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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
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
8,405 
9,889 
Current assets
Inventories
24,341 
32,706 
Debtors
99,493 
122,171 
Cash at bank and in hand
61,396 
33,634 
185,230 
188,511 
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)
Net assets
54,197 
41,004 
Capital and reserves
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
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Pad Lock Security Ltd Notes to the Accounts for the year ended 31 October 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Going concern
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.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Government Grants
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.
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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 
Depreciation
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 
Net book value
At 31 October 2023
4,525 
3,880 
- 
8,405 
At 31 October 2022
5,324 
4,565 
- 
9,889 
5
Debtors
2023 
2022 
£ 
£ 
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 
VAT
25,122 
25,483 
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 
Accruals
2,120 
2,120 
122,083 
129,699 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
17,355 
27,433 
Obligations under finance leases and hire purchase contracts
- 
264 
17,355 
27,697 
8
Share capital
2023 
2022 
£ 
£ 
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 
30,100 
30,100 
- 4 -
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).
- 5 -