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REGISTERED NUMBER: SC425432 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

SAXEN SECURITY LTD.

SAXEN SECURITY LTD. (REGISTERED NUMBER: SC425432)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SAXEN SECURITY LTD.

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTOR: J Barclay



REGISTERED OFFICE: 6 Miller Road
Ayr
Ayrshire
KA7 2AY



REGISTERED NUMBER: SC425432 (Scotland)



ACCOUNTANTS: K M Stewart & Company
6 Miller Road
Ayr
KA7 2AY



BANKERS: The Royal Bank of Scotland
Kilmarnock Branch
96 John Finnie Street
Kilmarnock
KA1 1NY

SAXEN SECURITY LTD. (REGISTERED NUMBER: SC425432)

STATEMENT OF FINANCIAL POSITION
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 112,142 126,159

CURRENT ASSETS
Stocks 5 38,338 38,338
Debtors 6 57,258 74,579
Cash at bank and in hand 330 44,897
95,926 157,814
CREDITORS
Amounts falling due within one year 7 438,573 383,609
NET CURRENT LIABILITIES (342,647 ) (225,795 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(230,505

)

(99,636

)

CREDITORS
Amounts falling due after more than one
year

8

(72,039

)

(79,666

)

PROVISIONS FOR LIABILITIES (728 ) (525 )
NET LIABILITIES (303,272 ) (179,827 )

CAPITAL AND RESERVES
Called up share capital 9 250 250
Retained earnings 10 (303,522 ) (180,077 )
SHAREHOLDERS' FUNDS (303,272 ) (179,827 )

SAXEN SECURITY LTD. (REGISTERED NUMBER: SC425432)

STATEMENT OF FINANCIAL POSITION - continued
31 March 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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 Income Statement has not been delivered.

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





J Barclay - Director


SAXEN SECURITY LTD. (REGISTERED NUMBER: SC425432)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Saxen Security Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Functional currency
The financial statements are presented in British Pounds Sterling which is the functional currency. Figures are shown to the nearest whole pound.

Going concern
As at the balance sheet date, the financial statement shows that the company has liabilities in excess of assets of £303,273 (2023: £179,827) as a result of losses made to date. The financial statements have been prepared on going concern basis that director has confirmed that he will continue to support the company for foreseeable future and meet the excess liabilities if the company is unable to do so.

Significant judgements and estimates
The preparation of financial statements requires the use of certain accounting estimates . It also requires the Directors to exercise judgement in applying the Companies Accounting policies. The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements, are disclosed below:

Estimation Uncertainty

Useful life of properties, plant and equipment
The Company assesses the useful life of its properties, plant and equipment and estimates the annual charge to be depreciated based on this.

Recoverability of Debtors
The Company assesses the recoverability of Debtors on an individual basis, taking into consideration payment history, and perceived liquidity. Where it is considered that there is a higher than normal risk to the recoverability of these, provision is made against the recoverability of these debts.

Stock Valuation
The Company assesses the carrying value of stock on at least an annual basis, taking into consideration when each item was purchased and the Company's ability to sell that particular item. Where it is considered the net realisable value of stock has fallen below its' original cost, a provision is made by Management against the stock value in the financial statements.

Key Judgements made in the application of Accounting Policies
a) Exemptions taken in the application of FRS 102
The Company has considered and taken advantage of the following exemptions in its application of FRS 102:
i) The Company has not revisited previous accounting estimates.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

SAXEN SECURITY LTD. (REGISTERED NUMBER: SC425432)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property - 2% on cost
Improvements to property - 4% on cost
Computer equipment - 33.33% on cost
Plant & machinery - 10% on cost
Motor vehicles - 25% on reducing balance

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Classification
The Company believes all financial instruments are Basic Financial Instruments. Therefore, the Company recognises these in accordance with Section 11 of the Financial Reporting Standard.

Recognition and measurement
The company's debt instruments are measured at amortised cost using the effective interest rate method.

Impairment
Financial instruments are reviewed annually for impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

SAXEN SECURITY LTD. (REGISTERED NUMBER: SC425432)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence that the asset is impaired.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash on hand and cash at bank with a short term of maturity, being twelve months or less, from the opening of the deposit or similar account.

Creditors
Creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 16 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 April 2023 100,932 4,259 14,750
Additions - - -
Disposals - - -
At 31 March 2024 100,932 4,259 14,750
DEPRECIATION
At 1 April 2023 4,037 1,482 14,750
Charge for year 2,019 170 -
Eliminated on disposal - - -
At 31 March 2024 6,056 1,652 14,750
NET BOOK VALUE
At 31 March 2024 94,876 2,607 -
At 31 March 2023 96,895 2,777 -

SAXEN SECURITY LTD. (REGISTERED NUMBER: SC425432)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 65,834 4,158 189,933
Additions - 248 248
Disposals (14,763 ) - (14,763 )
At 31 March 2024 51,071 4,406 175,418
DEPRECIATION
At 1 April 2023 39,347 4,158 63,774
Charge for year 5,765 83 8,037
Eliminated on disposal (8,535 ) - (8,535 )
At 31 March 2024 36,577 4,241 63,276
NET BOOK VALUE
At 31 March 2024 14,494 165 112,142
At 31 March 2023 26,487 - 126,159

5. STOCKS
2024 2023
£    £   
Stocks 38,338 38,338

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 53,917 74,579
Other debtors 3,341 -
57,258 74,579

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 36,621 38,779
Hire purchase contracts 2,942 2,942
Trade creditors 44,963 78,828
Taxation and social security 91,660 94,104
Other creditors 262,387 168,956
438,573 383,609

SAXEN SECURITY LTD. (REGISTERED NUMBER: SC425432)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 71,303 75,986
Hire purchase contracts 736 3,680
72,039 79,666

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 71,303 75,986

The bank loan is repayable in instalments over 6 years. The loan is guaranteed by government and carries an interest rate of 2.5% p.a.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
250 Ordinary £1 250 250

10. RESERVES
Retained
earnings
£   

At 1 April 2023 (180,077 )
Deficit for the year (123,445 )
At 31 March 2024 (303,522 )