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Company No: SC406003 (Scotland)

UNITE SECURITY ELECTRICAL & FIRE LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH THE REGISTRAR

UNITE SECURITY ELECTRICAL & FIRE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023

Contents

UNITE SECURITY ELECTRICAL & FIRE LTD

BALANCE SHEET

AS AT 31 AUGUST 2023
UNITE SECURITY ELECTRICAL & FIRE LTD

BALANCE SHEET (continued)

AS AT 31 AUGUST 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 31,698 986
31,698 986
Current assets
Stocks 4 26,651 13,850
Debtors 5 25,696 13,761
Cash at bank and in hand 6 2,433 5,671
54,780 33,282
Creditors: amounts falling due within one year 7 ( 37,468) ( 16,795)
Net current assets 17,312 16,487
Total assets less current liabilities 49,010 17,473
Creditors: amounts falling due after more than one year 8 ( 29,247) ( 15,021)
Provision for liabilities 9, 10 ( 425) ( 45)
Net assets 19,338 2,407
Capital and reserves
Called-up share capital 11 100 100
Profit and loss account 19,238 2,307
Total shareholder's funds 19,338 2,407

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Unite Security Electrical & Fire Ltd (registered number: SC406003) were approved and authorised for issue by the Director on 28 March 2024. They were signed on its behalf by:

Mr Glenn Raymond Kippen
Director
UNITE SECURITY ELECTRICAL & FIRE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
UNITE SECURITY ELECTRICAL & FIRE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Unite Security Electrical & Fire Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 25 Bertha Park View, Inveralmond Industrial Estate, Perth, PH1 3FZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover represents amounts receivable for the supply and installation of fire systems net of VAT and trade discounts. Revenue is recognised when the company has entitlement to the income in exchange for the provision of services.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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 fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Tools and equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Vehicles Tools and equipment Total
£ £ £
Cost
At 01 September 2022 0 1,232 1,232
Additions 31,500 0 31,500
At 31 August 2023 31,500 1,232 32,732
Accumulated depreciation
At 01 September 2022 0 246 246
Charge for the financial year 542 246 788
At 31 August 2023 542 492 1,034
Net book value
At 31 August 2023 30,958 740 31,698
At 31 August 2022 0 986 986

4. Stocks

2023 2022
£ £
Stocks 26,651 13,850

5. Debtors

2023 2022
£ £
Trade debtors 2,191 1,188
Amounts owed by related parties (note 13) 0 10,914
Corporation tax 0 212
Other debtors 23,505 1,447
25,696 13,761

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 2,433 5,671

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,336 4,563
Trade creditors 13,495 3,412
Amounts owed to related parties (note 13) 4,904 0
Taxation and social security 4,630 0
Other creditors 4,103 8,820
37,468 16,795

Included in bank loans is a bounce back loan, advanced to the company in the year ending 31 August 2020, which is covered by a government backed guarantee.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 29,247 15,021

Included in bank loans is a bounce back loan, advanced to the company in the year ending 31 August 2020, which is covered by a government backed guarantee.

9. Provision for liabilities

2023 2022
£ £
Deferred tax 425 45

10. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 45) 0
Charged to the Statement of Income and Retained Earnings ( 380) ( 45)
At the end of financial year ( 425) ( 45)

11. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

12. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 2,250 0

13. Related party transactions

Transactions with related parties or connected persons

Amounts owed by related parties

2023 2022
£ £
Other related Party 0 10,914

Amounts owed to related parties

2023 2022
£ £
Other related Party 4,904 0

Transactions with the entity’s director (or members of its governing body)

Amounts owed to director

2023 2022
£ £
Directors' current accounts 564 11

Advances have been made in this period to the Director totalling £3,140 and £3,693 has been repaid. This loan is unsecured, interest free and repayable on demand.