounts falling due within one year |
2016 |
|
2015 |
£ |
£ |
|
|
Bank loans and overdrafts |
389 |
|
110 |
|
Other creditors |
6,065 |
|
5,113 |
|
|
|
|
|
|
6,454 |
|
5,223 |
|
|
|
|
|
|
|
|
|
|
5 |
Profit and loss account |
|
|
Profit and loss account represents movement of profit and loss during the year and dividends paid. |
|
6 |
Other information |
|
|
Safety Nominee Limited is a private company limited by shares and incorporated in England and Wales. The registered office is: 37 Warren Street, London, W1T 6AD. |
|
7 |
Transition to FRS 102 |
|
|
This is the first year that the company has presented its results under FRS 102. The last financial statements under UK GAAP were for the year ended 31 December 2015. The date of transition to FRS 102 was 1 January 2015. There are no transitional adjustments arising from the first time adoption of FRS 102. |