Company registration number SC222872 (Scotland)
ALARM MAINTENANCE COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
ALARM MAINTENANCE COMPANY LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 9
ALARM MAINTENANCE COMPANY LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr S Baccetti
Mr K L Roberts
Company number
SC222872
Registered office
Grampian House
46 Virginia Street
Aberdeen
AB11 5AU
Auditor
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
ALARM MAINTENANCE COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,803
Current assets
Stocks
41,686
25,016
Debtors
4
1,133,868
476,481
Cash at bank and in hand
70,034
749,687
1,245,588
1,251,184
Creditors: amounts falling due within one year
5
(246,216)
(445,234)
Net current assets
999,372
805,950
Net assets
1,008,175
805,950
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,008,174
805,949
Total equity
1,008,175
805,950
The notes on pages 3 to 9 form part of these financial statements.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 12 July 2024 and are signed on its behalf by:
Mr S Baccetti
Mr K L Roberts
Director
Director
Company Registration No. SC222872
ALARM MAINTENANCE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Alarm Maintenance Company Limited is a private company limited by shares incorporated in Scotland. The registered office is Grampian House, 46 Virginia Street, Aberdeen, AB11 5AU.
1.1
Reporting period
The company was acquired by Scutum Group UK Limited on the 31 March 2023, the final day of the company's last financial period. Subsequently, the company amended it's financial year end to 31 December 2023 to correspond with that of it's parent and fellow subsidiaries. As such the current and prior period are not wholly comparable as they represent the performance of the company of 9 months and 12 months respectively.
In addition to this, upon acquisition the company amended the categorisation of a number of expenses from administrative to cost of sales in order to fulfil group reporting requirements and hence the comparative information may not be wholly comparable.
1.2
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.
1.3
Turnover
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration receivable, excluding VAT. Revenue from the installation of fire and security equipment is recognised by reference to the stage of completion of the installation. Stage of completion is measured by an assessment of the progress of the job by the engineers.
1.4
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:
Fixtures and fittings
20% reducing balance
Computer equipment
33% straight line
ALARM MAINTENANCE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell after making allowance for obsolete and slow moving items.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
ALARM MAINTENANCE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
ALARM MAINTENANCE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2023
2023
Number
Number
Total
13
12
3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 April 2023
1,603
9,970
11,573
Additions
9,892
9,892
At 31 December 2023
1,603
19,862
21,465
Depreciation and impairment
At 1 April 2023
1,603
9,970
11,573
Depreciation charged in the Period
1,089
1,089
At 31 December 2023
1,603
11,059
12,662
Carrying amount
At 31 December 2023
8,803
8,803
At 31 March 2023
ALARM MAINTENANCE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 7 -
4
Debtors
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
251,723
187,356
Amounts owed by group undertakings
621,800
Other debtors
237,577
236,915
Prepayments and accrued income
22,768
52,210
1,133,868
476,481
5
Creditors: amounts falling due within one year
2023
2023
£
£
Trade creditors
106,913
131,025
Amounts owed to group undertakings
12,676
Corporation tax
136,533
Other taxation and social security
39,580
51,958
Other creditors
35,008
70,300
Accruals and deferred income
52,039
55,418
246,216
445,234
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
James Blake FCA
Statutory Auditor:
TC Group
ALARM MAINTENANCE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 8 -
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2023
£
£
7,621
38,103
8
Parent company
On the 31st March 2023, Scutum Group UK Limited purchased all of the share capital in the company. Prior to 31st March 2023, the company was under the control of its director Mr A J Nicol.
At the balance sheet date the company's entire share capital is held by Scutum Group UK Limited, a wholly owned member of the group headed by SLE SAS, a company incorporated in France.
Scutum Group UK Limited is the immediate parent undertaking and the smallest group in which consolidated financial statements are prepared. Copies of the Scutum Group UK Limited financial statements are publicly available at Companies House.
SLE SAS is considered to be the ultimate parent undertaking and controlling party. Copies of the SLE SAS' financial statements may be obtained from 21, Rue du Pont des Halles, 94536, Rungis Cedex.
In accordance with Section 33.1A of FRS 102 the company has applied the exemption from disclosing transactions and balances with fellow wholly owned members of the group headed by SLE SAS.
ALARM MAINTENANCE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 9 -
9
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2022
2023
£
£
Adjustments to prior Period
Recognition of EBT liability
-
(67,122)
Recognition of deferred monitoring income
-
(36,430)
Recognition of prepaid monitoring costs
-
26,597
Total adjustments
-
(76,955)
Equity as previously reported
757,720
882,905
Equity as adjusted
757,720
805,950
Analysis of the effect upon equity
Profit and loss reserves
-
(76,955)
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior Period
Recognition of EBT liability
(67,122)
Recognition of deferred monitoring income
(36,430)
Recognition of prepaid monitoring costs
26,597
Total adjustments
(76,955)
Profit as previously reported
125,185
Profit as adjusted
48,230
2023-12-312023-04-01false12 July 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedMr S BaccettiMr K L RobertsMr A NicolfalsefalseSC2228722023-04-012023-12-31SC222872bus:Director12023-04-012023-12-31SC222872bus:Director22023-04-012023-12-31SC222872bus:Director32023-04-012023-12-31SC222872bus:RegisteredOffice2023-04-012023-12-31SC2228722023-12-31SC2228722023-03-31SC222872core:FurnitureFittings2023-12-31SC222872core:ComputerEquipment2023-12-31SC222872core:FurnitureFittings2023-03-31SC222872core:ComputerEquipment2023-03-31SC222872core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-31SC222872core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-31SC222872core:CurrentFinancialInstruments2023-12-31SC222872core:CurrentFinancialInstruments2023-03-31SC222872core:ShareCapital2023-12-31SC222872core:ShareCapital2023-03-31SC222872core:RetainedEarningsAccumulatedLosses2023-12-31SC222872core:RetainedEarningsAccumulatedLosses2023-03-31SC222872core:FurnitureFittings2023-04-012023-12-31SC222872core:ComputerEquipment2023-04-012023-12-31SC2228722022-04-012023-03-31SC222872core:FurnitureFittings2023-03-31SC222872core:ComputerEquipment2023-03-31SC2228722023-03-31SC222872bus:PrivateLimitedCompanyLtd2023-04-012023-12-31SC222872bus:SmallCompaniesRegimeForAccounts2023-04-012023-12-31SC222872bus:FRS1022023-04-012023-12-31SC222872bus:Audited2023-04-012023-12-31SC222872bus:FullAccounts2023-04-012023-12-31xbrli:purexbrli:sharesiso4217:GBP