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Company Registration Number: 02528072 (England and Wales)

Templewood Security Systems Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Templewood Security Systems Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Templewood Security Systems Limited

Company Information

Directors

Mr LD Marriott

Mr DPF Marriott

Registered office

23 Station Road
Gerrards Cross
Buckinghamshire
SL9 8ES

Accountants

Russell Phillips Limited
Chartered Accountants
23 Station Road
Gerrards Cross
Buckinghamshire
SL9 8ES

 

Templewood Security Systems Limited

(Registration number: 02528072)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

8,644

13,218

Current assets

 

Stocks

5

10,000

10,000

Debtors

6

81,807

84,082

Cash at bank and in hand

 

260,903

235,474

 

352,710

329,556

Creditors: Amounts falling due within one year

7

(103,597)

(88,962)

Net current assets

 

249,113

240,594

Total assets less current liabilities

 

257,757

253,812

Provisions for liabilities

(1,642)

(2,511)

Net assets

 

256,115

251,301

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

246,115

241,301

Shareholders' funds

 

256,115

251,301

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.

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

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.

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.

Approved and authorised by the Board on 13 February 2024 and signed on its behalf by:
 

.........................................
Mr LD Marriott
Director

 

Templewood Security Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
23 Station Road
Gerrards Cross
Buckinghamshire
SL9 8ES

These financial statements were authorised for issue by the Board on 13 February 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.

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.

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.

 

Templewood Security Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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

Furniture and fittings

25% on cost

Motor vehicles

25% reducing balance

Computer equipment

25% on cost

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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Templewood Security Systems Limited

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

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.

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.

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 9 (2022 - 9).

 

Templewood Security Systems Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2022

7,666

30,765

1,170

39,601

Disposals

-

(3,950)

-

(3,950)

At 31 May 2023

7,666

26,815

1,170

35,651

Depreciation

At 1 June 2022

4,706

21,465

212

26,383

Charge for the year

1,786

2,252

240

4,278

Eliminated on disposal

-

(3,654)

-

(3,654)

At 31 May 2023

6,492

20,063

452

27,007

Carrying amount

At 31 May 2023

1,174

6,752

718

8,644

At 31 May 2022

2,960

9,300

958

13,218

5

Stocks

2023
£

2022
£

Other inventories

10,000

10,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

76,374

77,262

Prepayments

5,433

6,204

Other debtors

-

616

 

81,807

84,082

 

Templewood Security Systems Limited

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

18,059

31,050

Taxation and social security

26,200

20,426

Accruals and deferred income

3,839

3,621

Other creditors

55,499

33,865

103,597

88,962

8

Related party transactions

During the year the company paid £6,112 (£2022 - £6,155) for private medical insurance.

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

115,116

113,948

Contributions paid to money purchase schemes

5,082

4,620

120,198

118,568