Acorah Software Products - Accounts Production 14.5.601 false true 31 July 2022 1 August 2021 false 1 August 2022 31 July 2023 31 July 2023 06277841 Mr Sven Kareliussen Mr Lars Kareliussen iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06277841 2022-07-31 06277841 2023-07-31 06277841 2022-08-01 2023-07-31 06277841 frs-core:CurrentFinancialInstruments 2023-07-31 06277841 frs-core:ComputerEquipment 2023-07-31 06277841 frs-core:ComputerEquipment 2022-08-01 2023-07-31 06277841 frs-core:ComputerEquipment 2022-07-31 06277841 frs-core:FurnitureFittings 2023-07-31 06277841 frs-core:FurnitureFittings 2022-08-01 2023-07-31 06277841 frs-core:FurnitureFittings 2022-07-31 06277841 frs-core:MotorVehicles 2023-07-31 06277841 frs-core:MotorVehicles 2022-08-01 2023-07-31 06277841 frs-core:MotorVehicles 2022-07-31 06277841 frs-core:ShareCapital 2023-07-31 06277841 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31 06277841 frs-bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 06277841 frs-bus:FilletedAccounts 2022-08-01 2023-07-31 06277841 frs-bus:SmallEntities 2022-08-01 2023-07-31 06277841 frs-bus:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 06277841 frs-bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 06277841 frs-bus:Director1 2022-08-01 2023-07-31 06277841 frs-bus:Director2 2022-08-01 2023-07-31 06277841 frs-countries:EnglandWales 2022-08-01 2023-07-31 06277841 2021-07-31 06277841 2022-07-31 06277841 2021-08-01 2022-07-31 06277841 frs-core:CurrentFinancialInstruments 2022-07-31 06277841 frs-core:ShareCapital 2022-07-31 06277841 frs-core:RetainedEarningsAccumulatedLosses 2022-07-31
Registered number: 06277841
Simec Security Limited
Unaudited Financial Statements
For The Year Ended 31 July 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06277841
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 55,679 41,249
55,679 41,249
CURRENT ASSETS
Stocks 5 16,900 16,900
Debtors 6 53,047 269,834
Cash at bank and in hand 615,381 312,191
685,328 598,925
Creditors: Amounts Falling Due Within One Year 7 (243,823 ) (277,161 )
NET CURRENT ASSETS (LIABILITIES) 441,505 321,764
TOTAL ASSETS LESS CURRENT LIABILITIES 497,184 363,013
NET ASSETS 497,184 363,013
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 497,182 363,011
SHAREHOLDERS' FUNDS 497,184 363,013
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Page 2
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Sven Kareliussen
Director
22/04/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Simec Security Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06277841 . The registered office is Epic House, 128 Fulwell Road, Teddington, Middlesex, TW11 0RQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2022: 6)
8 6
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 August 2022 93,040 2,902 40,721 136,663
Additions 30,195 2,892 869 33,956
Disposals (17,190 ) - - (17,190 )
As at 31 July 2023 106,045 5,794 41,590 153,429
Depreciation
As at 1 August 2022 58,640 2,542 34,232 95,414
Provided during the period 15,907 813 1,839 18,559
Disposals (16,223 ) - - (16,223 )
As at 31 July 2023 58,324 3,355 36,071 97,750
Net Book Value
As at 31 July 2023 47,721 2,439 5,519 55,679
As at 1 August 2022 34,400 360 6,489 41,249
5. Stocks
2023 2022
£ £
Stock 16,900 16,900
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 50,222 269,834
Prepayments and accrued income 2,825 -
53,047 269,834
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 27,228 39,832
Bank loans and overdrafts 35,507 44,676
Corporation tax 102,694 77,099
Other taxes and social security 2,186 1,091
VAT 68,411 77,638
Other creditors - 25,757
Accruals and deferred income 2,195 2,090
Directors' loan accounts 5,602 8,978
243,823 277,161
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8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
9. Directors Advances, Credits and Guarantees
At the balance sheet date Mr S Kareliussen was owed £nil (2022 :£1,743) and Mr L Kareliussen was owed £5,602 (2022 : £7,235).
The above loan is unsecured, interest free and repayable on demand.
10. Related Party Transactions
During the year Mr S Kareilussen (Company Director) received £540 (2022 : £540) for office accommodation and Mr L Kareilussen (Company Director) received £1,080 (2022 : £1,080)
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