Registration number:
Security Air Express Limited
for the Year Ended 31 March 2023
Security Air Express Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Security Air Express Limited
Company Information
Directors |
R T Bousfield C Bousfield N Bousfield |
Registered office |
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Accountants |
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Security Air Express Limited
(Registration number: 02788444)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
202 |
202 |
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Capital redemption reserve |
(69,898) |
(69,898) |
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Retained earnings |
990,795 |
906,580 |
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Shareholders' funds |
921,099 |
836,884 |
For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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
Security Air Express Limited
(Registration number: 02788444)
Balance Sheet as at 31 March 2023
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Security Air Express Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Revenue recognition
Turnover represents net invoiced sales of goods and services, excluding value added tax.
Foreign currency transactions and balances
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.
Security Air Express Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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 |
Plant and machinery |
20% on cost |
Fixture and fittings |
20% on cost |
Motor vehicles |
25% on reducing balance basis |
Freehold property |
straight line over 50 years |
Intangible assets
The assets are amortised evenly over their useful lives.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website development costs |
straight line over 3 years |
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.
Security Air Express Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Security Air Express Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 31 March 2023 |
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Amortisation |
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Amortisation charge |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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Security Air Express Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
- |
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Disposals |
- |
- |
( |
- |
( |
At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
- |
( |
At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Included within the net book value of land and buildings above is £744,841 (2022 - £751,542) in respect of freehold land and buildings.
Security Air Express Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £41,707 (2022 - £50,042).
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £428,542 (2022 - £456,839).
Creditors include bank loans repayable by instalments of £272,824 (2022 - £298,344) due after more than five years.
Share capital |
Allotted, called up and fully paid shares
Security Air Express Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
2023 |
2022 |
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No. |
£ |
No. |
£ |
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52 |
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52 |
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50 |
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50 |
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100 |
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100 |
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Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
- |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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Dividends |
Interim dividends paid
2023 |
2022 |
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Interim dividend of £ |
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Interim dividend of £ |
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Interim dividend of £ |
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Related party transactions |
Security Air Express Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Directors' remuneration
The directors' remuneration for the year was as follows:
2023 |
2022 |
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Remuneration |
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Contributions paid to money purchase schemes |
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- |
143,850 |
29,033 |