Company registration number 1977263 (England and Wales)
KEY SECURITY SYSTEMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
KEY SECURITY SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
KEY SECURITY SYSTEMS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,959
15,460
Current assets
Stocks
4
12,328
8,215
Debtors
5
22,571
14,126
Cash at bank and in hand
33,031
31,817
67,930
54,158
Creditors: amounts falling due within one year
6
(49,705)
(38,147)
Net current assets
18,225
16,011
Total assets less current liabilities
31,184
31,471
Creditors: amounts falling due after more than one year
7
(30,000)
(30,000)
Net assets
1,184
1,471
Capital and reserves
Called up share capital
8
200
200
Profit and loss reserves
984
1,271
Total equity
1,184
1,471

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

KEY SECURITY SYSTEMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 August 2024 and are signed on its behalf by:
ED Tripp
Director
Company registration number 1977263 (England and Wales)
KEY SECURITY SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office Equipment
15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

KEY SECURITY SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
KEY SECURITY SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
3
Tangible fixed assets
Office Equipment
Motor vehicles
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
21,272
58,761
80,033
Depreciation and impairment
At 1 May 2023
15,335
49,238
64,573
Depreciation charged in the year
891
1,610
2,501
At 30 April 2024
16,226
50,848
67,074
Carrying amount
At 30 April 2024
5,046
7,913
12,959
At 30 April 2023
5,937
9,523
15,460
4
Stocks
2024
2023
£
£
Stocks
12,328
8,215
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
18,498
11,797
Other debtors
4,073
2,329
22,571
14,126
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
25,306
11,903
Corporation tax
1,926
1,507
Other taxation and social security
3,085
3,190
Other creditors
18,138
20,407
Accruals and deferred income
1,250
1,140
49,705
38,147
KEY SECURITY SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
30,000
30,000
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
200
200
2024-04-302023-05-01false05 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityED TrippP Trippfalsefalse19772632023-05-012024-04-3019772632024-04-3019772632023-04-301977263core:FurnitureFittings2024-04-301977263core:MotorVehicles2024-04-301977263core:FurnitureFittings2023-04-301977263core:MotorVehicles2023-04-301977263core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-301977263core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-301977263core:Non-currentFinancialInstrumentscore:AfterOneYear2024-04-301977263core:Non-currentFinancialInstrumentscore:AfterOneYear2023-04-301977263core:CurrentFinancialInstruments2024-04-301977263core:CurrentFinancialInstruments2023-04-301977263core:ShareCapital2024-04-301977263core:ShareCapital2023-04-301977263core:RetainedEarningsAccumulatedLosses2024-04-301977263core:RetainedEarningsAccumulatedLosses2023-04-301977263bus:Director12023-05-012024-04-301977263core:FurnitureFittings2023-05-012024-04-301977263core:MotorVehicles2023-05-012024-04-3019772632022-05-012023-04-301977263core:FurnitureFittings2023-04-301977263core:MotorVehicles2023-04-3019772632023-04-301977263core:WithinOneYear2024-04-301977263core:WithinOneYear2023-04-301977263core:Non-currentFinancialInstruments12024-04-301977263core:Non-currentFinancialInstruments12023-04-301977263bus:PrivateLimitedCompanyLtd2023-05-012024-04-301977263bus:SmallCompaniesRegimeForAccounts2023-05-012024-04-301977263bus:FRS1022023-05-012024-04-301977263bus:AuditExemptWithAccountantsReport2023-05-012024-04-301977263bus:Director22023-05-012024-04-301977263bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP