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Registered number: 11214045
Requisite Security & Training Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
MMS Accountants
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 11214045
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 83,955 66,206
83,955 66,206
CURRENT ASSETS
Debtors 5 11,906 13,938
Cash at bank and in hand 601,290 745,238
613,196 759,176
Creditors: Amounts Falling Due Within One Year 6 (1,887 ) (3,919 )
NET CURRENT ASSETS (LIABILITIES) 611,309 755,257
TOTAL ASSETS LESS CURRENT LIABILITIES 695,264 821,463
NET ASSETS 695,264 821,463
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 695,164 821,363
SHAREHOLDERS' FUNDS 695,264 821,463
Page 1
Page 2
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Peter Larney
Director
30/03/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Requisite Security & Training Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11214045 . The registered office is 52 Northbrook Road, Worthing, BN14 8PT.
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:
Plant & Machinery 25%
Motor Vehicles 25%
Fixtures & Fittings 25%
Computer Equipment 25%
2.4. Taxation
Income 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 6)
2 6
Page 3
Page 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 March 2023 18,711 85,690 - 3,845 108,246
Additions - 60,888 2,837 - 63,725
Disposals - (44,940 ) - - (44,940 )
As at 29 February 2024 18,711 101,638 2,837 3,845 127,031
Depreciation
As at 1 March 2023 10,522 29,849 - 1,669 42,040
Provided during the period 2,047 19,368 318 544 22,277
Disposals - (21,241 ) - - (21,241 )
As at 29 February 2024 12,569 27,976 318 2,213 43,076
Net Book Value
As at 29 February 2024 6,142 73,662 2,519 1,632 83,955
As at 1 March 2023 8,189 55,841 - 2,176 66,206
5. Debtors
2024 2023
£ £
Due within one year
Other debtors 11,322 12,772
VAT 187 1,166
Other taxes and social security 239 -
Net wages 158 -
11,906 13,938
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 137 261
Other taxes and social security - 1,505
Other creditors - 653
Accruals and deferred income 1,750 1,500
1,887 3,919
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 4