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COMPANY REGISTRATION NUMBER: 05563169
Connected Security Limited
Filleted Unaudited Financial Statements
31 March 2023
Connected Security Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Current assets
Debtors
4
3,310
149,852
Cash at bank and in hand
934
1,966
-------
---------
4,244
151,818
Creditors: amounts falling due within one year
5
1,462
88,618
-------
---------
Net current assets
2,782
63,200
-------
--------
Total assets less current liabilities
2,782
63,200
Provisions
Taxation including deferred tax
237
-------
--------
Net assets
2,782
62,963
-------
--------
Capital and reserves
Called up share capital
55
55
Capital redemption reserve
45
45
Profit and loss account
2,682
62,863
-------
--------
Shareholders funds
2,782
62,963
-------
--------
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 income and retained earnings has not been delivered.
For the year ending 31 March 2023 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 .
Connected Security Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 16 October 2023 , and are signed on behalf of the board by:
Mr P J Jarvis
Mr N T Owen
Director
Director
Company registration number: 05563169
Connected Security Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit B, Wrexham Technology Park, Croesnewydd Road, Wrexham, LL13 7YP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company accounting policies.
Revenue recognition
The turnover in the profit and loss account represents amounts invoiced during the period for the supply and fit of digital surveillance equipment, exclusive of Value Added Tax where applicable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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:
Plant and machinery
-
25% reducing balance
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
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. 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 (see hedge accounting policy).
4. Debtors
2023
2022
£
£
Trade debtors
463
Other debtors
2,847
149,852
-------
---------
3,310
149,852
-------
---------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
66,829
Social security and other taxes
32
Other creditors - J Jarvis
7,074
Other creditors
1,430
14,715
-------
--------
1,462
88,618
-------
--------
6. Directors' advances, credits and guarantees
The directors operate a current account with the company. As follows:
2023
£
Opening Balance 6,634
Movement (6,634)
-------
Closing Balance
-------
No interest has been charged in respect of this loan.
7. Related party transactions
The company operates an inter business loan arrangement with Connectec Limited and made payments and loans on behalf of, and received loans from, the company during the year. At the year end the company was owed £1,091 from Connectec Limited. (2022 £142,267) No further transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 section 33 other than the operation of a directors' loan account. The balance on this account is disclosed in the notes.