Company registration number 06471644 (England and Wales)
VIDSEC LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
VIDSEC LIMITED
COMPANY INFORMATION
Directors
Mr S Monger
Mrs C Monger
Secretary
Mrs C Monger
Company number
06471644
Registered office
2 Barnfield Crescent
Exeter
Devon
United Kingdom
EX1 1QT
Accountants
Bush & Co Limited
2 Barnfield Crescent
Exeter
EX1 1QT
VIDSEC LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
VIDSEC LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
230,000
230,000
Current assets
Debtors
5
47,306
30,273
Cash at bank and in hand
6,518
21,554
53,824
51,827
Creditors: amounts falling due within one year
6
(43,956)
(54,808)
Net current assets/(liabilities)
9,868
(2,981)
Total assets less current liabilities
239,868
227,019
Creditors: amounts falling due after more than one year
7
(18,432)
(26,028)
Net assets
221,436
200,991
Capital and reserves
Called up share capital
2
2
Retained earnings
221,434
200,989
Total equity
221,436
200,991
VIDSEC LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -

The directors of the company have elected not to include a copy of the income statement 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.

The financial statements were approved by the board of directors and authorised for issue on 27 November 2023 and are signed on its behalf by:
Mr S Monger
Mrs C Monger
Director
Director
Company Registration No. 06471644
VIDSEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Vidsec Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Barnfield Crescent, Exeter, Devon, United Kingdom, EX1 1QT.

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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets - goodwill

Goodwill recognised represents the excess of the fair value and directly attributable costs to the

purchase consideration over the fair value of the identifiable net assets, liabilities and contingent

liabilities.

 

Goodwill is amortised over its expected useful life. Where the company is unable to make a reliable

estimate of useful life, goodwill is amortised over a period not exceeding 5 years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment charged to the income statement. Reversals of impairment are recognised when the reasons for the impairment no longer apply.

1.4
Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

VIDSEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.6
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 income statement 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.

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 income statement, 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.

1.7
Employee benefits

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

VIDSEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

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

2023
2022
Number
Number
Total
5
5
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
50,000
Amortisation and impairment
At 1 April 2022 and 31 March 2023
50,000
Carrying amount
At 31 March 2023
-
0
At 31 March 2022
-
0
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
230,000
230,000
VIDSEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
21,824
9,283
Other debtors
25,482
20,990
47,306
30,273
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
7,193
7,060
Trade creditors
2,263
627
Taxation and social security
3,363
4,820
Other creditors
31,137
42,301
43,956
54,808
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
18,432
26,028
8
Related party transactions

Included in other creditors is £19,346 owed to the directors as at the year end. The amount is interest free and carries no fixed terms of repayment.

 

Included in other debtors is £42,814 owed from companies under the control of the directors. These loans are interest free and carry no fixed terms of repayment.

 

2023-03-312022-04-01false27 November 2023CCH SoftwareCCH Accounts Production 2023.100Security systems service activities
Mr S MongerMrs C MongerMrs C Monger
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