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REGISTERED NUMBER: 07672284 (England and Wales)















Financial Statements

for the Year Ended 31 December 2023

for

OBRELA SECURITY INDUSTRIES LIMITED

OBRELA SECURITY INDUSTRIES LIMITED (REGISTERED NUMBER: 07672284)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


OBRELA SECURITY INDUSTRIES LIMITED

Company Information
for the year ended 31 December 2023







Directors: Mr G Patsis
Mr D Chatzis





Registered office: 3rd Floor
Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ





Registered number: 07672284 (England and Wales)





Auditors: Haines Watts North London LLP
Chartered Accountants and Statutory Auditors
3rd Floor
Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ

OBRELA SECURITY INDUSTRIES LIMITED (REGISTERED NUMBER: 07672284)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 4 16,380 21,840
Tangible assets 5 2,718 2,934
19,098 24,774

Current assets
Debtors 6 2,578,128 2,512,216
Cash at bank 89,672 350,330
2,667,800 2,862,546
Creditors
Amounts falling due within one year 7 1,861,198 1,603,122
Net current assets 806,602 1,259,424
Total assets less current liabilities 825,700 1,284,198

Provisions for liabilities 179 179
Net assets 825,521 1,284,019

Capital and reserves
Called up share capital 8 500 500
Retained earnings 825,021 1,283,519
Shareholders' funds 825,521 1,284,019

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2024 and were signed on its behalf by:





Mr D Chatzis - Director


OBRELA SECURITY INDUSTRIES LIMITED (REGISTERED NUMBER: 07672284)

Notes to the Financial Statements
for the year ended 31 December 2023


1. Statutory information

Obrela Security Industries Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis, the applicability of which is dependent upon the continued support of the company's parent company. In the opinion of the director, the company has the support of its parent company for a period of no less than twelve months from the date of approval of these financial statements and it is therefore appropriate to adopt the going concern policy.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 20% / 33.33% on cost

OBRELA SECURITY INDUSTRIES LIMITED (REGISTERED NUMBER: 07672284)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and Other debtors and Creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 7 (2022 - 5 ) .

OBRELA SECURITY INDUSTRIES LIMITED (REGISTERED NUMBER: 07672284)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


4. Intangible fixed assets
Development
costs
£
Cost
At 1 January 2023
and 31 December 2023 27,300
Amortisation
At 1 January 2023 5,460
Amortisation for year 5,460
At 31 December 2023 10,920
Net book value
At 31 December 2023 16,380
At 31 December 2022 21,840

5. Tangible fixed assets
Computer
equipment
£
Cost
At 1 January 2023 8,089
Additions 2,144
At 31 December 2023 10,233
Depreciation
At 1 January 2023 5,155
Charge for year 2,360
At 31 December 2023 7,515
Net book value
At 31 December 2023 2,718
At 31 December 2022 2,934

6. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 1,081,237 1,753,804
Amounts owed by group undertakings 1,207,037 605,563
Other debtors 289,854 152,849
2,578,128 2,512,216

OBRELA SECURITY INDUSTRIES LIMITED (REGISTERED NUMBER: 07672284)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts - 52,083
Trade creditors 149,608 581,349
Amounts owed to group undertakings 670,000 750,000
Taxation and social security 16,025 21,136
Other creditors 1,025,565 198,554
1,861,198 1,603,122

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
500 Ordinary £1 500 500

9. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Hassan Behcet Hassan Behcet
for and on behalf of Haines Watts North London LLP

10. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.