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Company Registration number: 03887255

Northern Security Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 30 November 2023

 

Northern Security Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 9

 

Northern Security Limited

Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

145,513

126,570

Current assets

 

Stocks

9,748

8,749

Debtors

6

1,426,401

1,338,200

Cash at bank and in hand

 

132,703

111,621

 

1,568,852

1,458,570

Creditors: Amounts falling due within one year

7

(966,095)

(1,006,856)

Net current assets

 

602,757

451,714

Total assets less current liabilities

 

748,270

578,284

Creditors: Amounts falling due after more than one year

7

(91,728)

(173,804)

Provisions for liabilities

(19,793)

(15,727)

Net assets

 

636,749

388,753

Capital and reserves

 

Called up share capital

101

101

Retained earnings

636,648

388,652

Shareholders' funds

 

636,749

388,753

 

Northern Security Limited

Balance Sheet as at 30 November 2023 (continued)

For the financial year ending 30 November 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.

Company registration number: 03887255

Approved and authorised by the Board on 30 January 2024 and signed on its behalf by:
 

.........................................
Mr P Hopper
Director

 

Northern Security Limited

Notes to the financial statements for the Year Ended 30 November 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:
17 Peterfield Road
Kingstown Industrial Estate
Carlisle
CA3 0EY

These financial statements were authorised for issue by the Board on 30 January 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 prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

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

 

Northern Security Limited

Notes to the financial statements for the Year Ended 30 November 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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.

Taxation

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 corporation 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.

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.

 

Northern Security Limited

Notes to the financial statements for the Year Ended 30 November 2023 (continued)

2

ACCOUNTING POLICIES (continued)

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

Leasehold property

5% straight line

Plant and machinery

20% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% straight line

Office equipment

33% straight line

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

6 years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

Leases

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.

 

Northern Security Limited

Notes to the financial statements for the Year Ended 30 November 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised

 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 

Northern Security Limited

Notes to the financial statements for the Year Ended 30 November 2023 (continued)

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 171 (2022 - 159).

 

Northern Security Limited

Notes to the financial statements for the Year Ended 30 November 2023 (continued)

4

INTANGIBLE ASSETS

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

104,547

104,547

At 30 November 2023

104,547

104,547

Amortisation

At 1 December 2022

104,547

104,547

At 30 November 2023

104,547

104,547

Carrying amount

At 30 November 2023

-

-

5

TANGIBLE ASSETS

Fixtures and fittings
 £

Motor vehicles
 £

Plant and machinery
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 December 2022

12,491

195,976

13,618

159,042

381,127

Additions

-

93,037

4,339

225

97,601

Disposals

-

(28,000)

-

-

(28,000)

At 30 November 2023

12,491

261,013

17,957

159,267

450,728

Depreciation

At 1 December 2022

12,491

74,147

12,460

155,459

254,557

Charge for the year

-

66,713

538

2,546

69,797

Eliminated on disposal

-

(19,139)

-

-

(19,139)

At 30 November 2023

12,491

121,721

12,998

158,005

305,215

Carrying amount

At 30 November 2023

-

139,292

4,959

1,262

145,513

At 30 November 2022

-

121,829

1,158

3,583

126,570

 

Northern Security Limited

Notes to the financial statements for the Year Ended 30 November 2023 (continued)

6

DEBTORS

Current

2023
£

2022
£

Trade debtors

689,291

872,714

Prepayments

29,024

28,105

Other debtors

708,086

437,381

 

1,426,401

1,338,200

7

CREDITORS

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

108,969

122,739

Trade creditors

 

80,129

47,944

Taxation and social security

 

419,319

372,927

Accruals and deferred income

 

62,082

53,464

Other creditors

 

295,596

409,782

 

966,095

1,006,856


Included within creditors: amounts falling due within one year is £nil (2022: £142,127) of bank loans, overdrafts and invoice factoring as well as £96,429 (2022: £110,131) of hire purchase and finance lease agreements which are secured on the tangible fixed assets of the company.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

91,728

173,804


Included within creditors: amounts falling due after more than one year is £72,604 (2022: £142,131) of hire purchase and finance lease agreements which are secured on the tangible fixed assets of the company.