Westminster Security Group Ltd 14402398 false 2022-10-06 2023-10-31 2023-10-31 The principal activity of the company is other letting and operating of own or leased real estate. Digita Accounts Production Advanced 6.30.9574.0 true true 14402398 2022-10-06 2023-10-31 14402398 2023-10-31 14402398 core:CurrentFinancialInstruments 2023-10-31 14402398 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 14402398 core:OtherPropertyPlantEquipment 2023-10-31 14402398 bus:SmallEntities 2022-10-06 2023-10-31 14402398 bus:AuditExemptWithAccountantsReport 2022-10-06 2023-10-31 14402398 bus:FilletedAccounts 2022-10-06 2023-10-31 14402398 bus:SmallCompaniesRegimeForAccounts 2022-10-06 2023-10-31 14402398 bus:RegisteredOffice 2022-10-06 2023-10-31 14402398 bus:Director1 2022-10-06 2023-10-31 14402398 bus:PrivateLimitedCompanyLtd 2022-10-06 2023-10-31 14402398 core:OtherPropertyPlantEquipment 2022-10-06 2023-10-31 14402398 core:PlantMachinery 2022-10-06 2023-10-31 14402398 countries:EnglandWales 2022-10-06 2023-10-31 iso4217:GBP xbrli:pure

Westminster Security Group Ltd

Unaudited Filleted Financial Statements

for the Period from 6 October 2022 to 31 October 2023

 

Westminster Security Group Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Westminster Security Group Ltd

(Registration number: 14402398)
Balance Sheet as at 31 October 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

1,634

Investment property

5

749,074

 

750,708

Current assets

 

Debtors

6

3,500

Creditors: Amounts falling due within one year

7

(753,705)

Net current liabilities

 

(750,205)

Net assets

 

503

Capital and reserves

 

Called up share capital

100

Retained earnings

403

Shareholders' funds

 

503

For the financial period ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 October 2024 and signed on its behalf by:
 

.........................................
Mr John Moore
Director

 

Westminster Security Group Ltd

Notes to the Unaudited Financial Statements for the Period from 6 October 2022 to 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
42 Crosby Road North
Liverpool
Merseyside
L22 4QQ
United Kingdom

These financial statements were authorised for issue by the Board on 3 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 £.

Going concern

The company is in a net liability position at the year-end of £2,897. The company is reliant on the continued support of its directors. The director has agreed to continue to support the company and on that basis the financial statement have been prepared as a going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Westminster Security Group Ltd

Notes to the Unaudited Financial Statements for the Period from 6 October 2022 to 31 October 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments transactions that results in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
 Recognition and measurement
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 rate method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors, banks, 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 future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

 Impairment
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence, that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss of 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 and loss.

If there is a 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 reversal impairment is recognised in profit and loss.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Westminster Security Group Ltd

Notes to the Unaudited Financial Statements for the Period from 6 October 2022 to 31 October 2023 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% RB

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

 

Westminster Security Group Ltd

Notes to the Unaudited Financial Statements for the Period from 6 October 2022 to 31 October 2023 (continued)

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

Additions

2,179

2,179

At 31 October 2023

2,179

2,179

Depreciation

Charge for the period

545

545

At 31 October 2023

545

545

Carrying amount

At 31 October 2023

1,634

1,634

5

Investment properties

2023
£

Additions

749,074

At 31 October

749,074

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2023
£

Other debtors

3,500

 

3,500

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Amounts due to related parties

748,595

Accruals

 

5,110

 

753,705