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Company registration number: 07188381
Yorkshire Security Systems Limited
Unaudited filleted financial statements
31 March 2024
Yorkshire Security Systems Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Yorkshire Security Systems Limited
Directors and other information
Directors Mr J N Hay
Mr J M Flaherty
Company number 07188381
Registered office Croft House
Station Road
Barnoldswick
Lancashire
BB18 5NA
Accountants Windle & Bowker Limited
Croft House
Station Road
Barnoldswick
Lancashire
BB18 5NA
Yorkshire Security Systems Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 13,353 17,803
_______ _______
13,353 17,803
Current assets
Stocks 500 500
Debtors 6 20,402 21,806
Cash at bank and in hand 88,572 91,148
_______ _______
109,474 113,454
Creditors: amounts falling due
within one year 7 ( 63,726) ( 69,532)
_______ _______
Net current assets 45,748 43,922
_______ _______
Total assets less current liabilities 59,101 61,725
Creditors: amounts falling due
after more than one year 8 ( 18,355) ( 27,195)
Provisions for liabilities ( 2,537) ( 3,382)
_______ _______
Net assets 38,209 31,148
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 38,207 31,146
_______ _______
Shareholders funds 38,209 31,148
_______ _______
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 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.
These financial statements were approved by the board of directors and authorised for issue on 02 September 2024 , and are signed on behalf of the board by:
Mr J N Hay
Director
Company registration number: 07188381
Yorkshire Security Systems Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is C/O Windle & Bowker Limited, Croft House, Station Road, Barnoldswick, Lancashire, BB18 5NA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration receivable for goods supplied and services rendered, net of discounts and Value Added Tax.Turnover is invoiced and recognised on completion of the work undertaken.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fittings fixtures and equipment - 25% reducing balance
Motor vehicles - 25% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2023 and 31 March 2024 2,039 41,466 43,505
_______ _______ _______
Depreciation
At 1 April 2023 1,041 24,661 25,702
Charge for the year 249 4,201 4,450
_______ _______ _______
At 31 March 2024 1,290 28,862 30,152
_______ _______ _______
Carrying amount
At 31 March 2024 749 12,604 13,353
_______ _______ _______
At 31 March 2023 998 16,805 17,803
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 20,402 21,806
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 8,840 8,622
Corporation tax 20,377 17,148
Social security and other taxes 9,730 7,392
Other creditors 24,779 36,370
_______ _______
63,726 69,532
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 18,355 27,195
_______ _______
9. Related party transactions
The Directors provided interest free loans to the company. The balance due to them at the year end was £22,905 (31 March 2023 - £34,496). This balance is included in creditors falling due within one year. Dividends amounting to £60,000 (31 March 2023 - £60,000) were paid to the Directors.
10. Controlling party
The Company is controlled by the Directors by virtue of their 100% shareholding in the Company.