Company Registration No. 07882931 (England and Wales)
SAFESHIP FULFILMENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
SAFESHIP FULFILMENT LTD
COMPANY INFORMATION
Directors
O W Davies
(Resigned 7 November 2017)
O W Davies
(Appointed 28 February 2018)
R Wilson
(Appointed 28 February 2018)
P M Harkness
(Resigned 28 February 2018)
Company number
07882931
Registered office
Suite 25
Eden House
The Industrial Estate
Enterprise Way
Edenbridge
Kent
TN8 6HF
Accountants
Stephenson Smart & Co
36 Tyndall Court
Commerce Road
Lynchwood
Peterborough
Cambridgeshire
PE2 6LR
Business address
3 Cullet Drive
Queenborough
Kent
ME11 5JS
SAFESHIP FULFILMENT LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SAFESHIP FULFILMENT LTD
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,234
22,628
Tangible assets
4
2,243
6,946
Current assets
Stocks
115,762
135,523
Debtors
5
187,646
33,795
Cash at bank and in hand
144,721
214,976
448,129
384,294
Creditors: amounts falling due within one year
6
(300,475)
(264,055)
Net current assets
147,654
120,239
Total assets less current liabilities
153,131
149,813
Creditors: amounts falling due after more than one year
7
(375,000)
(375,000)
Net liabilities
(221,869)
(225,187)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(221,969)
(225,287)
Total equity
(221,869)
(225,187)

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 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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.

SAFESHIP FULFILMENT LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 May 2018 and are signed on its behalf by:
O W Davies
Director
Company Registration No. 07882931
SAFESHIP FULFILMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
1
Accounting policies
Company information

Safeship Fulfilment Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Suite 25, Eden House, The Industrial Estate, Enterprise Way, Edenbridge, Kent, TN8 6HF.

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
Going concern

A t the time of approving the financial statements , t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company is however reliant upon the continuing financial support of Mytime Media Limited in respect of the long term borrowings of the company. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
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.

 

1.5
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:

Plant and machinery
20% straight line
Fixtures, fittings & equipment
20% straight line
Computer equipment
33% 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 .

SAFESHIP FULFILMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.8
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.10
Equity instruments

Equity instruments being the share capital issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

SAFESHIP FULFILMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 5 -
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.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 6 (2016 - 8).

SAFESHIP FULFILMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2017 and 31 December 2017
246,619
Amortisation and impairment
At 1 January 2017
223,991
Amortisation charged for the year
19,394
At 31 December 2017
243,385
Carrying amount
At 31 December 2017
3,234
At 31 December 2016
22,628
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2017 and 31 December 2017
27,690
Depreciation and impairment
At 1 January 2017
20,743
Depreciation charged in the year
4,704
At 31 December 2017
25,447
Carrying amount
At 31 December 2017
2,243
At 31 December 2016
6,946
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
35,855
-
Other debtors
151,791
33,795
187,646
33,795
SAFESHIP FULFILMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 7 -
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
128,678
96,763
Amounts due to group undertakings
134,936
140,995
Other taxation and social security
26,331
15,121
Other creditors
10,530
11,176
300,475
264,055
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
375,000
375,000

The long-term loan is unsecured and is repayable in June 2020. The interest rate on the loan is 10% per annum and considered market rate.

8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2017
2016
£
£
62,500
87,500

 

 

SAFESHIP FULFILMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 8 -
10
Events after the reporting date

On 28 th February 2018, MyTime Media Group Ltd acquired all the issued share capital of Hoop Holdings Ltd. Since this date, Hoop Holdings Ltd and its subsidiaries, SafeShip Fulfilment Ltd and David Hall Publishing Ltd are now owned by MyTime Media Group Ltd, which itself is a subsidiary of MyTime Media Holdings Ltd.

11
Related party transactions
Transactions with related parties

Under the terms of the legal charge dated 30 June 2015 Chrysalis VCT PLC hold a fixed and floating charge over all the property or undertaking of the company. This charge includes a cross company guarantee made between Safeship Fulfilment Limited and its parent company Hoop Holdings Limited.

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