Registration number:
AlertSystems Limited
for the Year Ended 30 April 2024
AlertSystems Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
AlertSystems Limited
Company Information
Directors |
P J Brake M C Nickels I C Trayling |
Registered office |
|
Auditors |
|
AlertSystems Limited
Strategic Report for the Year Ended 30 April 2024
The directors present their strategic report for the year ended 30 April 2024.
Principal activity
The principal activity of the company continued to be that of a business security solution systems integrator.
AlertSystems Limited is an independent company, we specialise in the design, installation, service and maintenance of business security systems. With over 30 years’ experience, the company has been at the forefront of technological developments in the security industry.
As an independent company we have developed long-standing relationships with leading manufacturers. These partnerships allow us to offer our customers the most appropriate solutions to meet their operational requirements.
Our diverse customer base includes multi-site national businesses, facilities management companies, public sector organisations, manufacturers and retailers.
We hold National Security Inspectorate (NSI) Gold accreditation and BAFE SP 2013-1 for the design, installation, commissioning and maintenance of Fire Detection and Fire Alarm Systems. We also hold OHSAS 18001 and have an approved status with a number of health and safety schemes, including CHAS, SafeContractor and Constructionline.
Business review
The directors have reviewed the performance and growth of the company during the period, as detailed under the ‘key performance indicators’ below in the 'Fair review of the business' section.
Fair review of the business
The company's turnover year on year was up 1%, the consistent level of turnover is due to no new activities being introduced within the year.
The company's key financial and other performance indicators during the year were as follows:
Unit |
2024 |
2023 |
|
Turnover |
£ |
13,266,087 |
13,109,981 |
Gross profit margin |
% |
33 |
34 |
Gross profit |
£ |
4,418,207 |
4,463,882 |
Turnover per employee |
£ |
98,267 |
102,422 |
AlertSystems Limited
Strategic Report for the Year Ended 30 April 2024
Principal risks and uncertainties
Competitive market
The company operates in a competitive market that could result in losing sales to competitors. The company manages this risk by providing value added service to its customers based on quality, integrity and innovative product solutions backed by competitive finance packages and longstanding experience in the market.
Competition in the marketplace continues to be primary risk to the company, price pressure to secure new business and successfully retender existing contracts increases the threat of margin erosion.
Approved by the
......................................... |
......................................... |
AlertSystems Limited
Directors' Report for the Year Ended 30 April 2024
The directors present their report and the financial statements for the year ended 30 April 2024.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
The company has procedures to identify risk and protect and manage the company from events that may hinder it's financial performance objectives. The objectives aim to limit counterparty exposure, ensure sufficient working capital exists and monitor risk and manage it. The company does not consider it necessary to employ derivatives such as forward currency contracts to manage risk based on the company's current activities.
Objectives and policies
The company is exposed to price risk, credit risk, liquidity and cashflow risk. Appropriate policies have been developed and implemented to identify, evaluate and manage key risks and the directors review risk management strategies regularly.
The company is constantly looking for ways to expand its market offering and for different ways to market and strives to ensure that its outlets provide the highest levels of customer service which will put the company well placed to take advantage of any opportunities that may arise.
Price risk, credit risk, liquidity risk and cash flow risk
Price risk - the company's exposure to price risk is mitigated by all prices being reviewed and set by management.
Credit risk - the company is exposed to credit risk and management ensure credit checks are completed on all new customers and chase debts on a regular basis once they become overdue.
Liquidity and cash flow risk - the company's exposure to liquidity risk is minimal and the company has adequate working capital. The company is exposed to cash flow risk as a result of the timing between paying suppliers and the receipt of money from customers and management manage this through the use of customer credit checks and daily cash flow management.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors, ML Audit LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
AlertSystems Limited
Directors' Report for the Year Ended 30 April 2024
Approved by the
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|
AlertSystems Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
AlertSystems Limited
Independent Auditor's Report to the Members of AlertSystems Limited
Opinion
We have audited the financial statements of AlertSystems Limited (the 'company') for the year ended 30 April 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
AlertSystems Limited
Independent Auditor's Report to the Members of AlertSystems Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
• |
obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; |
• |
inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud; |
AlertSystems Limited
Independent Auditor's Report to the Members of AlertSystems Limited
• |
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. |
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Freshford House
Redcliffe Way
Bristol
BS1 6NL
AlertSystems Limited
Profit and Loss Account for the Year Ended 30 April 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
( |
|
|
Operating profit |
525,827 |
1,066,293 |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
(9,440) |
(10,332) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for this or the preceeding year other than the results above, accordingly, a separate Statement of Other Comprehensive Income has not been presented.
AlertSystems Limited
(Registration number: 03127248)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
Approved and authorised by the
|
|
AlertSystems Limited
Statement of Changes in Equity for the Year Ended 30 April 2024
Share capital |
Retained earnings |
Total |
|
At 1 May 2023 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 30 April 2024 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 May 2022 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 30 April 2023 |
1,000 |
2,668,113 |
2,669,113 |
AlertSystems Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Summary of disclosure exemptions
The directors have taken advantage of the Financial Reporting Standards 102 reduced disclosure exemptions from including a cash flow statement, financial instrument disclosure and key management personnel on the grounds the company is wholly owned and its parent publishes this information in its consolidated financial statements.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have been mindful of any potential impacts from future relationships with Europe, the current high inflation, and the current situation in Ukraine. Furthermore, the directors have reviewed budgets and projections for the next twelve months. From this review, the directors consider that the company is unlikely to be significantly affected and thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
AlertSystems Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
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.
During the year management have decided to introduce a consistent estimation of slow moving stock. The estimation introduced is in respect of finished goods that are slow moving and unlikely to sell within one year of the financial reporting date. The provision included in the financial statements is £13,565 (2023 - £13,565).
The directors have made a provision for potential bad and doubtful debts. This estimation is based on the ageing of debts and the likelihood of their recoverability. The provision included in the financial statements is £84,265 (2023 - £76,805).
Revenue recognition
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Finance income and costs policy
Interest income and expenses are recognised using the effective interest rate method.
Foreign currency transactions and balances
Tax
The tax expense represents the sum of the tax currently payable and deferred tax. Tax is recognised in the profit or loss except that a charge attributable to an item of income or expense recognised as other comprehensive income is recognised in other comprehensive income.
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 is provided at appropriate rates on all timing differences only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability of asset will crystallise in the foreseeable future. Deferred tax is recovered using tax rates expected to apply at the reversal of the timing difference.
Deferred and current taxation assets or liabilities are not discounted.
AlertSystems Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
25% straight line |
Furniture, fittings and equipment |
25-33% straight line |
Motor vehicles |
25% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
AlertSystems Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss on a straight line basis over the period of the lease.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
AlertSystems Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Rendering of services |
|
|
The analysis of the company's Turnover for the year by market is as follows:
2024 |
2023 |
|
UK |
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2024 |
2023 |
|
Management charges receivable |
( |
|
Operating profit |
Arrived at after charging/(crediting):
2024 |
2023 |
|
Depreciation expense |
|
|
Operating lease expense - property |
|
|
Operating lease expense - plant and machinery |
|
|
Profit on disposal of property, plant and equipment |
- |
( |
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Other finance income |
- |
|
|
|
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
AlertSystems Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category, was as follows:
2024 |
2023 |
|
Administration and support |
|
|
Sales, marketing and distribution |
|
|
Other departments |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
381,027 |
209,910 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2024 |
2023 |
|
Accruing benefits under share incentive scheme |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
2024 |
2023 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
AlertSystems Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Other fees to auditors |
||
All other non-audit services |
|
|
Taxation |
Tax charged/(credited) in the income statement:
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
|
- |
86,058 |
182,693 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense in the profit and loss account |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
- |
( |
Increase from effect of different UK tax rates on some earnings |
- |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Tax decrease from effect of exercise of employee share options |
( |
- |
Tax decrease arising from group relief |
( |
- |
Deferred tax expense from unrecognised temporary difference from a prior period |
|
- |
Decrease from effect of tax incentives |
- |
( |
Total tax charge |
|
|
AlertSystems Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Deferred tax
Deferred tax assets and liabilities
2024 |
Liability |
Accelerated tax depreciation |
|
Retirement benefit obligations |
( |
|
2023 |
Liability |
Accelerated tax depreciation |
|
Retirement benefit obligations |
( |
|
Tangible assets |
Leasehold improvements |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 May 2023 |
|
|
|
|
Additions |
|
|
|
|
At 30 April 2024 |
|
|
|
|
Depreciation |
||||
At 1 May 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
At 30 April 2024 |
|
|
|
|
Carrying amount |
||||
At 30 April 2024 |
|
|
|
|
At 30 April 2023 |
|
|
|
|
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2024 |
2023 |
|
Leasehold improvements |
77,029 |
- |
Furniture, fittings and equipment |
74,850 |
- |
Motor vehicles |
148,180 |
201,320 |
300,059 |
201,320 |
AlertSystems Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Stocks |
2024 |
2023 |
|
Work in progress |
|
|
Finished goods and goods for resale |
|
|
|
|
Good for resale are stated after provision for impairment of £13,565 (2023 - £13,565).
There is no significant difference between the replacement costs of stock for resale and its carrying amount.
Debtors |
Note |
2024 |
2023 |
|
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
- |
|
|
Prepayments |
|
|
|
Accrued income |
|
|
|
Income tax asset |
|
- |
|
|
|
Trade debtors are stated after the provision for impairment of £84,265 (2023 - £76,805).
Cash and cash equivalents |
2024 |
2023 |
|
Cash on hand |
|
|
Cash at bank |
|
|
Short-term deposits |
|
|
|
|
AlertSystems Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts due to related parties |
- |
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other creditors |
- |
|
|
Accruals |
|
|
|
Corporation tax |
- |
111,100 |
|
Deferred income |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 May 2023 |
|
|
Increase (decrease) in existing provisions |
|
|
At 30 April 2024 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
AlertSystems Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
Ordinary shares of £1 each |
1,000 |
1,000 |
1,000 |
1,000 |
Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions: |
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
|
Hire purchase contracts |
|
|
Non-current loans and borrowings
2024 |
2023 |
|
Hire purchase contracts |
|
|
Hire purchase contracts are secured over the assets to which they relate.
A fixed and floating charge exists covering all the property or undertakings of the company in favour of National Westminster Bank PLC dated 9 December 2015.
A fixed and floating charge exists over all property and undertakings of the company in favour of RBS Invoice Finance dated 29 March 2018 in respect of an invoice financing facility.
Invoice financing facility
The invoice financing facility has a positive balance of £164,188 (2023 - positive balance of £120,662) and is secured by a fixed and floating charge over the assets of the company, including trade debtors of £940,517 (2023 - £783,708) held under the invoice financing agreement.
AlertSystems Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
- |
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Dividends |
Interim dividends paid
2024 |
2023 |
|||
Interim dividend of £ |
|
|
||
Related party transactions |
The company has taken advantage of the exemption within FRS 102 Section 33 in respect of Related Party Transactions not to disclose transactions or balances with wholly owned members of the group.
Summary of transactions with other related parties
AlertSystems Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Expenditure with and payables to related parties
2024 |
Key management |
Leases |
|
|
2023 |
Key management |
Leases |
|
|
Loans to related parties
2024 |
Parent |
Other related parties |
Total |
At start of period |
|
|
|
Advanced |
|
|
|
Repaid |
( |
( |
( |
At end of period |
|
|
|
|
2023 |
Parent |
Other related parties |
Total |
At start of period |
|
|
|
Advanced |
|
|
|
Repaid |
( |
( |
( |
At end of period |
|
|
|
|
Amounts owed by related parties were charged interest at 5% per annum to 31 July 2021, with no interest being charged from this date onwards. The amounts owed have no fixed date of repayment and are repayable on demand.
Loans from related parties
2024 |
Other related parties |
Total |
At start of period |
|
|
Advanced |
( |
( |
Repaid |
|
|
At end of period |
- |
- |
|
2023 |
Other related parties |
Total |
At start of period |
|
|
Advanced |
( |
( |
Repaid |
|
|
At end of period |
|
|
|
AlertSystems Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Parent and ultimate parent undertaking |
The immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is