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Registration number: 08598938

Clarkson Security Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 27 July 2022

 

Clarkson Security Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Clarkson Security Ltd

(Registration number: 08598938)
Balance Sheet as at 27 July 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

5,542

6,042

Tangible assets

5

15,007

19,530

 

20,549

25,572

Current assets

 

Stocks

6

3,000

1,500

Debtors

7

3,821

10,531

Cash at bank and in hand

 

951

7,651

 

7,772

19,682

Creditors: Amounts falling due within one year

8

(51,599)

(54,581)

Net current liabilities

 

(43,827)

(34,899)

Total assets less current liabilities

 

(23,278)

(9,327)

Creditors: Amounts falling due after more than one year

8

(12,000)

(17,700)

Net liabilities

 

(35,278)

(27,027)

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

(35,279)

(27,028)

Shareholders' deficit

 

(35,278)

(27,027)

 

Clarkson Security Ltd

(Registration number: 08598938)
Balance Sheet as at 27 July 2022

For the financial year ending 27 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account and director's report have not been delivered in accordance with the special provisions applicable to companies subject to the small company regime.

Approved and authorised by the director on 5 February 2024
 

.........................................
J M Clarkson
Director

 

Clarkson Security Ltd

Notes to the Unaudited Financial Statements for the Year Ended 27 July 2022

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:
23 Oakley Road
Rossendale
Lancashire
BB4 6RB

These financial statements were authorised for issue by the director on 5 February 2024.

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 presented in Sterling, which is the functional currency of the company and are rounded to the nearest pound.

Going concern

The director, having made reasonable enquiries, considers the company will have sufficient resources to continue trading for the foreseeable future. As a result the director has continued to adopt the going concern basis in preparing the financial statements.

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.

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.

 

Clarkson Security Ltd

Notes to the Unaudited Financial Statements for the Year Ended 27 July 2022

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

Fixtures and fittings

20% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

5% of cost

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Clarkson Security Ltd

Notes to the Unaudited Financial Statements for the Year Ended 27 July 2022

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.

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.

Employee Benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

 

Clarkson Security Ltd

Notes to the Unaudited Financial Statements for the Year Ended 27 July 2022

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 28 July 2021

10,000

10,000

At 27 July 2022

10,000

10,000

Amortisation

At 28 July 2021

3,958

3,958

Amortisation charge

500

500

At 27 July 2022

4,458

4,458

Carrying amount

At 27 July 2022

5,542

5,542

At 27 July 2021

6,042

6,042

5

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 28 July 2021

8,699

20,762

29,461

Additions

207

-

207

At 27 July 2022

8,906

20,762

29,668

Depreciation

At 28 July 2021

5,173

4,758

9,931

Charge for the year

729

4,001

4,730

At 27 July 2022

5,902

8,759

14,661

Carrying amount

At 27 July 2022

3,004

12,003

15,007

At 27 July 2021

3,526

16,004

19,530

6

Stocks

2022
£

2021
£

Work in progress

3,000

1,500

 

Clarkson Security Ltd

Notes to the Unaudited Financial Statements for the Year Ended 27 July 2022

7

Debtors

Current

2022
£

2021
£

Trade debtors

3,821

10,531

 

3,821

10,531

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

10

4,000

2,300

Trade creditors

 

11,927

5,900

Taxation and social security

 

30,499

27,420

Accruals and deferred income

 

1,500

-

Other creditors

 

3,673

18,961

 

51,599

54,581

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

10

12,000

17,700

 

Clarkson Security Ltd

Notes to the Unaudited Financial Statements for the Year Ended 27 July 2022

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         

10

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

12,000

17,700

2022
£

2021
£

Current loans and borrowings

Bank borrowings

4,000

2,300