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Company registration number: 06810321
Knightguard Security Limited
Unaudited filleted financial statements
31 March 2024
Knightguard Security Limited
Contents
Statement of financial position
Notes to the financial statements
Knightguard Security Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 612,269 613,737
Investments 6 297,394 244,688
_______ _______
909,663 858,425
Current assets
Debtors 7 136,781 165,775
Cash at bank and in hand 187,600 75,784
_______ _______
324,381 241,559
Creditors: amounts falling due
within one year 8 ( 159,842) ( 135,847)
_______ _______
Net current assets 164,539 105,712
_______ _______
Total assets less current liabilities 1,074,202 964,137
Provisions for liabilities ( 9,786) ( 5,339)
_______ _______
Net assets 1,064,416 958,798
_______ _______
Capital and reserves
Called up share capital 2 2
Fair value reserve 4,666 -
Profit and loss account 1,059,748 958,796
_______ _______
Shareholders funds 1,064,416 958,798
_______ _______
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 11 November 2024 , and are signed on behalf of the board by:
Mr M A Knight
Director
Company registration number: 06810321
Knightguard Security 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 and Wales. The address of the registered office is Knightguard Security Limited, Office Ff10 Brooklands House, 58 Marlborough Road, Lancing, West Sussex, BN15 8AF.
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, 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.
Turnover
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.
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:
Plant and machinery - 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2023 536,528 112,261 5,010 85,735 739,534
Additions - - - 24,995 24,995
Disposals - - - ( 8,000) ( 8,000)
_______ _______ _______ _______ _______
At 31 March 2024 536,528 112,261 5,010 102,730 756,529
_______ _______ _______ _______ _______
Depreciation
At 1 April 2023 - 70,760 2,016 53,021 125,797
Charge for the year - 10,375 726 14,116 25,217
Disposals - - - ( 6,754) ( 6,754)
_______ _______ _______ _______ _______
At 31 March 2024 - 81,135 2,742 60,383 144,260
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 536,528 31,126 2,268 42,347 612,269
_______ _______ _______ _______ _______
At 31 March 2023 536,528 41,501 2,994 32,714 613,737
_______ _______ _______ _______ _______
The directors are of the opinion that the market value of the freehold property owned by the company is not materially higher than the histroical cost of the properties and therefore, no valuation adjustments have been made. The directors are also of the opinion that the market value is at least equal to the histroical cost and therefore no depreciation has been charged in these financial statements.
6. Investments
Other investments other than loans Total
£ £
Cost or valuation
At 1 April 2023 244,688 244,688
Additions 25,802 25,802
Revaluations 26,904 26,904
_______ _______
At 31 March 2024 297,394 297,394
_______ _______
Impairment
At 1 April 2023 and 31 March 2024 - -
_______ _______
Carrying amount
At 31 March 2024 297,394 297,394
_______ _______
At 31 March 2023 244,688 244,688
_______ _______
Included in the above amounts are listed investments with a historical cost of £259,239 (2023 - £233, 438).
7. Debtors
2024 2023
£ £
Trade debtors 136,781 165,775
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 18,134 18,944
Corporation tax 48,906 33,045
Social security and other taxes 86,945 80,243
Other creditors 5,857 3,615
_______ _______
159,842 135,847
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Year ended 31 March 2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr M A Knight ( 717) ( 2,258) ( 2,975)
_______ _______ _______
Year ended 31 March 2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr M A Knight ( 47,871) 47,154 ( 717)
_______ _______ _______
10. Controlling party
The company is under the control of the directors.