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Registration number: 10664067

New Concept Security Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

Pages for filing with Registrar

 

New Concept Security Ltd

Contents


 

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

New Concept Security Ltd

Company Information


 

Directors

Mr D Halliwell

Mr H Baldwin

Registered office

283 Church Street
Blackpool
Lancashire
FY1 3PG

 

New Concept Security Ltd

(Registration number: 10664067)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

65,452

933

Current assets

 

Debtors

5

131,646

60,546

Cash at bank and in hand

 

140,016

31,886

 

271,662

92,432

Creditors: Amounts falling due within one year

6

(105,127)

(154,231)

Net current assets/(liabilities)

 

166,535

(61,799)

Total assets less current liabilities

 

231,987

(60,866)

Creditors: Amounts falling due after more than one year

6

(312,303)

(30,844)

Net liabilities

 

(80,316)

(91,710)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(80,416)

(91,810)

Shareholders' deficit

 

(80,316)

(91,710)

 

New Concept Security Ltd

(Registration number: 10664067)
Balance Sheet as at 28 February 2023 (continued)

For the financial year ending 28 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 November 2023 and signed on its behalf by:
 

.........................................
Mr D Halliwell
Director

.........................................
Mr H Baldwin
Director

 

New Concept Security Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
283 Church Street
Blackpool
Lancashire
FY1 3PG
England

These financial statements were authorised for issue by the Board on 28 November 2023.

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.

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 £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

New Concept Security Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

2

Accounting policies (continued)

Government grants

The company recognises government grants on the accruals model under FRS102.

Grants that compensate the company for expenses incurred are recognised in profit or loss on a systematic basis in the periods in which the expenses are recognised.

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

Motor Vehicles

20% Reducing balance

Plant and machinery

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

 

New Concept Security Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

2

Accounting policies (continued)

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

New Concept Security Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
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 statement of financial position 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 liability simultaneously.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. As equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 60 (2022 - 30).

 

New Concept Security Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

-

2,166

2,166

Additions

66,849

-

66,849

At 28 February 2023

66,849

2,166

69,015

Depreciation

At 1 March 2022

-

1,233

1,233

Charge for the year

2,143

187

2,330

At 28 February 2023

2,143

1,420

3,563

Carrying amount

At 28 February 2023

64,706

746

65,452

At 28 February 2022

-

933

933

5

Debtors

Current

2023
£

2022
£

Trade debtors

130,846

48,514

Prepayments

800

4,032

Other debtors

-

8,000

 

131,646

60,546

 

New Concept Security Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10,000

7,500

Trade creditors

 

633

1,219

Taxation and social security

 

77,438

70,897

Accruals and deferred income

 

4,000

1,050

Other creditors

 

13,056

73,565

 

105,127

154,231

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

17,500

30,844

Other non-current financial liabilities

 

294,803

-

 

312,303

30,844