Registered number
09322021
Secure Contracting NW Ltd
Filleted Abridged Accounts
31 March 2024
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Registered number: 09322021
Abridged Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 201,414 198,213
Current assets
Stocks 378,118 385,951
Debtors 783,051 372,504
Cash at bank and in hand 253 3
1,161,422 758,458
Creditors: amounts falling due within one year (1,067,132) (675,711)
Net current assets 94,290 82,747
Total assets less current liabilities 295,704 280,960
Creditors: amounts falling due after more than one year (254,754) (223,373)
Provisions for liabilities - (24,739)
Net assets 40,950 32,848
Capital and reserves
Called up share capital 100 100
Profit and loss account 40,850 32,748
Shareholders' funds 40,950 32,848
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
Anthony Tute
Director
Approved by the board on 28 March 2025
Secure Contracting NW Ltd
Notes to the Abridged Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The abridged accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant & Machinery 25% Reducing Balance
Office Equipment 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Furniture & Fittings 15% Reducing Balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 22 22
3 Tangible fixed assets
Total
£
Cost
At 1 April 2023 249,025
Additions 106,110
Disposals (69,854)
At 31 March 2024 285,281
Depreciation
At 1 April 2023 50,812
Charge for the year 54,868
On disposals (21,813)
At 31 March 2024 83,867
Net book value
At 31 March 2024 201,414
At 31 March 2023 198,213
4 Other information
Secure Contracting NW Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit Ug63 (Rear Mill) Broadstone Mill
Broadstone Road
Stockport
SK5 7DL
Secure Contracting NW Ltd
Detailed balance sheet
as at 31 March 2024
This schedule does not form part of the statutory accounts
Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 42,439 206,586 249,025
Additions 30,231 75,879 106,110
Disposals (30,567) (39,287) (69,854)
At 31 March 2024 42,103 243,178 285,281
Depreciation
At 1 April 2023 19,395 31,417 50,812
Charge for the year 5,140 49,728 54,868
On disposals (1,191) (20,622) (21,813)
At 31 March 2024 23,344 60,523 83,867
Net book value
At 31 March 2024 18,759 182,655 201,414
At 31 March 2023 23,044 175,169 198,213
Stocks 2024 2023
£ £
Work in progress 283,318 291,151
Other inventories 94,800 94,800
378,118 385,951
Debtors 2024 2023
£ £
Trade debtors 219,197 272,587
Other debtors 563,854 99,917
783,051 372,504
Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 105,893 135,700
Obligations under finance lease and hire purchase contracts 119,368 45,165
Trade creditors 122,104 143,052
Other taxes and social security costs 332,643 125,450
Other creditors 387,124 226,344
1,067,132 675,711
Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 254,754 223,373
254,754 223,373
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