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Registration number: 10083967

Eye Spy Security Systems Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Eye Spy Security Systems Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Eye Spy Security Systems Limited

Company Information

Director

Mr S Pitman

Registered office

25 Milverton Road
Llanrumney
Cardiff
CF3 5SB

Accountants

Mitchell Meredith Limited
The Hawthorns
6 North Road
Cardiff
CF10 3DU

 

Eye Spy Security Systems Limited

(Registration number: 10083967)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

983

1,229

Current assets

 

Debtors

5

6,708

7,246

Cash at bank and in hand

 

92

64

 

6,800

7,310

Creditors: Amounts falling due within one year

6

(2,644)

(2,365)

Net current assets

 

4,156

4,945

Total assets less current liabilities

 

5,139

6,174

Creditors: Amounts falling due after more than one year

6

(2,445)

(3,248)

Net assets

 

2,694

2,926

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

2,594

2,826

Shareholders' funds

 

2,694

2,926

 

Eye Spy Security Systems Limited

(Registration number: 10083967)
Balance Sheet as at 31 March 2022

For the financial year ending 31 March 2022 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 12 August 2022
 


Mr S Pitman
Director

 

Eye Spy Security Systems Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

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:
25 Milverton Road
Llanrumney
Cardiff
CF3 5SB
Wales

These financial statements were authorised for issue by the director on 12 August 2022.

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.

Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all
related conditions will be met, usually on submission of a valid claim for payment.

Government grants in respect of capital expenditure are credited to a deferred income account and are released
to profit over the expected useful lives of the relevant assets.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Tax

The tax expense for the period comprises current 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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

Eye Spy Security Systems Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

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

20% reducing balance

Office equipment

3 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 2).

 

Eye Spy Security Systems Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2021

500

3,000

3,500

At 31 March 2022

500

3,000

3,500

Depreciation

At 1 April 2021

500

1,771

2,271

Charge for the year

-

246

246

At 31 March 2022

500

2,017

2,517

Carrying amount

At 31 March 2022

-

983

983

At 31 March 2021

-

1,229

1,229

5

Debtors

2022
£

2021
£

Trade debtors

-

882

Other debtors

6,708

6,364

Total current trade and other debtors

6,708

7,246

 

Eye Spy Security Systems Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

7

888

752

Directors loan account

8

-

93

Other creditors

 

1,756

1,520

 

2,644

2,365

Due after one year

 

Loans and borrowings

7

2,445

3,248

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

7

2,445

3,248

7

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

2,445

3,248

2022
£

2021
£

Current loans and borrowings

Bank borrowings

888

752

Bank borrowings

Barclays Bounce Back Loan is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 18 June 2024. The carrying amount at year end is £3,333 (2021 - £4,000).

 

Eye Spy Security Systems Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

8

Related party transactions

Transactions with the director

2022

At 1 April 2021
£

Advances to directors
£

At 31 March 2022
£

Mr S Pitman

Overdrawn directors loan - interest charged at HMRC approved rate

-

1,542

1,542

       
     

 

Directors' remuneration

The director's remuneration for the year was as follows:

2022
£

2021
£

Remuneration

5,159

8,784