Company registration number 05257267 (England and Wales)
WATCHDOG FIRE & SECURITY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
WATCHDOG FIRE & SECURITY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
WATCHDOG FIRE & SECURITY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
547,431
550,283
Investments
4
302,343
164,013
849,774
714,296
Current assets
Stocks
15,201
13,455
Debtors
6
632,047
1,393,008
Cash at bank and in hand
1,104,393
431,704
1,751,641
1,838,167
Creditors: amounts falling due within one year
7
(853,302)
(658,160)
Net current assets
898,339
1,180,007
Total assets less current liabilities
1,748,113
1,894,303
Creditors: amounts falling due after more than one year
8
(27,437)
(211,816)
Provisions for liabilities
(37,772)
(29,713)
Net assets
1,682,904
1,652,774
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
1,682,902
1,652,772
Total equity
1,682,904
1,652,774

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

WATCHDOG FIRE & SECURITY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
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 J Varsani
Director
Company registration number 05257267 (England and Wales)
WATCHDOG FIRE & SECURITY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2021
2
1,285,506
1,285,508
Period ended 31 March 2023:
Profit and total comprehensive income for the period
-
371,266
371,266
Dividends
-
(4,000)
(4,000)
Balance at 31 March 2023
2
1,652,772
1,652,774
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
31,130
31,130
Dividends
-
(1,000)
(1,000)
Balance at 31 March 2024
2
1,682,902
1,682,904
WATCHDOG FIRE & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Watchdog Fire & Security Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Park Avenue, Finchley, London, N3 2EJ.

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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
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:

Freehold land and buildings
Nil
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
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.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

WATCHDOG FIRE & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 its liabilities.

WATCHDOG FIRE & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

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

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate 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 initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
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.

1.10
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 profit and loss account 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.

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 profit and loss account, 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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

WATCHDOG FIRE & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

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

2024
2023
Number
Number
Total
20
21
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
401,700
58,834
41,189
241,717
743,440
Additions
-
0
-
0
805
40,599
41,404
Disposals
-
0
-
0
-
0
(5,193)
(5,193)
At 31 March 2024
401,700
58,834
41,994
277,123
779,651
Depreciation and impairment
At 1 April 2023
5,356
55,313
22,580
109,908
193,157
Depreciation charged in the year
-
0
883
4,718
37,936
43,537
Eliminated in respect of disposals
-
0
-
0
-
0
(4,474)
(4,474)
At 31 March 2024
5,356
56,196
27,298
143,370
232,220
Carrying amount
At 31 March 2024
396,344
2,638
14,696
133,753
547,431
At 31 March 2023
396,344
3,521
18,609
131,809
550,283
WATCHDOG FIRE & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Tangible fixed assets
(Continued)
- 8 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Motor vehicles
72,946
109,535
72,946
109,535
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
302,343
164,013
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
164,013
Additions
138,430
Disposals
(100)
At 31 March 2024
302,343
Carrying amount
At 31 March 2024
302,343
At 31 March 2023
164,013
5
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Watchdog Fire Extinguishers Ltd
United Kingdom
Ordinary
100.00
Watchdog Locksmiths Ltd
United Kingdom
Ordinary
100.00
Image Security Limited
United Kingdom
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
WATCHDOG FIRE & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Subsidiaries
(Continued)
- 9 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Watchdog Fire Extinguishers Ltd
74,493
31,369
Watchdog Locksmiths Ltd
70,727
(1,910)
Image Security Limited
47,391
58,919
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
286,131
421,173
Amounts owed by group undertakings
79,079
53,343
Other debtors
266,837
918,492
632,047
1,393,008
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,537
33,954
Trade creditors
119,785
163,706
Amounts owed to group undertakings
317,318
-
0
Corporation tax
1,656
52,876
Other taxation and social security
37,613
71,796
Other creditors
366,393
335,828
853,302
658,160
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,130
156,326
Other creditors
16,307
55,490
27,437
211,816

Included in bank loans is a loan received from Lloyds Bank under the Bounce Back Loan Scheme (BBLS) amounting to £50,000. The loan was received on 15 May 2020 at a rate of 2.5% for a period of 5 years. The bank received a guarantee from the UK government under BBLS which provides the bank with a full guarantee should the company default on repaying the loan. There is no security required for this loan.

 

Other loans are secured by fixed charges against company's property.

WATCHDOG FIRE & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
10
Related party transactions

Included in debtors is a balance of £79,079 (2023: £53,343) due by group companies and a balance of £5,967 (2023: £Nil) due from related parties.

 

Included in creditors is a balance of £317,318 (2023: Nil) due to group companies.

 

During the year, the company received £117,491 (2023: £42,500) as management fees from related parties. The company paid £96,974 (2023: £96,974) as management fees to Watchdog Monitoring Services PVT LTD, a company registered in India. The company also received interest of £2,549 for the loan to J&P Partnership and £5,833 from investment in Image Security Ltd.

 

 

11
Directors' transactions

Dividends totalling £1,000 (2023 - £0) were paid in the year in respect of shares held by the company's directors.

Included in other creditors £3,001 (2023: £2,100) was the balance available to the directors.

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