Company Registration No. 07638377 (England and Wales)
SAFE AND SOUND OUTDOORS (2007) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
SAFE AND SOUND OUTDOORS (2007) LIMITED
COMPANY INFORMATION
Directors
Mr C P Forde
Mr K A J Harrington
Mr G Parker
Mr G D Watson
Secretary
Mr C P Forde
Company number
07638377
Registered office
Safe And Sound Outdoors
Bridge Street
Llangollen
LL20 8PF
Accountants
McLintocks (NW) Limited
The Coach House
25 Rhosddu Road
Wrexham
LL11 1EB
SAFE AND SOUND OUTDOORS (2007) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SAFE AND SOUND OUTDOORS (2007) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
708,794
648,482
Current assets
Stocks
1,669
-
Debtors
5
17,305
-
Cash at bank and in hand
373
1,564
19,347
1,564
Creditors: amounts falling due within one year
6
(176,042)
(139,478)
Net current liabilities
(156,695)
(137,914)
Total assets less current liabilities
552,099
510,568
Creditors: amounts falling due after more than one year
7
(352,205)
(355,107)
Provisions for liabilities
(10,690)
-
Net assets
189,204
155,461
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
189,104
155,361
Total equity
189,204
155,461
SAFE AND SOUND OUTDOORS (2007) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2019
31 December 2019
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for:
-
ensuring that the company keeps accounting records which comply with Sections 386 and 387
of the Companies Act 2006 and
-
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 September 2020 and are signed on its behalf by:
Mr C P Forde
Director
Company Registration No. 07638377
SAFE AND SOUND OUTDOORS (2007) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
1
Accounting policies
Company information
Safe and Sound Outdoors (2007) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Safe And Sound Outdoors, Bridge Street, Llangollen, LL20 8PF.
1.1
Accounting convention
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 companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Over a 50 year useful life
Plant and equipment
25% Straight Line
Fixtures and fittings
25% Straight Line
Office Equipment
25% Straight Line
Motor vehicles
25% Straight Line
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 credited or charged to profit or loss
.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
SAFE AND SOUND OUTDOORS (2007) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, 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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors 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 financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SAFE AND SOUND OUTDOORS (2007) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
15
10
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2019 and 31 December 2019
33,600
Amortisation and impairment
At 1 January 2019 and 31 December 2019
33,600
Carrying amount
At 31 December 2019
-
At 31 December 2018
-
SAFE AND SOUND OUTDOORS (2007) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2019
623,193
89,277
712,470
Additions
61,415
42,245
103,660
Disposals
-
(3,544)
(3,544)
At 31 December 2019
684,608
127,978
812,586
Depreciation and impairment
At 1 January 2019
17,181
46,807
63,988
Depreciation charged in the year
14,899
26,878
41,777
Eliminated in respect of disposals
-
(1,973)
(1,973)
At 31 December 2019
32,080
71,712
103,792
Carrying amount
At 31 December 2019
652,528
56,266
708,794
At 31 December 2018
606,012
42,470
648,482
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
9,222
-
Other debtors
8,083
-
17,305
-
6
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
39,940
63,906
Trade creditors
28,081
26,271
Taxation and social security
65,623
41,554
Other creditors
42,398
7,747
176,042
139,478
SAFE AND SOUND OUTDOORS (2007) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
347,239
355,107
Other creditors
4,966
-
352,205
355,107
Bank loans and overdrafts are secured under fixed and floating charges on the assets of the company.
Hire purchase liabilities included within other creditors are secured against the assets to which they relate.
Creditors which fall due after five years are as follows:
2019
2018
£
£
Payable by instalments
200,565
171,615