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Registration number: 07199141

Scan-X Security Limited

Financial Statements

for the Year Ended 31 March 2018

 

Scan-X Security Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 7

 

Scan-X Security Limited

Company Information

Director

Mr Robin Wallader

Company secretary

Mrs C Wallader

Registered office

First Floor Offices
84-90 Market Street
Hednesford
Cannock
Staffordshire
WS12 1AG

Accountants

Bradley Accountancy Practice Ltd
84-90 Market Street
Hednesford
Cannock
Staffordshire
WS12 1AG

 

Scan-X Security Limited

(Registration number: 07199141)
Balance Sheet as at 31 March 2018

2017
£

Note

2018
£

Fixed assets

 

232,985

Tangible assets

4

313,330

Current assets

 

35,448

Stocks

5

17,654

124,386

Debtors

6

345,242

171,010

Cash at bank and in hand

 

244,190

330,844

 

 

607,086

(169,970)

 

Creditors: Amounts falling due within one year

7

(431,167)

160,874

Net current assets

 

175,919

393,859

Total assets less current liabilities

 

489,249

(18,304)

 

Creditors: Amounts falling due after more than one year

7

(26,554)

(44,267)

 

Provisions for liabilities

(59,533)

331,288

Net assets

 

403,162

Capital and reserves

 

100

Called up share capital

100

331,188

Profit and loss account

403,062

331,288

Total equity

 

403,162

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Scan-X Security Limited

(Registration number: 07199141)
Balance Sheet as at 31 March 2018

Approved and authorised by the director on 1 November 2018
 

.........................................

Mr Robin Wallader
Director

 

Scan-X Security Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
First Floor Offices
84-90 Market Street
Hednesford
Cannock
Staffordshire
WS12 1AG

The principal place of business is:
Unit 1 Westgate Trading Estate
Aldridge
Walsall
WS9 8EX

These financial statements were authorised for issue by the director on 1 November 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Scan-X Security Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Tools and equipment

25% reducing balance

Office equipment

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Scan-X Security Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2017 - 7).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2017

15,003

52,530

257,175

324,708

Additions

20,734

20,340

112,666

153,740

Disposals

(4,082)

-

-

(4,082)

At 31 March 2018

31,655

72,870

369,841

474,366

Depreciation

At 1 April 2017

9,200

17,127

65,396

91,723

Charge for the year

4,094

9,275

59,279

72,648

Eliminated on disposal

(3,335)

-

-

(3,335)

At 31 March 2018

9,959

26,402

124,675

161,036

Carrying amount

At 31 March 2018

21,696

46,468

245,166

313,330

At 31 March 2017

5,803

35,403

191,779

232,985

5

Stocks

2018
£

2017
£

Other inventories

17,654

35,448

6

Debtors

 

Scan-X Security Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

2018
£

2017
£

Trade debtors

329,668

118,845

Prepayments

15,574

5,541

345,242

124,386

7

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

8

12,385

7,226

Trade creditors

 

379,266

137,024

Taxation and social security

 

23,485

16,089

Accruals and deferred income

 

1,401

1,312

Other creditors

 

14,630

8,319

 

431,167

169,970

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

8

26,554

18,304

8

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Finance lease liabilities

26,554

18,304

2018
£

2017
£

Current loans and borrowings

Finance lease liabilities

12,385

7,226