Company registration number 08091061 (England and Wales)
SW SECURITY SOLUTIONS LTD
Unaudited financial statements
For the year ended 29 February 2024
Pages for filing with registrar
SW SECURITY SOLUTIONS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SW SECURITY SOLUTIONS LTD
BALANCE SHEET
As at 29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
1,490
1,444
Current assets
Debtors
5
946,610
950,951
Cash at bank and in hand
10,255
1,573
956,865
952,524
Creditors: amounts falling due within one year
6
(63,915)
(68,992)
Net current assets
892,950
883,532
Total assets less current liabilities
894,440
884,976
Creditors: amounts falling due after more than one year
7
620
-
0
Net assets
895,060
884,976
Capital and reserves
Called up share capital
109
109
Profit and loss reserves
894,951
884,867
Total equity
895,060
884,976
SW SECURITY SOLUTIONS LTD
BALANCE SHEET (CONTINUED)
As at 29 February 2024
- 2 -

For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 9 October 2024 and are signed on its behalf by:
Mr R Freedman
Mr A Waisman
Director
Director
Company registration number 08091061 (England and Wales)
SW SECURITY SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 29 February 2024
- 3 -
1
Accounting policies
Company information

SW Security Solutions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Group House, 703 High Road, London, N12 0BT.

1.1
Basis of preparation of the financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 

The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting polices.

 

The following principle accounting policies have been applied:

1.2
Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date, Gains and losses on remeasurement are recognised in the statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

1.3
Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than 3 months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.4
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 and debtors, are initially measured at transaction price including transaction costs and are subsequently carried at transaction price less impairment.
SW SECURITY SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 29 February 2024
1
Accounting policies
(Continued)
- 4 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end 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 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 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 impairment reversal is recognised in profit or loss.

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 it's 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 recognised at transaction price.
Debt instruments are subsequently carried at amortised cost, using the effective interest 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. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.
1.5
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.

1.6
Taxation

Tax is recognised in the Statement of Income and retained earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity retrospectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

SW SECURITY SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 29 February 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Foreign currency translation

 

Functional and presentational currency

 

The company's functional and presentational currency is GBP.

 

Transactions and balances

 

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

 

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

1.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

1.9

Investments in associates

Investments in associates are held at cost less impairment.

1.10

Going concern

The financial statements have been prepared on a going concern basis.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SW SECURITY SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 29 February 2024
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,490
1,444
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 1 March 2023
1,444
Additions
46
At 29 February 2024
1,490
Carrying amount
At 29 February 2024
1,490
At 28 February 2023
1,444
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
907,317
925,815
Other debtors
39,293
24,717
Prepayments and accrued income
-
0
419
946,610
950,951
SW SECURITY SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 29 February 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
3,000
Amounts owed to group undertakings
62,130
65,492
Accruals and deferred income
1,785
500
63,915
68,992
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
(620)
-
0
8
Related party transactions

At the balance sheet date, the company was owed £907,317 (2023 - £925,815) by parent undertakings

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