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COMPANY REGISTRATION NUMBER: 10200271
Fence Secure Limited
Filleted Unaudited Financial Statements
Year ended
31 March 2024
Fence Secure Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Fence Secure Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
16,358
5,251
Current assets
Debtors
6
6,846
18,034
Cash at bank and in hand
14,151
5,187
--------
--------
20,997
23,221
Creditors: amounts falling due within one year
7
24,449
20,451
--------
--------
Net current (liabilities)/assets
( 3,452)
2,770
--------
-------
Total assets less current liabilities
12,906
8,021
Creditors: amounts falling due after more than one year
8
8,004
Provisions
3,108
998
--------
-------
Net assets
1,794
7,023
--------
-------
Capital and reserves
Called up share capital
1
1
Profit and loss account
1,793
7,022
-------
-------
Shareholders funds
1,794
7,023
-------
-------
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 31 March 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 .
Fence Secure Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 14 December 2024 , and are signed on behalf of the board by:
Mr E Winter
Director
Company registration number: 10200271
Fence Secure 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 43 St. Lawrence Avenue, Snaith, Goole, East Yorkshire, DN14 9JH, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) 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. (b) Going concern The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the director has considered the effect of these matters on the company with the information available to it and does not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the director has prepared these financial statements on a going concern basis. (c) Revenue recognition Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Revenue is recognised on completion of the work undertaken. (d) Current & deferred 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 be paid or recovered 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. (e) Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. (f) 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% straight line
Motor vehicles - 25% straight line
(g) 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.
(h) 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.
(i) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
37,834
37,834
Additions
20,539
20,539
Disposals
( 16,692)
( 16,692)
--------
--------
--------
At 31 March 2024
21,142
20,539
41,681
--------
--------
--------
Depreciation
At 1 April 2023
32,583
32,583
Charge for the year
697
5,135
5,832
Disposals
( 13,092)
( 13,092)
--------
--------
--------
At 31 March 2024
20,188
5,135
25,323
--------
--------
--------
Carrying amount
At 31 March 2024
954
15,404
16,358
--------
--------
--------
At 31 March 2023
5,251
5,251
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
5,921
16,294
Other debtors
925
1,740
-------
--------
6,846
18,034
-------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,421
1,050
Corporation tax
5,343
8,907
Social security and other taxes
550
315
Directors loan accounts
13,389
10,179
Hire Purchase
3,746
--------
--------
24,449
20,451
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Hire Purchase
8,004
-------
----
9. Related party transactions
The director who is also a shareholder had a current account with the company during the period. At the end of the period, the balance owing by the Company to the director was £ 13,389 (2023 £10,179).