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Registered Number: 05279369
England and Wales

 

 

 

IBS SECURITY SOLUTIONS LTD


Unaudited Filleted Financial Statements
 


Period of accounts

Start date: 01 December 2022

End date: 30 November 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 192,792    157,283 
Investments 4 370,166    370,166 
562,958    527,449 
Current assets      
Stocks 5 3,000    13,885 
Debtors 6 216,082    138,257 
Cash at bank and in hand 208,881    171,256 
427,963    323,398 
Creditors: amount falling due within one year 7 (368,636)   (338,903)
Net current assets 59,327    (15,505)
 
Total assets less current liabilities 622,285    511,944 
Creditors: amount falling due after more than one year 8 (120,164)   (162,065)
Provisions for liabilities 9 (27,034)   (14,307)
Net assets 475,087    335,572 
 

Capital and reserves
     
Called up share capital 203    203 
Profit and loss account 474,884    335,369 
Shareholders' funds 475,087    335,572 
 


For the year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 27 August 2024 and were signed on its behalf by:


-------------------------------
Jack Stoddart
Director
1
General Information
IBS Security Solutions Ltd is a private company, limited by shares, registered in England and Wales, registration number 05279369, registration address Unit 2a Cowen Road, Blaydon-on-Tyne, Tyne and Wear, NE21 5TW.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
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. 
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits of the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. 
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of costs. When the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. 

Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 2% Straight Line
Plant and Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 15% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes direct materials and, where appropriate, 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 the profit or loss. Reversals of impairment losses are also recognised in the profit or loss. 
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 9 (2022 : 10).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Total
  £   £   £   £   £
At 01 December 2022 91,099    7,550    122,545    21,534    242,728 
Additions     58,015      58,015 
Disposals     (15,400)     (15,400)
At 30 November 2023 91,099    7,550    165,160    21,534    285,343 
Depreciation
At 01 December 2022 9,117    6,022    54,523    15,783    85,445 
Charge for year 1,824    382    18,216    863    21,285 
On disposals     (14,179)     (14,179)
At 30 November 2023 10,941    6,404    58,560    16,646    92,551 
Net book values
Closing balance as at 30 November 2023 80,158    1,146    106,600    4,888    192,792 
Opening balance as at 01 December 2022 81,982    1,528    68,022    5,751    157,283 

Included above are assets held under finance lease and hire purchase. The net book value of these assets as at 30th November 2023 is £87,660 (2022: £41,142). The depreciation charge on these assets for the year ended 30th November 2023 is £11,496 (2022: £8,2228). 

4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 December 2022 370,166    370,166 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
At 30 November 2023 370,166    370,166 

5.

Stocks

2023
£
  2022
£
Work in Progress   10,885 
Stocks 3,000    3,000 
3,000    13,885 

6.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 158,266    136,194 
Prepayments & Accrued Income 2,854    1,850 
Other Debtors   11 
Directors' Current Accounts 54,962    202 
216,082    138,257 

7.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 36,362    67,191 
Bank Loans & Overdrafts (Secured) 13,500    13,200 
Amounts Owed to Group Undertakings 155,687   
Corporation Tax 63,057    33,350 
Accrued Expenses 7,058    22,596 
Other Creditors 65,627    165,006 
Obligations under HP/Financial Leases 21,828    11,174 
VAT 5,517    26,386 
368,636    338,903 
Included within bank loans and overdrafts is an amount of £3,600 (2022: £3,600) which is secured by way of a fixed and floating charge over the land and buildings and all other assets of the company. 

8.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts (secured) 60,221    73,489 
Other Creditors 3,375    62,500 
Obligations Under HP/Financial Leases 56,568    26,076 
120,164    162,065 
Included within bank loans due after one year is an amount of £43,627 (2022: £46,779) which is secured by way of a fixed and floating charge over the land and buildings and all other assets of the company. 

Amounts included above which fall due after five years are £29,227 (2022: £32,379)


9.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 27,034    14,307 
27,034    14,307 

10.

Director’s loan

Directors' Loans

During the year the directors continued to benefit from interest free loans. These loans are unsecured and repayable on demand and disclosed within debtors. 
Description   % rate
£
  Opening balance
£
  advances
£
  repayments
£
  Closing balance
£
Mr Ian Stoddart 201  3,075  3,276 
Mr Jack Stoddat 51,685  51,686 
202  54,760  54,962 

11.

Directors' Transactions

Dividends totalling £89,804 (2022: £62,545) were paid in the year in respect of shares held by the company's directors. 
12.

Disclosure of Controlling Party

For the whole of the period under review the company was under the control of Ian Stoddart, director of the company.

2