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Registration number: 09257416

Global Security Measures Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 October 2022

 

Global Security Measures Limited
(Registration number: 09257416)

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Global Security Measures Limited
(Registration number: 09257416)

Company Information

Director

Mr M J Stevens

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Global Security Measures Limited
(Registration number: 09257416)

Balance Sheet as at 31 October 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

-

157

Current assets

 

Debtors

5

48,550

51,694

Creditors: Amounts falling due within one year

6

(23,893)

(25,562)

Net current assets

 

24,657

26,132

Total assets less current liabilities

 

24,657

26,289

Creditors: Amounts falling due after more than one year

6

(28,000)

(28,000)

Provisions for liabilities

-

(30)

Net liabilities

 

(3,343)

(1,741)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(3,443)

(1,841)

Total equity

 

(3,343)

(1,741)

For the financial year ending 31 October 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 26 October 2023
 

.........................................
Mr M J Stevens
Director

 

Global Security Measures Limited
(Registration number: 09257416)

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

1

General information

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

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The director acknowledges the insolvent balance sheet after this trading period. He has pledged to continue to support the company so it can continue to meet its obligations as they arise. Therefore the financial statements have been prepared on a going concern basis.

Tax

The tax expense for the period comprises 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Global Security Measures Limited
(Registration number: 09257416)

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

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.

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

Office Equipment

33.3% straightline

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Global Security Measures Limited
(Registration number: 09257416)

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

3

Staff numbers

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2021

5,341

5,341

Disposals

(5,341)

(5,341)

At 31 October 2022

-

-

Depreciation

At 1 November 2021

5,184

5,184

Charge for the year

157

157

Eliminated on disposal

(5,341)

(5,341)

At 31 October 2022

-

-

Carrying amount

At 31 October 2022

-

-

At 31 October 2021

157

157

5

Debtors

2022
£

2021
£

Other debtors

48,550

51,694

Total current trade and other debtors

48,550

51,694

 

Global Security Measures Limited
(Registration number: 09257416)

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

6

Creditors

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

7

7,023

7,010

Taxation and social security

 

14,461

15,732

Accrued expenses

 

2,409

2,820

 

23,893

25,562

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

7

28,000

28,000

7

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

7,000

7,000

Bank overdrafts

23

10

7,023

7,010

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

28,000

28,000

 

Global Security Measures Limited
(Registration number: 09257416)

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

8

Related party transactions

Transactions with the director

2022

At 1 November 2021
£

Repayments by director
£

At 31 October 2022
£

Interest free loan repayable on demand

39,014

(2,373)

36,641

       
     

 

2021

At 1 November 2020
£

Advances to director
£

Repayments by director
£

At 31 October 2021
£

Interest free loan repayable on demand

24,017

14,999

(2)

39,014