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Registration number: 02788444

Security Air Express Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Security Air Express Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Security Air Express Limited

Company Information

Directors

R T Bousfield

C Bousfield

N Bousfield

Registered office

Coppermill Court
Coppermill Lane
Rickmansworth
Hertfordshire
WD3 9XS

Accountants

Barrys Accountants Limited
Chartered Certified Accountants
35A Hazlemere Road
Penn
High Wycombe
Buckinghamshire
HP10 8AD

 

Security Air Express Limited

(Registration number: 02788444)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

9,667

-

Tangible assets

5

971,594

919,590

 

981,261

919,590

Current assets

 

Debtors

6

462,612

310,285

Cash at bank and in hand

 

353,169

422,599

 

815,781

732,884

Creditors: Amounts falling due within one year

7

(393,738)

(329,239)

Net current assets

 

422,043

403,645

Total assets less current liabilities

 

1,403,304

1,323,235

Creditors: Amounts falling due after more than one year

7

(428,542)

(456,839)

Provisions for liabilities

(53,663)

(29,512)

Net assets

 

921,099

836,884

Capital and reserves

 

Called up share capital

8

202

202

Capital redemption reserve

(69,898)

(69,898)

Retained earnings

990,795

906,580

Shareholders' funds

 

921,099

836,884

For the financial year ending 31 March 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.

Approved and authorised by the Board on 21 December 2023 and signed on its behalf by:
 

 

Security Air Express Limited

(Registration number: 02788444)
Balance Sheet as at 31 March 2023

.........................................
R T Bousfield
Director

 

Security Air Express Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Coppermill Court
Coppermill Lane
Rickmansworth
Hertfordshire
WD3 9XS

These financial statements were authorised for issue by the Board on 21 December 2023.

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.

Revenue recognition

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.

Tax

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 income 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.

 

Security Air Express Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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

Plant and machinery

20% on cost

Fixture and fittings

20% on cost

Motor vehicles

25% on reducing balance basis

Freehold property

straight line over 50 years

Intangible assets

The assets are amortised evenly over their useful lives.

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

Website development costs

straight line over 3 years

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.

 

Security Air Express Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 10).

 

Security Air Express Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

14,500

14,500

At 31 March 2023

14,500

14,500

Amortisation

Amortisation charge

4,833

4,833

At 31 March 2023

4,833

4,833

Carrying amount

At 31 March 2023

9,667

9,667

 

Security Air Express Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

785,046

299,750

165,855

45,828

1,296,479

Additions

-

34,295

101,614

9,525

145,434

Disposals

-

-

(28,250)

-

(28,250)

At 31 March 2023

785,046

334,045

239,219

55,353

1,413,663

Depreciation

At 1 April 2022

33,505

206,044

105,341

31,998

376,888

Charge for the year

6,701

34,655

38,856

6,515

86,727

Eliminated on disposal

-

-

(21,546)

-

(21,546)

At 31 March 2023

40,206

240,699

122,651

38,513

442,069

Carrying amount

At 31 March 2023

744,840

93,346

116,568

16,840

971,594

At 31 March 2022

751,541

93,705

60,514

13,830

919,590

Included within the net book value of land and buildings above is £744,841 (2022 - £751,542) in respect of freehold land and buildings.
 

 

Security Air Express Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

408,086

262,699

Prepayments

54,379

46,637

Other debtors

147

949

 

462,612

310,285

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

41,707

50,042

Trade creditors

 

188,731

95,556

Taxation and social security

 

41,907

59,879

Accruals and deferred income

 

3,518

4,011

Other creditors

 

117,875

119,751

 

393,738

329,239

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £41,707 (2022 - £50,042).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

428,542

456,839

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £428,542 (2022 - £456,839).

Creditors include bank loans repayable by instalments of £272,824 (2022 - £298,344) due after more than five years.

8

Share capital

Allotted, called up and fully paid shares

 

Security Air Express Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

52

52

52

52

Ordinary B shares of £1 each

50

50

50

50

Ordinary C shares of £1 each

100

100

100

100

 

202

202

202

202

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

428,542

454,061

Hire purchase contracts

-

2,778

428,542

456,839

2023
£

2022
£

Current loans and borrowings

Bank borrowings

38,929

44,850

Hire purchase contracts

2,778

5,192

41,707

50,042

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £96.15 (2022 - £79.80) per each Ordinary A shares

 

5,000

 

4,150

Interim dividend of £80.00 per each Ordinary B shares

 

4,000

 

4,000

Interim dividend of £40.00 (2022 - £20.00) per each Ordinary C shares

 

4,000

 

2,000

   

13,000

 

10,150

11

Related party transactions

 

Security Air Express Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

97,000

29,033

Contributions paid to money purchase schemes

46,850

-

143,850

29,033