Company registration number 07451715 (England and Wales)
VS SECURITY PRODUCTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
VS SECURITY PRODUCTS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
VS SECURITY PRODUCTS LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,235
1,653
Current assets
Stocks
106,157
58,505
Debtors
4
90,413
88,446
Cash at bank and in hand
117,982
98,403
314,552
245,354
Creditors: amounts falling due within one year
5
(110,710)
(125,490)
Net current assets
203,842
119,864
Total assets less current liabilities
205,077
121,517
Provisions for liabilities
(379)
(314)
Net assets
204,698
121,203
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
204,688
121,193
Total equity
204,698
121,203

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

VS SECURITY PRODUCTS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 November 2023 and are signed on its behalf by:
Mr D G Tucker
Director
Company registration number 07451715 (England and Wales)
VS SECURITY PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

VS Security Products Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 17 Pegasus Court, North Lane, Aldershot, Hampshire, England, GU12 4QP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25-33.3% on cost
Fixtures and fittings
25% on cost
Computers
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.

 

Cost is calculated using the first in, first out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

VS SECURITY PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.9

Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
5
6
VS SECURITY PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2022
32,714
5,111
22,179
60,004
Additions
-
0
-
0
710
710
At 31 March 2023
32,714
5,111
22,889
60,714
Depreciation and impairment
At 1 April 2022
32,714
4,686
20,951
58,351
Depreciation charged in the year
-
0
214
914
1,128
At 31 March 2023
32,714
4,900
21,865
59,479
Carrying amount
At 31 March 2023
-
0
211
1,024
1,235
At 31 March 2022
-
0
425
1,228
1,653
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
77,446
61,353
Other debtors
12,967
27,093
90,413
88,446
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
26,357
28,442
Corporation tax
17,487
13,991
Other taxation and social security
2,326
2,355
Other creditors
64,540
80,702
110,710
125,490
2023-03-312022-04-01false17 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr B E FlemingMr D G Tuckerfalse074517152022-04-012023-03-31074517152023-03-31074517152022-03-3107451715core:PlantMachinery2023-03-3107451715core:FurnitureFittings2023-03-3107451715core:ComputerEquipment2023-03-3107451715core:PlantMachinery2022-03-3107451715core:FurnitureFittings2022-03-3107451715core:ComputerEquipment2022-03-3107451715core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3107451715core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3107451715core:CurrentFinancialInstruments2023-03-3107451715core:CurrentFinancialInstruments2022-03-3107451715core:ShareCapital2023-03-3107451715core:ShareCapital2022-03-3107451715core:RetainedEarningsAccumulatedLosses2023-03-3107451715core:RetainedEarningsAccumulatedLosses2022-03-3107451715bus:Director22022-04-012023-03-3107451715core:PlantMachinery2022-04-012023-03-3107451715core:FurnitureFittings2022-04-012023-03-3107451715core:ComputerEquipment2022-04-012023-03-31074517152021-04-012022-03-3107451715core:PlantMachinery2022-03-3107451715core:FurnitureFittings2022-03-3107451715core:ComputerEquipment2022-03-31074517152022-03-3107451715core:WithinOneYear2023-03-3107451715core:WithinOneYear2022-03-3107451715bus:PrivateLimitedCompanyLtd2022-04-012023-03-3107451715bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3107451715bus:FRS1022022-04-012023-03-3107451715bus:AuditExemptWithAccountantsReport2022-04-012023-03-3107451715bus:Director12022-04-012023-03-3107451715bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP