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Company registration number: 09894553
ACT Safeguard Limited
Unaudited filleted financial statements
31 March 2020
ACT Safeguard Limited
Contents
Balance sheet
Notes to the financial statements
ACT Safeguard Limited
Balance sheet
31 March 2020
2020 2019
Note £ £ £ £
Fixed assets
Intangible assets 5 78,687 121,607
Tangible assets 6 11,258 12,273
_______ _______
89,945 133,880
Current assets
Debtors 7 6,180 450,865
Cash at bank and in hand 28,722 41,648
_______ _______
34,902 492,513
Creditors: amounts falling due
within one year 8 ( 368,243) ( 425,261)
_______ _______
Net current (liabilities)/assets ( 333,341) 67,252
_______ _______
Total assets less current liabilities ( 243,396) 201,132
_______ _______
Net (liabilities)/assets ( 243,396) 201,132
_______ _______
Capital and reserves
Called up share capital 9 1 1
Profit and loss account ( 243,397) 201,131
_______ _______
Shareholders (deficit)/funds ( 243,396) 201,132
_______ _______
For the year ending 31 March 2020 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.
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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 June 2020 , and are signed on behalf of the board by:
Mr B Boston
Director
Company registration number: 09894553
ACT Safeguard Limited
Notes to the financial statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vaughan House, Eggleston Court, Middlesbrough, TS2 1RU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2019: 2 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2019 and 31 March 2020 214,600 214,600
_______ _______
Amortisation
At 1 April 2019 92,993 92,993
Charge for the year 42,920 42,920
_______ _______
At 31 March 2020 135,913 135,913
_______ _______
Carrying amount
At 31 March 2020 78,687 78,687
_______ _______
At 31 March 2019 121,607 121,607
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2019 14,333 14,333
Additions 904 904
_______ _______
At 31 March 2020 15,237 15,237
_______ _______
Depreciation
At 1 April 2019 2,060 2,060
Charge for the year 1,919 1,919
_______ _______
At 31 March 2020 3,979 3,979
_______ _______
Carrying amount
At 31 March 2020 11,258 11,258
_______ _______
At 31 March 2019 12,273 12,273
_______ _______
7. Debtors
2020 2019
£ £
Trade debtors 369 5,230
Other debtors 5,811 445,635
_______ _______
6,180 450,865
_______ _______
8. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 238 9,784
Amounts owed to group undertakings and undertakings in which the company has a participating interest 352,659 375,531
Corporation tax 12,835 37,137
Social security and other taxes 611 974
Other creditors 1,900 1,835
_______ _______
368,243 425,261
_______ _______
9. Called up share capital
Issued, called up and fully paid
2020 2019
No £ No £
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
10. Charges
A debenture over all of the company's assets has been granted to Mr J P Oddy in respect of a loan due to him by the ultimate parent company, BSH Management Limited.
11. Support of parent company
The balance sheet of ACT Safeguard Limited shows a net liabilities position at 31 March 2020. The company has the financial support of its ultimate parent company, BSH Management Limited, which will allow the company to continue to trade for the foreseeable future.