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REGISTERED NUMBER: 07036995 (England and Wales)















Strategic Report,

Report of the Directors and

Financial Statements

for the period

1 November 2022 to 31 December 2023

for

SMART SEC SOLUTIONS LTD

SMART SEC SOLUTIONS LTD (REGISTERED NUMBER: 07036995)

Contents of the Financial Statements
for the period 1 November 2022 to 31 December 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


SMART SEC SOLUTIONS LTD

Company Information
for the period 1 November 2022 to 31 December 2023







Directors: F Ahmad
D Nicolaou





Registered office: 22 Union Street
Barnet
London
EN5 4HZ





Registered number: 07036995 (England and Wales)





Auditors: Duncan & Toplis Audit Limited, Statutory Auditor
3rd Floor
Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ

SMART SEC SOLUTIONS LTD (REGISTERED NUMBER: 07036995)

Strategic Report
for the period 1 November 2022 to 31 December 2023


The directors present their strategic report for the period 1 November 2022 to 31 December 2023.

Review of business
In 2023 the company continued to focus on its principal activity of Security Guarding provision, including front of house and reception services. We have also continued to develop and strengthen our innovative solution offering either through self-delivery or via our trusted service partners, in areas such as access control, alarm installation and maintenance, CCTV monitoring and remote monitoring systems.

Sales have increased to £18,248,558 (2023) from £13,872,594 (2022). Pre-tax profit of £225,732 (2023) has decreased from the previous year of £377,538 (2022).

The security industry continues to follow the trend of our competitors being acquired by larger (FM) organisations. This on-going trend has been the norm within the industry for the past 15 years. These mergers and acquisitions create a greater gap in the market for SmartSec Solutions to exploit. Our strategic aim has always been to focus on our security and front of house division. Whilst we may diversify slightly in to some security system offerings, we never see ourselves moving to a full FM provision and will always remain security focused. Our customers often select us solely down to our ability to concentrate in on their security requirements and because we do not dilute our service offering and overstretch our management teams.

2023 was another year of continued strategic investment for SmartSec Solutions with significant success with new product ranges and investment in people, new customers, sales, and marketing channels. This strategy will remain in place for the foreseeable future and will continue to underpin performance for many years to come.

KEY PERFORMANCE INDICATORS

The company's financial performance is assessed primarily by Turnover, Gross Profit, GP as % Turnover, EBITDA and EBITDA % of Turnover for the financial year:

Turnover Gross Profit Gross Profit % EBITDA EBITDA %
2023 £18,248,558 £3,083,332 16.9% £334,739 1.8%
2022 £13,872,594 £2,544,425 18.3% £437,614 3.2%
2021 £10,997,037 £1,794,961 16.3% £424,741 3.9%
2020 £11,483,829 £2,291,214 20.0% £937,769 8.2%

Principal risks and uncertainties
The key business risk and uncertainty relates to any potential downturn in the UK economy. Activity in the UK security services sector however remains strong, so the directors believe the company is well placed to continue to trade successfully in 2024.

It is the desire of the owners of SmartSec Solutions to be an organisation built upon solid foundations of Trust, Honesty and Openness. It is our desire to be the best and to continue to keep striving for excellence. SmartSec Solutions has been 100% organically grown. From small acorns grow great oaks. Our desire to grow with our customers has seen us forge some quite outstanding partnerships with many of our customers. It is our belief that once we are tried, we will deliver for you and we will keep being rewarded with new contracts. The journey through 2024 is an exciting one. We have invested heavily in our people, our management team, our senior management team and in the systems division of our business. That investment is now ready to come to fruition and coupled with our label as "security guarding company of the year" we are confident of our most successful year in our company's history.


SMART SEC SOLUTIONS LTD (REGISTERED NUMBER: 07036995)

Strategic Report
for the period 1 November 2022 to 31 December 2023

Social responsibility
Environmental, Social and Governance criteria are standards upon which we continue to measure our behaviour as an organisation. We are committed to improving our carbon footprint and are constantly looking at initiatives we can implement as a company in order to do so. One example of this has been changing all of our mobile fleet vehicles to 100% electric cars.

We always seek to employ staff locally to the contracts that we are awarded. This has a social and environmental impact. Wherever possible we source supplies such as uniform, mobile phones and other activity related goods from local providers to ensure we support smaller local businesses.

On behalf of the board:





F Ahmad - Director


24 September 2024

SMART SEC SOLUTIONS LTD (REGISTERED NUMBER: 07036995)

Report of the Directors
for the period 1 November 2022 to 31 December 2023


The directors present their report with the financial statements of the company for the period 1 November 2022 to 31 December 2023.

Dividends
The total distribution of dividends for the period ended 31 December 2023 will be £287,000.

Directors
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

F Ahmad
D Nicolaou

Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

SMART SEC SOLUTIONS LTD (REGISTERED NUMBER: 07036995)

Report of the Directors
for the period 1 November 2022 to 31 December 2023


Auditors
The auditors, Duncan & Toplis Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





F Ahmad - Director


24 September 2024

Report of the Independent Auditors to the Members of
Smart Sec Solutions Ltd


Opinion
We have audited the financial statements of Smart Sec Solutions Ltd (the 'company') for the period ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
Smart Sec Solutions Ltd


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.
- Enquiring of management concerning actual and potential litigation and claims.
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
- Reading minutes of meetings of those charged with governance.
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Smart Sec Solutions Ltd


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Hassan Behcet (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
3rd Floor
Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ

24 September 2024

SMART SEC SOLUTIONS LTD (REGISTERED NUMBER: 07036995)

Income Statement
for the period 1 November 2022 to 31 December 2023

Period
1/11/22
to Year ended
31/12/23 31/10/22
Notes £ £

Turnover 18,248,558 13,872,594

Cost of sales (15,165,226 ) (11,328,169 )
Gross profit 3,083,332 2,544,425

Administrative expenses (2,751,512 ) (2,128,619 )
Operating profit 4 331,820 415,806

Interest receivable and similar income 662 258
332,482 416,064

Interest payable and similar expenses 5 (106,750 ) (38,526 )
Profit before taxation 225,732 377,538

Tax on profit 6 (82,982 ) (79,812 )
Profit for the financial period 142,750 297,726

SMART SEC SOLUTIONS LTD (REGISTERED NUMBER: 07036995)

Other Comprehensive Income
for the period 1 November 2022 to 31 December 2023

Period
1/11/22
to Year ended
31/12/23 31/10/22
Notes £ £

Profit for the period 142,750 297,726


Other comprehensive income - -
Total comprehensive income for the period 142,750 297,726

SMART SEC SOLUTIONS LTD (REGISTERED NUMBER: 07036995)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 8 1,395,420 1,381,274
Investments 9 3,433 3,433
1,398,853 1,384,707

Current assets
Debtors 10 2,586,704 2,368,562
Cash at bank 307,262 1,458,299
2,893,966 3,826,861
Creditors
Amounts falling due within one year 11 3,247,744 3,565,543
Net current (liabilities)/assets (353,778 ) 261,318
Total assets less current liabilities 1,045,075 1,646,025

Creditors
Amounts falling due after more than one year 12 (932,957 ) (1,394,817 )

Provisions for liabilities 15 (5,160 ) -
Net assets 106,958 251,208

Capital and reserves
Called up share capital 16 300 300
Retained earnings 17 106,658 250,908
Shareholders' funds 106,958 251,208

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:




F Ahmad - Director



D Nicolaou - Director


SMART SEC SOLUTIONS LTD (REGISTERED NUMBER: 07036995)

Statement of Changes in Equity
for the period 1 November 2022 to 31 December 2023

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 November 2021 - 253,182 253,182

Changes in equity
Issue of share capital 300 - 300
Dividends - (300,000 ) (300,000 )
Total comprehensive income - 297,726 297,726
Balance at 31 October 2022 300 250,908 251,208

Changes in equity
Dividends - (287,000 ) (287,000 )
Total comprehensive income - 142,750 142,750
Balance at 31 December 2023 300 106,658 106,958

SMART SEC SOLUTIONS LTD (REGISTERED NUMBER: 07036995)

Notes to the Financial Statements
for the period 1 November 2022 to 31 December 2023


1. Statutory information

Smart Sec Solutions Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements
The financial statements contain information about Smart Sec Solutions Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Smart Sec Holdings Ltd, 22 Union Street, Barnet, London, England, EN5 4HZ.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SMART SEC SOLUTIONS LTD (REGISTERED NUMBER: 07036995)

Notes to the Financial Statements - continued
for the period 1 November 2022 to 31 December 2023


2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. Employees and directors
Period
1/11/22
to Year ended
31/12/23 31/10/22
£ £
Wages and salaries 11,861,880 9,244,220
Social security costs 1,155,540 963,361
Other pension costs 220,164 182,162
13,237,584 10,389,743

The average number of employees during the period was as follows:
Period
1/11/22
to Year ended
31/12/23 31/10/22

Employees 405 377

Period
1/11/22
to Year ended
31/12/23 31/10/22
£ £
Directors' remuneration 175,070 255,509

SMART SEC SOLUTIONS LTD (REGISTERED NUMBER: 07036995)

Notes to the Financial Statements - continued
for the period 1 November 2022 to 31 December 2023


4. Operating profit

The operating profit is stated after charging:

Period
1/11/22
to Year ended
31/12/23 31/10/22
£ £
Hire of plant and machinery 29,493 18,247
Depreciation - owned assets 12,259 7,541
Auditors' remuneration 8,000 9,180
Foreign exchange differences 4,255 -

5. Interest payable and similar expenses
Period
1/11/22
to Year ended
31/12/23 31/10/22
£ £
Bank interest 106,750 38,526

6. Taxation

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
1/11/22
to Year ended
31/12/23 31/10/22
£ £
Current tax:
UK corporation tax 77,500 79,812

Deferred tax 5,482 -
Tax on profit 82,982 79,812

7. Dividends
Period
1/11/22
to Year ended
31/12/23 31/10/22
£ £
Ordinary shares of 1 each
Interim 287,000 300,000

SMART SEC SOLUTIONS LTD (REGISTERED NUMBER: 07036995)

Notes to the Financial Statements - continued
for the period 1 November 2022 to 31 December 2023


8. Tangible fixed assets
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£ £ £ £ £
Cost
At 1 November 2022 1,358,649 62,914 - 74,727 1,496,290
Additions - 16,860 5,100 4,445 26,405
At 31 December 2023 1,358,649 79,774 5,100 79,172 1,522,695
Depreciation
At 1 November 2022 - 58,029 - 56,987 115,016
Charge for period - 5,437 1,275 5,547 12,259
At 31 December 2023 - 63,466 1,275 62,534 127,275
Net book value
At 31 December 2023 1,358,649 16,308 3,825 16,638 1,395,420
At 31 October 2022 1,358,649 4,885 - 17,740 1,381,274

9. Fixed asset investments
Unlisted
investments
£
Cost
At 1 November 2022
and 31 December 2023 3,433
Net book value
At 31 December 2023 3,433
At 31 October 2022 3,433

10. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 1,793,904 1,566,588
Other debtors 394,497 368,505
Directors' current accounts 380,573 282,680
Deferred tax asset - 322
Prepayments and accrued income 17,730 150,467
2,586,704 2,368,562

SMART SEC SOLUTIONS LTD (REGISTERED NUMBER: 07036995)

Notes to the Financial Statements - continued
for the period 1 November 2022 to 31 December 2023


11. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts (see note 13) 333,996 786,610
Trade creditors 876,945 368,300
Tax 84,678 140,522
Social security and other taxes 447,274 273,516
VAT 753,615 1,305,769
Other creditors 77,948 9,787
Pensions 35,547 39,842
Net wages 617,653 621,109
Accrued expenses 20,088 20,088
3,247,744 3,565,543

12. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans (see note 13) 932,957 1,394,817

13. Loans

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due within one year or on demand:
Bank loans 333,996 786,610

Amounts falling due between one and two years:
Bank loans - 1-2 years 328,240 407,885

Amounts falling due between two and five years:
Bank loans - 2-5 years 397,592 670,950

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 207,125 315,982

SMART SEC SOLUTIONS LTD (REGISTERED NUMBER: 07036995)

Notes to the Financial Statements - continued
for the period 1 November 2022 to 31 December 2023


14. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 53,530 64,572
Between one and five years 34,934 97,389
88,464 161,961

15. Provisions for liabilities
2023
£
Deferred tax 5,160

Deferred tax
£
Balance at 1 November 2022 (322 )
Provided during period 5,482
Balance at 31 December 2023 5,160

16. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
300 Ordinary 1 300 300

17. Reserves
Retained
earnings
£

At 1 November 2022 250,908
Profit for the period 142,750
Dividends (287,000 )
At 31 December 2023 106,658

SMART SEC SOLUTIONS LTD (REGISTERED NUMBER: 07036995)

Notes to the Financial Statements - continued
for the period 1 November 2022 to 31 December 2023


18. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the period ended 31 December 2023 and the year ended 31 October 2022:

2023 2022
£ £
F Ahmad and D Nicolaou
Balance outstanding at start of period 282,680 233,273
Amounts advanced 384,893 349,407
Amounts repaid (287,000 ) (300,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 380,573 282,680