3 31/10/2021 2021-10-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2020-11-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 12230191 2020-11-01 2021-10-31 12230191 2021-10-31 12230191 2020-10-31 12230191 2019-11-01 2020-10-31 12230191 2020-10-31 12230191 core:FurnitureFittingsToolsEquipment 2020-11-01 2021-10-31 12230191 bus:RegisteredOffice 2020-11-01 2021-10-31 12230191 bus:LeadAgentIfApplicable 2020-11-01 2021-10-31 12230191 bus:Director1 2020-11-01 2021-10-31 12230191 bus:Director2 2020-11-01 2021-10-31 12230191 core:FurnitureFittingsToolsEquipment 2020-10-31 12230191 core:MotorVehicles 2020-10-31 12230191 core:FurnitureFittingsToolsEquipment 2021-10-31 12230191 core:MotorVehicles 2021-10-31 12230191 core:WithinOneYear 2021-10-31 12230191 core:WithinOneYear 2020-10-31 12230191 core:ShareCapital 2021-10-31 12230191 core:ShareCapital 2020-10-31 12230191 core:RetainedEarningsAccumulatedLosses 2021-10-31 12230191 core:RetainedEarningsAccumulatedLosses 2020-10-31 12230191 core:MotorVehicles 2020-11-01 2021-10-31 12230191 core:FurnitureFittingsToolsEquipment 2020-10-31 12230191 core:MotorVehicles 2020-10-31 12230191 bus:SmallEntities 2020-11-01 2021-10-31 12230191 bus:AuditExemptWithAccountantsReport 2020-11-01 2021-10-31 12230191 bus:FullAccounts 2020-11-01 2021-10-31 12230191 bus:SmallCompaniesRegimeForAccounts 2020-11-01 2021-10-31 12230191 bus:PrivateLimitedCompanyLtd 2020-11-01 2021-10-31 12230191 core:OtherRelatedParties 2020-11-01 2021-10-31
Company registration number: 12230191
Secure-Link Systems Limited
Unaudited filleted financial statements
31 October 2021
Secure-Link Systems Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Secure-Link Systems Limited
Directors and other information
Directors Mr William Cole
Mr Steven Lemon
Company number 12230191
Registered office 135 Longford Road
Neath
SA10 7HF
Business address 135 Longford Road
Neath
SA10 7HF
Accountants Morgan Hemp
103-104 Walter Road
Swansea
SA1 5QF
Secure-Link Systems Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Secure-Link Systems Limited
Year ended 31 October 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Secure-Link Systems Limited for the year ended 31 October 2021 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Secure-Link Systems Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Secure-Link Systems Limited and state those matters that we have agreed to state to the board of directors of Secure-Link Systems Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Secure-Link Systems Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Secure-Link Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Secure-Link Systems Limited. You consider that Secure-Link Systems Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Secure-Link Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Morgan Hemp
103-104 Walter Road
Swansea
SA1 5QF
25 July 2022
Secure-Link Systems Limited
Statement of financial position
31 October 2021
31/10/21 31/10/20
Note £ £ £ £
Fixed assets
Tangible assets 5 1,538 2,005
_______ _______
1,538 2,005
Current assets
Stocks 1,328 1,025
Debtors 6 18,145 13,131
Cash at bank and in hand 3,559 1,671
_______ _______
23,032 15,827
Creditors: amounts falling due
within one year 7 ( 23,611) ( 17,396)
_______ _______
Net current liabilities ( 579) ( 1,569)
_______ _______
Total assets less current liabilities 959 436
Provisions for liabilities ( 292) ( 412)
_______ _______
Net assets 667 24
_______ _______
Capital and reserves
Called up share capital 100 2
Profit and loss account 567 22
_______ _______
Shareholders funds 667 24
_______ _______
For the year ending 31 October 2021 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 July 2022 , and are signed on behalf of the board by:
Mr William Cole Mr Steven Lemon
Director Director
Company registration number: 12230191
Secure-Link Systems Limited
Notes to the financial statements
Year ended 31 October 2021
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 135 Longford Road, Neath, SA10 7HF.
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'.
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.
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 - 20 % 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 .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2020: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 November 2020 and 31 October 2021 833 1,500 2,333
_______ _______ _______
Depreciation
At 1 November 2020 28 300 328
Charge for the year 167 300 467
_______ _______ _______
At 31 October 2021 195 600 795
_______ _______ _______
Carrying amount
At 31 October 2021 638 900 1,538
_______ _______ _______
At 31 October 2020 805 1,200 2,005
_______ _______ _______
6. Debtors
31/10/21 31/10/20
£ £
Trade debtors 14,661 12,384
Other debtors 3,484 747
_______ _______
18,145 13,131
_______ _______
7. Creditors: amounts falling due within one year
31/10/21 31/10/20
£ £
Social security and other taxes 5,387 3,177
Other creditors 18,224 14,219
_______ _______
23,611 17,396
_______ _______
8. Related party transactions
Included in creditors is a balance of £17,240 (2020: £13,396) owed to the directors.