Company Registration No. NI648632 (Northern Ireland)
Pad Lock Security Ltd
Unaudited accounts
for the year ended 31 October 2023
Pad Lock Security Ltd
Statement of financial position
as at 31 October 2023
Tangible assets
8,405
9,889
Cash at bank and in hand
61,396
33,634
Creditors: amounts falling due within one year
(122,083)
(129,699)
Net current assets
63,147
58,812
Total assets less current liabilities
71,552
68,701
Creditors: amounts falling due after more than one year
(17,355)
(27,697)
Called up share capital
30,100
30,100
Profit and loss account
24,097
10,904
Shareholders' funds
54,197
41,004
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 July 2024 and were signed on its behalf by
Frank Cahill
Director
Company Registration No. NI648632
Pad Lock Security Ltd
Notes to the Accounts
for the year ended 31 October 2023
Pad Lock Security Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI648632. The registered office is Unit 2, 21 Old Channel Road, Belfast, BT3 9DE, Northern Ireland .
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The director of Pad Lock Security Ltd believes that the company has adequate resources to continue in operational existence for at least twelve months from the date of signing. Accordingly, Pad Lock Security Ltd continues to adopt the going concern basis in preparing the financial statements.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Reducing Balance
Motor vehicles
15% Reducing Balance
Fixtures & fittings
20% Straight Line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Capital grants received and receivable are treated as deferred income and amortised to the Income Statement annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Income Statement when received.
Pad Lock Security Ltd
Notes to the Accounts
for the year ended 31 October 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 November 2022
12,000
14,500
5,315
31,815
At 31 October 2023
12,000
14,500
5,315
31,815
At 1 November 2022
6,676
9,935
5,315
21,926
Charge for the year
799
685
-
1,484
At 31 October 2023
7,475
10,620
5,315
23,410
At 31 October 2023
4,525
3,880
-
8,405
At 31 October 2022
5,324
4,565
-
9,889
Amounts falling due within one year
Trade debtors
99,493
122,171
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,078
9,836
Obligations under finance leases and hire purchase contracts
634
1,700
Trade creditors
46,534
52,388
Taxes and social security
13,017
11,954
Other creditors
(406)
1,235
Loans from directors
24,984
24,983
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
-
264
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
30,000 Preference shares of £1 each
30,000
30,000
Pad Lock Security Ltd
Notes to the Accounts
for the year ended 31 October 2023
9
Average number of employees
During the year the average number of employees was 6 (2022: 6).