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COMPANY REGISTRATION NUMBER: 5616212
UK Red Security & Fire Systems Limited
Filleted Unaudited Financial Statements
31 October 2024
UK Red Security & Fire Systems Limited
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
142,325
27,067
Current assets
Stocks
20,244
20,239
Debtors
6
319,803
283,511
Cash at bank and in hand
73,209
79,133
---------
---------
413,256
382,883
Creditors: amounts falling due within one year
7
216,765
167,900
---------
---------
Net current assets
196,491
214,983
---------
---------
Total assets less current liabilities
338,816
242,050
Creditors: amounts falling due after more than one year
8
117,638
22,001
---------
---------
Net assets
221,178
220,049
---------
---------
Capital and reserves
Called up share capital
10
118
118
Share premium account
139,982
139,982
Profit and loss account
81,078
79,949
---------
---------
Shareholders funds
221,178
220,049
---------
---------
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 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
UK Red Security & Fire Systems Limited
Statement of Financial Position (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 14 April 2025 , and are signed on behalf of the board by:
Mr K Walton
Director
Company registration number: 5616212
UK Red Security & Fire Systems Limited
Notes to the Financial Statements
Year ended 31 October 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 20 Brown Lane West, Leeds, England, LS11 0DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2023: 16 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 November 2023
8,584
68,382
18,111
95,077
Additions
169,356
169,356
Disposals
( 22,645)
( 22,645)
-------
---------
--------
---------
At 31 October 2024
8,584
215,093
18,111
241,788
-------
---------
--------
---------
Depreciation
At 1 November 2023
7,747
45,788
14,475
68,010
Charge for the year
209
47,232
3,634
51,075
Disposals
( 19,622)
( 19,622)
-------
---------
--------
---------
At 31 October 2024
7,956
73,398
18,109
99,463
-------
---------
--------
---------
Carrying amount
At 31 October 2024
628
141,695
2
142,325
-------
---------
--------
---------
At 31 October 2023
837
22,594
3,636
27,067
-------
---------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 October 2024
139,557
---------
At 31 October 2023
16,721
---------
6. Debtors
2024
2023
£
£
Trade debtors
232,242
192,483
Other debtors
87,561
91,028
---------
---------
319,803
283,511
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,361
10,106
Trade creditors
50,435
45,320
Corporation tax
2,903
1,519
Social security and other taxes
86,017
84,507
Other creditors
67,049
26,448
---------
---------
216,765
167,900
---------
---------
The loans in respect of the hire purchase agreements are secured against the assets to which they relate .
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,162
16,523
Other creditors
111,476
5,478
---------
--------
117,638
22,001
---------
--------
The loans in respect of the hire purchase agreements are secured against the assets to which they relate.
9. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
34,141
5,712
Later than 1 year and not later than 5 years
111,476
5,478
---------
--------
145,617
11,190
---------
--------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
118
118
118
118
----
----
----
----
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Later than 1 year and not later than 5 years
12,833
----
--------
12. Directors' advances, credits and guarantees
Included within other debtors is an interest free loan to Mr K Walton of £51,203 (2023 £42,603).