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REGISTERED NUMBER: 03783088 (England and Wales)










P & R Security Systems Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023






P & R Security Systems Limited (Registered number: 03783088)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


P & R Security Systems Limited (Registered number: 03783088)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 39,664 37,320

CURRENT ASSETS
Stocks 48,038 107,939
Debtors 6 707,433 577,787
Prepayments and accrued income 22,842 20,943
Cash at bank 345,476 464,870
1,123,789 1,171,539
CREDITORS
Amounts falling due within one year 7 (467,487 ) (528,540 )
NET CURRENT ASSETS 656,302 642,999
TOTAL ASSETS LESS CURRENT
LIABILITIES

695,966

680,319

CREDITORS
Amounts falling due after more than one year 8 (863,002 ) (918,365 )

PROVISIONS FOR LIABILITIES (8,500 ) (15,000 )
NET LIABILITIES (175,536 ) (253,046 )

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings (175,736 ) (253,246 )
(175,536 ) (253,046 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

P & R Security Systems Limited (Registered number: 03783088)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 March 2025 and were signed by:





M Braddock - Director


P & R Security Systems Limited (Registered number: 03783088)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

General information
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Sherwood House
119 Lees Road
Oldham
OL4 1JW

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

3. 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.

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.

GOING CONCERN
The company's liabilities exceeded its assets as at the year end. These financial statements have been prepared on a going concern basis on the basis that the company will continue to be supported by its creditors.

REVENUE RECOGNITION
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax,returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

P & R Security Systems Limited (Registered number: 03783088)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

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 inventories 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.

TAXATION
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

LEASES
Leases 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 profit or loss on a straight-line basis over the period of the lease.

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 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.

P & R Security Systems Limited (Registered number: 03783088)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

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
Plant & machinery 33.33% straight line
Fixtures & fittings 25% reducing balance
Office equipment 33.33% straight line
Motor vehicles 25% straight line

RESEARCH AND DEVELOPMENT EXPENDITURE
Research expenditure has been written off against profits in the year in which it is incurred.

CASH AND CASH EQUIVALENT
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.

TRADE 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.

TRADE CREDITORS
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have 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.

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.

P & R Security Systems Limited (Registered number: 03783088)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

PROVISION
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 20 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 57,399 55,751 20,999 67,936 202,085
Additions 5,383 9,947 - 19,889 35,219
Disposals (1,750 ) - - (1,987 ) (3,737 )
At 31 December 2023 61,032 65,698 20,999 85,838 233,567
DEPRECIATION
At 1 January 2023 49,325 45,050 9,650 60,740 164,765
Charge for year 4,590 9,178 5,246 10,367 29,381
Eliminated on disposal (243 ) - - - (243 )
At 31 December 2023 53,672 54,228 14,896 71,107 193,903
NET BOOK VALUE
At 31 December 2023 7,360 11,470 6,103 14,731 39,664
At 31 December 2022 8,074 10,701 11,349 7,196 37,320

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 363,839 283,433
Other debtors 343,594 294,354
707,433 577,787

P & R Security Systems Limited (Registered number: 03783088)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 57,773 55,055
Trade creditors 119,093 121,550
Taxation and social security 74,227 61,943
Other creditors 216,394 289,992
467,487 528,540

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 85,196 140,559
Other creditors 777,806 777,806
863,002 918,365

Loan balance:
For a number of years, management have not been able to validate the loan of £777,806 due to Patterson & Rothwell Limited and have therefore come to the conclusion that this is not payable.

9. RELATED PARTY DISCLOSURES

By virtue of a common shareholding, Patterson and Rothwell Limited, a company registered in England and Wales, is a related party.
During the year, the company sold goods and services of Nil (2022 - £3,176) to Patterson and Rothwell Limited. At the year end, a balance of £777,806 (2022 - £777,806) was owed to Patterson and Rothwell Limited, included within other creditors.(Refer Note 9)

By virtue of a common shareholder and trustee, The Patterson and Rothwell Directors Retirement Pension Scheme is a related party.
During the year, the company paid rent of £28,654 (2022 - £28,644) to The Patterson and Rothwell Directors Retirement Pension Scheme.

By virtue of a common shareholding, Federal Security (UK) Limited, a company registered in England and Wales, is a related party.
At the year end, a balance of £25,000 (2022 - £25,000) was owed by Federal Security (UK) Limited, included within other debtors.

By virtue of a common shareholding, Intelinsure Limited, a company registered in England and Wales, is a related party.
At the year end, a balance of £21,693 (2022 - £20,817) was owed by Intelinsure Limited, included within other debtors.

By virtue of a common shareholding, Parfas Limited, a company registered in England and Wales, is a related party.
At the year end, a balance of £211,671 was owed by Parfas Limited, included within other debtors.