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Registration number: 04744621

Burton Security Limited
(formerly Burton Safes Limited)

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Burton Security Limited
(formerly Burton Safes Limited)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Burton Security Limited
(formerly Burton Safes Limited)

Company Information

Directors

Mr A J Greenaway

Mr J D Elson

Mr B Lewis

Mr R Sullivan

Mr A Lever

Mr A S Walker

Company secretary

Mrs R Lewis

Registered office

12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN

Accountants

Walker & Sutcliffe
Chartered Accountants
12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN

 

Burton Security Limited
(formerly Burton Safes Limited)

(Registration number: 04744621)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

505,512

104,080

Current assets

 

Stocks

6

830,479

593,634

Debtors

7

1,974,031

1,789,345

Cash at bank and in hand

 

10,625

158,174

 

2,815,135

2,541,153

Creditors: Amounts falling due within one year

8

(2,217,158)

(1,573,425)

Net current assets

 

597,977

967,728

Total assets less current liabilities

 

1,103,489

1,071,808

Creditors: Amounts falling due after more than one year

8

(373,503)

(297,658)

Provisions for liabilities

(95,610)

(15,128)

Net assets

 

634,376

759,022

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

624,376

749,022

Shareholders' funds

 

634,376

759,022

For the financial year ending 30 April 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 26 January 2024 and signed on its behalf by:
 

 

Burton Security Limited
(formerly Burton Safes Limited)

(Registration number: 04744621)
Balance Sheet as at 30 April 2023

.........................................
Mr B Lewis
Director

 

Burton Security Limited
(formerly Burton Safes Limited)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The company was formerly known as Burton Safes Limited.

The address of its registered office is:
12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN
United Kingdom

The principal place of business is:
Brockholes Business Park
Rock Mill Road
Brockholes
Huddersfield
West Yorkshire
HD9 7BN
United Kingdom

These financial statements were authorised for issue by the Board on 26 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 presentational currency is £ sterling.

 

Burton Security Limited
(formerly Burton Safes Limited)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Going concern

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

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.

Government grants

Government grants, including non-monetary grants are not recognised until there is reasonable assurance that:
The company will comply with the conditions attaching to them; and
The grants will be received.

The company recognises grants either based on the performance model or the accrual model. This policy choice is applied on a class-by-class basis.
The company measures grants at the fair value of the asset received or receivable.
Where a grant becomes repayable it is recognised as a liability when the repayment meets the definition of a liability.

Performance model
The performance model recognises grants as follows:
A grant that does not impose specified future performance-related conditions on the company is recognised in income when the grant proceeds are received or receivable.
A grant that imposes specified future performance-related conditions on the company is recognised in income only when the performance-related conditions are met.
Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

Accrual model
The accrual model classifies grants either as a grant relating to revenue or a grant relating to assets.
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs is recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.
Where part of a grant relating to an asset is deferred it is recognised as deferred income and not deducted from the carrying amount of the asset.

 

Burton Security Limited
(formerly Burton Safes Limited)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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

Fixtures and fittings

10% on cost

Motor vehicles

25% on reducing balance

Office equipment

33% on cost

Leasehold improvements

10% on cost

Plant and machinery

15% on reducing balance

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

 

Burton Security Limited
(formerly Burton Safes Limited)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Amortisation

Goodwill, being the amount paid in connection with the acquisition of a business in 2003.

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

Amortised evenly over its estimated useful life of ten years

Research and development

Research and development expenditure is written off as incurred.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Costs include all direct costs and an appropriate proportion of fixed and variable overheads.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Burton Security Limited
(formerly Burton Safes Limited)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

 

Burton Security Limited
(formerly Burton Safes Limited)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 52 (2022 - 42).

 

Burton Security Limited
(formerly Burton Safes Limited)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

184,000

184,000

At 30 April 2023

184,000

184,000

Amortisation

At 1 May 2022

184,000

184,000

At 30 April 2023

184,000

184,000

Carrying amount

At 30 April 2023

-

-

5

Tangible assets

Leasehold improvements
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 May 2022

262,546

130,018

-

290,025

Additions

57,200

40,692

78,741

55,610

Disposals

-

(40,517)

-

-

At 30 April 2023

319,746

130,193

78,741

345,635

Depreciation

At 1 May 2022

220,095

98,782

-

259,633

Charge for the year

26,030

8,953

6,450

28,764

Eliminated on disposal

-

(17,106)

-

-

At 30 April 2023

246,125

90,629

6,450

288,397

Carrying amount

At 30 April 2023

73,621

39,564

72,291

57,238

At 30 April 2022

42,451

31,236

-

30,393

 

Burton Security Limited
(formerly Burton Safes Limited)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

-

682,589

Additions

297,614

529,857

Disposals

(5,532)

(46,049)

At 30 April 2023

292,082

1,166,397

Depreciation

At 1 May 2022

-

578,510

Charge for the year

29,284

99,481

Eliminated on disposal

-

(17,106)

At 30 April 2023

29,284

660,885

Carrying amount

At 30 April 2023

262,798

505,512

At 30 April 2022

-

104,080

 

Burton Security Limited
(formerly Burton Safes Limited)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

6

Stocks

2023
£

2022
£

Other inventories

830,479

593,634

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

774,238

711,171

Amounts owed by related parties

10

1,004,909

911,379

Prepayments

 

100,842

109,891

Other debtors

 

94,042

56,904

   

1,974,031

1,789,345

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

235,071

151,196

Trade creditors

 

762,120

351,286

Taxation and social security

 

362,627

207,324

Accruals and deferred income

 

100,946

130,864

Other creditors

 

756,394

732,755

 

2,217,158

1,573,425

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

373,503

297,658

 

Burton Security Limited
(formerly Burton Safes Limited)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

162,560

293,909

Hire purchase contracts

210,943

3,749

373,503

297,658

2023
£

2022
£

Current loans and borrowings

Bank borrowings

131,340

131,340

Bank overdrafts

32,917

16,566

Hire purchase contracts

70,814

3,290

235,071

151,196

The bank loan is secured by personal guarantee of the directors of the company.

10

Related party transactions

Summary of transactions with parent

Trusted Security Group Limited
The company's parent undertaking
During the year the company made loans to Trusted Security Group Limited amounting to £2,113,361 (2022: £192,379) and was repaid £2,019,188 (2022:£150,000). At the balance sheet date the amount due from Trusted Security Group Limited was £1,004,909 (2022: £911,379).

 

Summary of transactions with other related parties

Safe & Vault Company Ltd
A company in which the company's parent, Trusted Security Group Limited is also a shareholder
During the year the company repaid loans of £293,438 (2022: £78,108) and received loans of £1,783,653 (2022: £73,431). At the balance sheet date the amount outstanding was £Nil (2022: £56,904).

 
Kirkstall Safes Limited
A company in which Mr A J Greenaway and Mr A S Walker are also directors.
During the year the company made loans of £133 (2022: £Nil) to Kirkstall safes Limited. At the balance sheet date the amount due from Kirkstall Safes Limited was £133 (2022: £Nil).