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Registration number: 09117929

Security Seal Technology Limited

Unaudited Filleted Abridged Financial Statements

for the Period from 1 July 2022 to 31 December 2023

 

Security Seal Technology Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 8

 

Security Seal Technology Limited

(Registration number: 09117929)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Intangible assets

4

27,473

58,649

Tangible assets

5

19,521

25,614

 

46,994

84,263

Current assets

 

Stocks

6

-

236,009

Debtors

5,413

12,292

Cash at bank and in hand

 

7,567

64,859

 

12,980

313,160

Creditors: Amounts falling due within one year

(492,200)

(265,633)

Net current (liabilities)/assets

 

(479,220)

47,527

Total assets less current liabilities

 

(432,226)

131,790

Creditors: Amounts falling due after more than one year

(40,061)

(49,431)

Provisions for liabilities

(3,904)

(7,645)

Accruals and deferred income

 

(3,000)

(3,000)

Net (liabilities)/assets

 

(479,191)

71,714

Capital and reserves

 

Called up share capital

7

5,713

5,373

Share premium reserve

1,152,437

1,015,277

Retained earnings

(1,637,341)

(948,936)

Shareholders' (deficit)/funds

 

(479,191)

71,714

For the financial period ending 31 December 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 period 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Security Seal Technology Limited

(Registration number: 09117929)
Abridged Balance Sheet as at 31 December 2023

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 9 February 2024 and signed on its behalf by:
 

.........................................
Mr John Gerard Brogan
Director

 

Security Seal Technology Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 July 2022 to 31 December 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:
5th Floor, North Side
7/10 Chandos Street
London
W1G 9DQ

These financial statements were authorised for issue by the Board on 9 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 abridged 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 abridged 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 company has a deficit on is balance sheet and is reliant upon the continuing support of its shareholders. On
the basis that the shareholders have indicated that they are willing to support the company for the foreseeable
future, the director considers it appropriate to prepare the financial statements on the 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.

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.

 

Security Seal Technology Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 July 2022 to 31 December 2023

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

Fixture and fittings

15% on reducing balance

Plant and machinery

20% on reducing balance

Office equipment

33.33% on a straight line basis

Computer equipment

33.33% on a straight line basis

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

Computer software

33.33% on a straight line basis

Development costs

over 10 years

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.

 

Security Seal Technology Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 July 2022 to 31 December 2023

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

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.

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.

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.

 

Security Seal Technology Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 July 2022 to 31 December 2023

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 period, was 4 (2022 - 0).

 

Security Seal Technology Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 July 2022 to 31 December 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 July 2022

207,839

At 31 December 2023

207,839

Amortisation

At 1 July 2022

149,190

Amortisation charge

31,176

At 31 December 2023

180,366

Carrying amount

At 31 December 2023

27,473

At 30 June 2022

58,649

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2022

4,410

117,016

17,145

138,571

Additions

-

-

1,074

1,074

At 31 December 2023

4,410

117,016

18,219

139,645

Depreciation

At 1 July 2022

3,121

92,691

17,145

112,957

Charge for the period

275

6,811

81

7,167

At 31 December 2023

3,396

99,502

17,226

120,124

Carrying amount

At 31 December 2023

1,014

17,514

993

19,521

At 30 June 2022

1,289

24,325

-

25,614

6

Stocks

2023
£

2022
£

Other inventories

-

236,009

 

Security Seal Technology Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 July 2022 to 31 December 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares class A of £0.01 each

571,265

5,713

537,299

5,373

         

8

Related party transactions

Directors' remuneration

The directors' remuneration for the period was as follows:

2023
£

2022
£

Remuneration

93,500

-