Company Registration No. SC338785 (Scotland)
UNITE SECURITY AND ELECTRICAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
UNITE SECURITY AND ELECTRICAL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
UNITE SECURITY AND ELECTRICAL LTD
BALANCE SHEET
AS AT 31 MARCH 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
-
Tangible assets
4
66,175
63,041
66,175
63,041
Current assets
Stocks
85,866
72,700
Debtors
5
328,952
252,756
Cash at bank and in hand
13,693
7,182
428,511
332,638
Creditors: amounts falling due within one year
6
(430,443)
(314,241)
Net current (liabilities)/assets
(1,932)
18,397
Total assets less current liabilities
64,243
81,438
Creditors: amounts falling due after more than one year
7
(53,058)
(70,594)
Provisions for liabilities
(10,051)
(9,335)
Net assets
1,134
1,509
Capital and reserves
Called up share capital
8
10
10
Profit and loss reserves
1,124
1,499
Total equity
1,134
1,509
UNITE SECURITY AND ELECTRICAL LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2018
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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 26 October 2018 and are signed on its behalf by:
Mr G Kippen
Director
Company Registration No. SC338785
UNITE SECURITY AND ELECTRICAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information

Unite Security and Electrical Ltd is a private company limited by shares incorporated in Scotland. The registered office is 66 Tay Street, PERTH, PH2 8RA.

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 amounts 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

Although the financial statements have net current liabilities of £1,932, they have been prepared on the going concern basis as the director considers it appropriate to do so. In coming to this conclusion the director has agreed to financially support the company to ensure that all liabilities are met as they fall due.

1.3
Turnover

Turnover represents amounts receivable for supply and installation of security systems and electrical services net of VAT and trade discounts. Revenue is recognised when the company has entitlement to the income in exchange for the provision of services.

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 five 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:

Leasehold improvements
10% Straight line
Fixtures, fittings & equipment
15% Straight line
Computer equipment
33% Straight line
Motor vehicles
15% 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.

UNITE SECURITY AND ELECTRICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
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. 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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

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 and bank loans 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. 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. Amounts payable are classified as current liabilities if payment is due within one year or less.

1.10
Equity instruments

Equity instruments 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.

UNITE SECURITY AND ELECTRICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 5 -
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.

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.

 

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

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 18 (2017 - 18).

UNITE SECURITY AND ELECTRICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2017 and 31 March 2018
10,000
Amortisation
At 1 April 2017 and 31 March 2018
10,000
Carrying amount
At 31 March 2018
-
At 31 March 2017
-
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2017
31,574
63,184
94,758
Additions
-
18,917
18,917
At 31 March 2018
31,574
82,101
113,675
Depreciation
At 1 April 2017
6,361
25,356
31,717
Depreciation charged in the year
3,157
12,626
15,783
At 31 March 2018
9,518
37,982
47,500
Carrying amount
At 31 March 2018
22,056
44,119
66,175
At 31 March 2017
25,213
37,828
63,041
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
273,926
212,021
Corporation tax recoverable
-
7,046
Other debtors
55,026
33,689
328,952
252,756

Factored debts included within trade debtors amounted to £248,291 (2017 - £88,036).

 

UNITE SECURITY AND ELECTRICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
14,210
14,210
Trade creditors
124,169
154,745
Corporation tax
9,640
-
Other taxation and social security
87,055
48,275
Other creditors
195,369
97,011
430,443
314,241

Bank loans are secured by a floating charge over the company's assets.

 

Obligations under finance lease and hire purchase contracts are secured over the related assets.

 

The total obligations under hire purchase included within other creditors is £14,603 (2017 - £12,936)

7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
26,052
39,019
Other creditors
27,006
31,575
53,058
70,594

Bank loans are secured by a floating charge over the company's assets.

 

Obligations under finance lease and hire purchase contracts are secured over the related assets.

 

The total obligations under hire purchase included within other creditors is £16,006 (2017 - £14,575)

8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary shares of £1 each
10
10
10
10
UNITE SECURITY AND ELECTRICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 8 -
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:

2018
2017
£
£
30,761
37,181
10
Related party transactions

The following amounts were outstanding at the reporting end date:

2018
2017
Amounts owed to related parties
£
£
Key management personnel
13,960
12
2018-03-312017-04-01falseCCH SoftwareCCH Accounts Production 2018.220No description of principal activityMr G KippenMr M Douglas2018-03-31SC3387852017-04-012018-03-31SC3387852018-03-31SC3387852017-03-31SC338785core:LandBuildings2018-03-31SC338785core:OtherPropertyPlantEquipment2018-03-31SC338785core:LandBuildings2017-03-31SC338785core:OtherPropertyPlantEquipment2017-03-31SC338785core:CurrentFinancialInstruments2018-03-31SC338785core:CurrentFinancialInstruments2017-03-31SC338785core:WithinOneYear2018-03-31SC338785core:WithinOneYear2017-03-31SC338785core:AfterOneYear2018-03-31SC338785core:AfterOneYear2017-03-31SC338785core:Non-currentFinancialInstruments2018-03-31SC338785core:Non-currentFinancialInstruments2017-03-31SC338785core:ShareCapital2018-03-31SC338785core:ShareCapital2017-03-31SC338785core:RetainedEarningsAccumulatedLosses2018-03-31SC338785core:RetainedEarningsAccumulatedLosses2017-03-31SC338785core:ShareCapitalOrdinaryShares2018-03-31SC338785core:ShareCapitalOrdinaryShares2017-03-31SC338785bus:Director12017-04-012018-03-31SC338785core:Goodwill2017-04-012018-03-31SC338785core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2017-04-012018-03-31SC338785core:FurnitureFittings2017-04-012018-03-31SC338785core:ComputerEquipment2017-04-012018-03-31SC338785core:MotorVehicles2017-04-012018-03-31SC338785core:NetGoodwill2017-03-31SC338785core:LandBuildings2017-03-31SC338785core:OtherPropertyPlantEquipment2017-03-31SC3387852017-03-31SC338785core:OtherPropertyPlantEquipment2017-04-012018-03-31SC338785core:LandBuildings2017-04-012018-03-31SC338785bus:OrdinaryShareClass12017-04-012018-03-31SC338785bus:OrdinaryShareClass12018-03-31SC338785bus:PrivateLimitedCompanyLtd2017-04-012018-03-31SC338785bus:FRS1022017-04-012018-03-31SC338785bus:AuditExemptWithAccountantsReport2017-04-012018-03-31SC338785bus:SmallCompaniesRegimeForAccounts2017-04-012018-03-31SC338785bus:Director22017-04-012018-03-31SC338785bus:FullAccounts2017-04-012018-03-31xbrli:purexbrli:sharesiso4217:GBP