Acorah Software Products - Accounts Production 16.2.850 false true true 31 July 2023 1 August 2022 false 1 August 2023 31 July 2024 31 July 2024 05625168 Mr James Setchell Mr James Setchell iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05625168 2023-07-31 05625168 2024-07-31 05625168 2023-08-01 2024-07-31 05625168 frs-core:CurrentFinancialInstruments 2024-07-31 05625168 frs-core:Non-currentFinancialInstruments 2024-07-31 05625168 frs-core:NetGoodwill 2024-07-31 05625168 frs-core:NetGoodwill 2023-08-01 2024-07-31 05625168 frs-core:NetGoodwill 2023-07-31 05625168 frs-core:MotorVehicles 2024-07-31 05625168 frs-core:MotorVehicles 2023-08-01 2024-07-31 05625168 frs-core:MotorVehicles 2023-07-31 05625168 frs-core:PlantMachinery 2024-07-31 05625168 frs-core:PlantMachinery 2023-08-01 2024-07-31 05625168 frs-core:PlantMachinery 2023-07-31 05625168 frs-core:ShareCapital 2024-07-31 05625168 frs-core:RetainedEarningsAccumulatedLosses 2024-07-31 05625168 frs-bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 05625168 frs-bus:FilletedAccounts 2023-08-01 2024-07-31 05625168 frs-bus:SmallEntities 2023-08-01 2024-07-31 05625168 frs-bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 05625168 frs-bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 05625168 frs-bus:Director1 2023-08-01 2024-07-31 05625168 frs-bus:CompanySecretary1 2023-08-01 2024-07-31 05625168 frs-countries:EnglandWales 2023-08-01 2024-07-31 05625168 2022-07-31 05625168 2023-07-31 05625168 2022-08-01 2023-07-31 05625168 frs-core:CurrentFinancialInstruments 2023-07-31 05625168 frs-core:Non-currentFinancialInstruments 2023-07-31 05625168 frs-core:ShareCapital 2023-07-31 05625168 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31
Registered number: 05625168
1st Choice Security Systems Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2024
Spicer & Co UK Limited
Chartered Accountants
Staple House
5 Eleanors Cross
Dunstable
Bedfordshire
LU6 1SU
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05625168
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 166,552 107,392
166,552 107,392
CURRENT ASSETS
Stocks 6 500 500
Debtors 7 218,078 230,440
Cash at bank and in hand 339,213 385,733
557,791 616,673
Creditors: Amounts Falling Due Within One Year 8 (198,734 ) (215,000 )
NET CURRENT ASSETS (LIABILITIES) 359,057 401,673
TOTAL ASSETS LESS CURRENT LIABILITIES 525,609 509,065
Creditors: Amounts Falling Due After More Than One Year 9 (8,212 ) (18,213 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (8,593 ) (2,971 )
NET ASSETS 508,804 487,881
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 508,704 487,781
SHAREHOLDERS' FUNDS 508,804 487,881
Page 1
Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr James Setchell
Director
02/04/2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
1st Choice Security Systems Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05625168 . The registered office is Staple House, 5 Eleanors Cross, Dunstable, Bedfordshire, LU6 1SU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existance for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery over 4 years
Motor Vehicles over 4 years
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. 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.
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2.8. 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.
2.9. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 12)
11 12
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2023 100,000
As at 31 July 2024 100,000
Amortisation
As at 1 August 2023 100,000
As at 31 July 2024 100,000
Net Book Value
As at 31 July 2024 -
As at 1 August 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 August 2023 31,343 325,449 356,792
Additions 1,911 112,524 114,435
Disposals - (62,771 ) (62,771 )
As at 31 July 2024 33,254 375,202 408,456
Depreciation
As at 1 August 2023 23,959 225,441 249,400
Provided during the period 3,526 36,056 39,582
Disposals - (47,078 ) (47,078 )
As at 31 July 2024 27,485 214,419 241,904
Net Book Value
As at 31 July 2024 5,769 160,783 166,552
As at 1 August 2023 7,384 100,008 107,392
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6. Stocks
2024 2023
£ £
Stock 500 500
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 123,247 195,399
Other debtors 94,831 35,041
218,078 230,440
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 69,384 80,347
Bank loans and overdrafts 10,126 10,124
Other creditors 61,367 61,357
Taxation and social security 57,857 63,172
198,734 215,000
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 8,212 18,213
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 8,593 2,971
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Reserves
Profit and Loss Account
The Profit and Loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholder. This is a distributable reserve.
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