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COMPANY REGISTRATION NUMBER: 4148068
Chester Security Systems Limited
Filleted Unaudited Financial Statements
31 January 2024
Chester Security Systems Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
18,330
24,440
Current assets
Stocks
1,500
1,500
Debtors
6
39,058
29,198
Cash at bank and in hand
219,346
193,438
---------
---------
259,904
224,136
Creditors: amounts falling due within one year
7
71,222
59,534
---------
---------
Net current assets
188,682
164,602
---------
---------
Total assets less current liabilities
207,012
189,042
---------
---------
Net assets
207,012
189,042
---------
---------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
206,912
188,942
---------
---------
Shareholders funds
207,012
189,042
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Chester Security Systems Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 10 October 2024 , and are signed on behalf of the board by:
Mr M G Hughes
Director
Company registration number: 4148068
Chester Security Systems Limited
Notes to the Financial Statements
Year ended 31st January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 32 Church Road, Saughall, Chester, Cheshire, CH1 6EP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. provision is made for any forseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 8 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1st February 2023 and 31st January 2024
2,532
116,343
19,975
138,850
-------
---------
--------
---------
Depreciation
At 1st February 2023
2,482
93,743
18,185
114,410
Charge for the year
12
5,650
448
6,110
-------
---------
--------
---------
At 31st January 2024
2,494
99,393
18,633
120,520
-------
---------
--------
---------
Carrying amount
At 31st January 2024
38
16,950
1,342
18,330
-------
---------
--------
---------
At 31st January 2023
50
22,600
1,790
24,440
-------
---------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
32,573
23,155
Prepayments and accrued income
6,485
6,043
--------
--------
39,058
29,198
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
30,690
24,741
Accruals and deferred income
7,998
8,158
Corporation tax
18,677
12,578
Social security and other taxes
13,851
14,051
Director loan accounts
6
6
--------
--------
71,222
59,534
--------
--------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
80
80
80
80
Ordinary 'A' shares of £ 1 each
20
20
20
20
----
----
----
----
100
100
100
100
----
----
----
----
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Balance brought forward and outstanding
2024
2023
£
£
Mr M G Hughes
( 6)
( 6)
----
----