Registered number
SC164963
Advanced Perimeter Systems Limited
Filleted Accounts
31 March 2024
Advanced Perimeter Systems Limited
Registered number: SC164963
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 376,865 377,299
Current assets
Stocks 83,718 98,847
Debtors 4 23,074 13,776
Cash at bank and in hand 278,879 229,657
385,671 342,280
Creditors: amounts falling due within one year 5 (18,644) (16,100)
Net current assets 367,027 326,180
Total assets less current liabilities 743,892 703,479
Provisions for liabilities (12,178) (11,796)
Net assets 731,714 691,683
Capital and reserves
Called up share capital 5,200 5,200
Revaluation reserve 6 253,527 253,527
Profit and loss account 472,987 432,956
Shareholders' funds 731,714 691,683
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
W H Campbell
Director
Approved by the board on 21 August 2024
Advanced Perimeter Systems Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
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 measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 10 years
Fixtures, fittings, tools and equipment over 10 years
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumlated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Land and buildings Plant and machinery etc Fixtures, fittings & equipment Total
£ £ £ £
Cost
At 1 April 2023 375,000 12,539 11,322 398,861
Disposals - (4,750) - (4,750)
At 31 March 2024 375,000 7,789 11,322 394,111
Depreciation
At 1 April 2023 - 12,539 9,023 21,562
Charge for the year - - 434 434
On disposals - (4,750) - (4,750)
At 31 March 2024 - 7,789 9,457 17,246
Net book value
At 31 March 2024 375,000 - 1,865 376,865
At 31 March 2023 375,000 - 2,299 377,299
Freehold land and buildings: 2024 2023
£ £
Historical cost 178,993 178,993
Cumulative depreciation based on historical cost 96,660 93,080
82,333 85,913
The property was valued at £375,000 on 31 March 2016 by Graham and Sibbald, Chartered surveyors. The directors have assessed this value and believe it is still appropriate.
4 Debtors 2024 2023
£ £
Trade debtors 14,902 7,965
Other debtors 8,172 5,811
23,074 13,776
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 3,665 1,064
Taxation and social security costs 13,479 13,536
Other creditors 1,500 1,500
18,644 16,100
6 Revaluation reserve 2024 2023
£ £
At 1 April 2023 253,527 253,527
At 31 March 2024 253,527 253,527
7 Controlling party
The company is under the control of Mr William Campbell, the sole shareholder.
8 Other information
Advanced Perimeter Systems Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
16 Cunningham Road
Springkerse Industrial Estate
Stirling
FK7 7TP
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