Registered number
08824373
Plymstock Security Systems Ltd
Filleted Accounts
31 December 2023
Plymstock Security Systems Ltd
Registered number: 08824373
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 30,829 33,079
Tangible assets 4 17,744 23,659
48,573 56,738
Current assets
Stocks 74,824 34,000
Debtors 5 36,008 68,437
Cash at bank and in hand 157 10,337
110,989 112,774
Creditors: amounts falling due within one year 6 (129,649) (126,694)
Net current liabilities (18,660) (13,920)
Total assets less current liabilities 29,913 42,818
Creditors: amounts falling due after more than one year 7 (24,435) (33,770)
Provisions for liabilities (4,495) (4,495)
Net assets 983 4,553
Capital and reserves
Called up share capital 100 100
Profit and loss account 883 4,453
Shareholders' funds 983 4,553
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.
Steve Kendall
Director
Approved by the board on 4 September 2024
Plymstock Security Systems Ltd
Notes to the Accounts
for the year ended 31 December 2023
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Goodwill 20 years straight line
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:
Office equipment 25% reducing balance method
Computer equipment 25% reducing balance method
Motor vehicles 25% reducing balance method
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Cost
At 1 January 2023 45,000
At 31 December 2023 45,000
Amortisation
At 1 January 2023 11,921
Provided during the year 2,250
At 31 December 2023 14,171
Net book value
At 31 December 2023 30,829
At 31 December 2022 33,079
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 3,644 4,237 73,685 81,566
At 31 December 2023 3,644 4,237 73,685 81,566
Depreciation
At 1 January 2023 2,830 3,727 51,350 57,907
Charge for the year 203 128 5,584 5,915
At 31 December 2023 3,033 3,855 56,934 63,822
Net book value
At 31 December 2023 611 382 16,751 17,744
At 31 December 2022 814 510 22,335 23,659
5 Debtors 2023 2022
£ £
Trade debtors 22,458 63,697
Other debtors 13,550 4,740
36,008 68,437
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,000 6,000
Trade creditors 23,344 45,587
Taxation and social security costs 62,066 32,263
Other creditors 38,239 42,844
129,649 126,694
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 12,619 18,463
Other creditors 11,816 15,307
24,435 33,770
8 Other information
Plymstock Security Systems Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Turnchapel Wharf
Barton Road
Plymouth
Devon
PL9 9RQ
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