Company registration number 04968064 (England and Wales)
GUARDIAN SECURITY (SOUTH WEST) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
GUARDIAN SECURITY (SOUTH WEST) LIMITED
COMPANY INFORMATION
Directors
Mr S Monger
Mrs C Monger
Secretary
Mrs C Monger
Company number
04968064
Registered office
Unit 1 & 6 The Space Place
Alphin Brook Road
Exeter
Devon
United Kingdom
EX2 8RG
Accountants
Bush & Co Limited
2 Barnfield Crescent
Exeter
EX1 1QT
GUARDIAN SECURITY (SOUTH WEST) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
GUARDIAN SECURITY (SOUTH WEST) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
170,671
88,697
Current assets
Stocks
686,431
396,001
Debtors
5
389,903
394,520
Cash at bank and in hand
409,247
291,458
1,485,581
1,081,979
Creditors: amounts falling due within one year
6
(582,465)
(465,163)
Net current assets
903,116
616,816
Total assets less current liabilities
1,073,787
705,513
Creditors: amounts falling due after more than one year
7
(44,839)
(72,239)
Provisions for liabilities
(36,087)
(21,818)
Net assets
992,861
611,456
Capital and reserves
Called up share capital
990
990
Share premium account
39,825
39,825
Capital redemption reserve
175
175
Retained earnings
951,871
570,466
Total equity
992,861
611,456
GUARDIAN SECURITY (SOUTH WEST) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 14 October 2024 and are signed on its behalf by:
Mr S Monger
Mrs C Monger
Director
Director
Company Registration No. 04968064
GUARDIAN SECURITY (SOUTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Guardian Security (South West) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 & 6 The Space Place, Alphin Brook Road, Exeter, Devon, United Kingdom, EX2 8RG.
1.1
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.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected useful life.
GUARDIAN SECURITY (SOUTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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:
Leasehold improvements
10% straight line
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Computers
25% straight line
Motor vehicles
25% reducing balance
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. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
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 income statement 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.
GUARDIAN SECURITY (SOUTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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 income statement, 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.
1.7
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit or loss in the period to which they relate.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
16
14
GUARDIAN SECURITY (SOUTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
130,340
Amortisation and impairment
At 1 April 2023 and 31 March 2024
130,340
Carrying amount
At 31 March 2024
At 31 March 2023
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
81,021
304,731
385,752
Additions
108,428
108,428
Disposals
(62,286)
(62,286)
At 31 March 2024
81,021
350,873
431,894
Depreciation and impairment
At 1 April 2023
71,151
225,904
297,055
Depreciation charged in the year
3,147
19,429
22,576
Eliminated in respect of disposals
(58,408)
(58,408)
At 31 March 2024
74,298
186,925
261,223
Carrying amount
At 31 March 2024
6,723
163,948
170,671
At 31 March 2023
9,870
78,827
88,697
GUARDIAN SECURITY (SOUTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
277,008
308,033
Other debtors
112,895
86,487
389,903
394,520
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
28,008
26,601
Trade creditors
164,313
186,358
Taxation and social security
252,390
129,482
Other creditors
137,754
122,722
582,465
465,163
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
35,010
62,458
Other creditors
9,829
9,781
44,839
72,239
8
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
12,721
15,674
In two to five years
9,829
9,781
22,550
25,455
GUARDIAN SECURITY (SOUTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Finance lease obligations
(Continued)
- 8 -
The above commitments relate to assets held under hire purchase agreements and the liabilities are secured over the assets to which they relate. The liabilities are included in other creditors.
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
348,049
3,200
10
Related party transactions
Included in creditors are amounts owed to a company under the common control of the directors of £100,919 as at the year end. The loan is interest free and carries no fixed terms of repayment.
Included in other debtors are amounts advanced to the directors of £73,510. Interest has been charged on the loan at HMRC's official rate of interest and there are no fixed terms of repayment.
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