REGISTERED NUMBER: |
NEPTUNE SECURITY GROUP LTD |
Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
NEPTUNE SECURITY GROUP LTD |
Financial Statements for the Year Ended 31 December 2023 |
NEPTUNE SECURITY GROUP LTD (REGISTERED NUMBER: 07086996) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
NEPTUNE SECURITY GROUP LTD |
Company Information |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Chartered Accountants and Statutory Auditors |
36-38 Northland Row |
Dungannon |
Co. Tyrone |
BT71 6AP |
NEPTUNE SECURITY GROUP LTD (REGISTERED NUMBER: 07086996) |
Statement of Financial Position |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | $ | $ |
CURRENT ASSETS |
Receivables: amounts falling due within one year |
6 |
Cash at bank |
PAYABLES |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
NEPTUNE SECURITY GROUP LTD (REGISTERED NUMBER: 07086996) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Neptune Security Group Ltd is a |
The presentation currency of the financial statements is Dollars ($). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts are prepared on a going concern basis under the historical cost convention modified |
when necessary to include the revaluation of certain fixed assets. The accounting policies outlined |
below have been applied consistently throughout the year. |
Revenue |
Revenue comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax. Revenue is recognised for the period in which assets are in use. |
Property, plant and equipment |
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows: |
Plant and machinery 15% straight line |
Fixtures, fittings and equipment 15% straight line |
Website 10% straight line |
The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
Taxation |
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date. |
Foreign currencies |
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement. |
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. |
Cash flow statement |
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company. |
NEPTUNE SECURITY GROUP LTD (REGISTERED NUMBER: 07086996) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial |
instruments. |
(i) Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances and amountsowed by related parties and are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for |
objective evidence of impairment. If an asset is impaired the impairment loss is the difference |
between the carrying amount and the present value of the estimated cash flows discounted at the |
asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is decrease in the impairment loss arising from an event occurring after the impairment |
was recognised, the impairment is reversed. The reversal is such that the current carrying amount |
does not exceed what the carrying amount would have been had the impairment not previously |
been recognised. The impairment reversal is recognised in profit or loss. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset |
expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset |
are transferred to another party or (c) despite having retained some significant risks and rewards |
of ownership, control of the asset has been transferred to another party who has the practical |
ability to unilaterally sell the asset to an unrelated third party without imposing additional |
restrictions. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and |
amounts owed to related parties 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 receipts discounted at a market rate of interest. Debt instruments are |
subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the |
establishment of loan facilities are recognised as transaction costs of the loan to the extent that it |
is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until |
the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the |
facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and |
amortised over the period of the facility to which it relates. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual |
obligation is discharged, cancelled or expires. |
(iii) Offsetting |
Financial assets and liabilities are offset and 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 |
Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new |
ordinary shares or options are shown in equity as deductions, net of tax, from the proceeds. |
NEPTUNE SECURITY GROUP LTD (REGISTERED NUMBER: 07086996) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
$ | $ | $ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
$ | $ |
Trade receivables |
Other receivables | 3,906 | 3,700 |
Amounts owed by group undertakings |
7. | PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
$ | $ |
Trade payables |
Amounts owed to group undertakings |
Taxation and social security |
Other payables |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
9. | 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. |