Company registration number 05030945 (England and Wales)
ADVANCED SECURITY ALARM PROTECTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
ADVANCED SECURITY ALARM PROTECTION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ADVANCED SECURITY ALARM PROTECTION LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,620
9,235
Tangible assets
4
48,848
89,097
53,468
98,332
Current assets
Stocks
20,000
20,000
Debtors
5
368,019
411,921
Cash at bank and in hand
315
4,562
388,334
436,483
Creditors: amounts falling due within one year
6
(334,127)
(556,166)
Net current assets/(liabilities)
54,207
(119,683)
Total assets less current liabilities
107,675
(21,351)
Creditors: amounts falling due after more than one year
7
(28,530)
(39,251)
Provisions for liabilities
(9,281)
(16,900)
Net assets/(liabilities)
69,864
(77,502)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
69,764
(77,602)
Total equity
69,864
(77,502)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ADVANCED SECURITY ALARM PROTECTION LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 April 2024 and are signed on its behalf by:
Mr S R Banfield
Director
Company Registration No. 05030945
ADVANCED SECURITY ALARM PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information
Advanced Security Alarm Protection Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ashton Business Centre, Unit 1, Ashton Road, Marsh Barton Trading Estate, Exeter, Devon, EX2 8LN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The notes to the financial statements refer to a contingent liability in relation to an ongoing legal dispute with a connected company. At the date of signing the financial statements, the director does not expect a liability to crystallise in respect of that dispute. Projections have been prepared by the director demonstrating the company's ability to trade profitably, and within the finance facilities available to it, for the foreseeable future. The director therefore considers the company to be a going concern and has prepared the financial statements on that basis.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Income from maintenance contracts is recognised over the period to which it relates.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% per annum on the written down value
Motor vehicles
25% per annum on the written down value
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ADVANCED SECURITY ALARM PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
11
11
ADVANCED SECURITY ALARM PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2022 and 31 January 2023
200,000
Amortisation and impairment
At 1 February 2022
190,765
Amortisation charged for the year
4,615
At 31 January 2023
195,380
Carrying amount
At 31 January 2023
4,620
At 31 January 2022
9,235
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2022
184,939
Additions
785
Disposals
(86,144)
At 31 January 2023
99,580
Depreciation and impairment
At 1 February 2022
95,842
Depreciation charged in the year
8,544
Eliminated in respect of disposals
(53,654)
At 31 January 2023
50,732
Carrying amount
At 31 January 2023
48,848
At 31 January 2022
89,097
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
41,946
71,889
Amounts owed by group undertakings
248,686
248,686
Other debtors
77,387
91,346
368,019
411,921
ADVANCED SECURITY ALARM PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
18,113
14,434
Trade creditors
116,075
167,261
Taxation and social security
47,541
19,871
Other creditors
152,398
354,600
334,127
556,166
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
28,530
39,251
8
Contingent liability
At the date of approval of the financial statements, there is an ongoing legal dispute regarding a balance being claimed by a connected company. This is in relation to costs of approximately £190,000 which the connected company claims to have incurred on behalf of this company but which have not been formally invoiced and are disputed by the director of this company. Having reviewed in detail the historic transactions and such information and documentation as has been provided by the connected company, the director considers that the balance claimed is not payable. In the event of an adverse outcome to the legal proceedings - which the director does not consider likely - a liability will crystallise. The actual liability in such a case is considered to be significantly lower than stated above due to compensating counter-claims against the company concerned and other companies with which it is associated.
9
Parent company
The parent company of Advanced Security Alarm Protection Limited is Banfield Security Group Limited and its registered office is Ashton Business Centre, Unit 1 Ashton Road, Marsh Barton Trading Estate, Exeter, Devon, EX2 8LN.