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Registration number: 13433891

AB Security Solutions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

AB Security Solutions Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

AB Security Solutions Ltd

Company Information

Directors

Mr A B Budworth

Miss K Ventham

Registered office

66-68 Oswald Road
Scunthorpe
DN15 7PG

 

AB Security Solutions Ltd

(Registration number: 13433891)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

55,045

15,867

Current assets

 

Debtors

5

287,379

125,092

Cash at bank and in hand

 

160,942

80,664

 

448,321

205,756

Creditors: Amounts falling due within one year

6

(266,879)

(174,322)

Net current assets

 

181,442

31,434

Total assets less current liabilities

 

236,487

47,301

Creditors: Amounts falling due after more than one year

6

(30,120)

-

Provisions for liabilities

(10,218)

-

Net assets

 

196,149

47,301

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

196,147

47,299

Shareholders' funds

 

196,149

47,301

For the financial year ending 30 June 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 29 November 2023 and signed on its behalf by:
 

.........................................
Mr A B Budworth
Director

 

AB Security Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 13433891.

The address of its registered office is:
66-68 Oswald Road
Scunthorpe
DN15 7PG

These financial statements were authorised for issue by the Board on 29 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 have been prepared in sterling and are rounded to the nearest pound.

The financial statements cover the individual entity, AB Security Solutions Ltd.

Summary of disclosure exemptions

The company has taken advantage of exmeption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006 not to disclose group accounts..

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current and 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.

 

AB Security Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Reducing Balance - 20%

Office equipment

Reducing Balance - 15%

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.

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.

 

AB Security Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 2 (2022 - 1).

 

AB Security Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

-

17,000

17,000

Additions

2,615

41,450

44,065

At 30 June 2023

2,615

58,450

61,065

Depreciation

At 1 July 2022

-

1,133

1,133

Charge for the year

32

4,855

4,887

At 30 June 2023

32

5,988

6,020

Carrying amount

At 30 June 2023

2,583

52,462

55,045

At 30 June 2022

-

15,867

15,867

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

256,256

119,691

Amounts owed by related parties

8

31,123

-

Other debtors

 

-

5,401

   

287,379

125,092

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Hire purchase

7,690

-

Trade creditors

 

73,227

2,865

Taxation and social security

 

123,044

146,159

Other creditors

 

59,618

22,198

Accruals and deferred income

 

3,300

3,100

 

266,879

174,322

Due after one year

 

Hire purchase

30,120

-


Creditors include hire purchase contracts which are secured against the assets purchased with the hire purchase agreement totalling £37,810 (2022 - £nil).

 

AB Security Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

         

8

Related party transactions

The advance below had no fixed repayment date, was unsecured and no interest has been charged on the balance.

Transactions with Directors

2023

At 1 July 2022
£

Advances to Director
£

Repayments by Director
£

At 30 June 2023
£

Mr A B Budworth

5,401

118,230

(128,813)

(5,182)

         
       

 

2022

At 2 June 2021
£

Advances to Director
£

Repayments by Director
£

At 30 June 2022
£

Mr A B Budworth

-

244,223

(238,822)

5,401

         
       

 

9

Parent and ultimate parent undertaking

The company has taken advantage of exemption, under the terms of FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with its parent company Tutam Group Limited.

 The Company's immediate parent is Tutam Group Limited, incorporated in England and Wales.

 The ultimate controlling party is Ashley Budworth and Kelly Ventham.