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COMPANY REGISTRATION NUMBER: 11161111
myPremier Security Limited
Filleted Unaudited Financial Statements
30 April 2024
myPremier Security Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
6
80,822
80,422
Tangible assets
7
46,665
60,634
---------
---------
127,487
141,056
Current assets
Stocks
98,770
81,760
Debtors
8
1,039,884
1,043,068
Cash at bank and in hand
77,506
128,709
------------
------------
1,216,160
1,253,537
Creditors: amounts falling due within one year
9
1,306,726
1,330,567
------------
------------
Net current liabilities
90,566
77,030
---------
---------
Total assets less current liabilities
36,921
64,026
Provisions
19,980
21,191
--------
--------
Net assets
16,941
42,835
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
16,841
42,735
--------
--------
Members' funds
16,941
42,835
--------
--------
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 ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
myPremier Security Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 28 April 2025 , and are signed on behalf of the board by:
D Bomberg
Director
Company registration number: 11161111
myPremier Security Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. Statutory information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Deansfield House, 98 Lancaster Road, Newcastle under Lyme, Staffordshire, ST5 1DS, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
(a) 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.
(b) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
(c) Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
(d) Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
(e) Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
(f) Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
straight line over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
(g) Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred. Internally generated intangible assets are amortised, upon completion, on a straight line basis over their useful economic life.
(h) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(i) 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:
Computer equipment
-
straight line over 3 years
Fixtures, fittings and equipment
-
25% reducing balance
Motor vehicles
-
straight line over 2 years
Improvements to property
-
straight line over 10 years
(j) 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.
(k) Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
(l) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
(m) Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
(n) Defined contribution pension plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Director's remuneration
The director's aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
9,000
9,000
Company contributions to defined contribution pension plans
360
360
-------
-------
9,360
9,360
-------
-------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
1
1
----
----
6. Intangible assets
Goodwill
Development costs
Total
£
£
£
Cost
At 1 May 2023
16,000
72,822
88,822
Additions
Additions from internal developments
2,000
2,000
--------
--------
--------
At 30 April 2024
16,000
74,822
90,822
--------
--------
--------
Amortisation
At 1 May 2023
8,400
8,400
Charge for the year
1,600
1,600
--------
--------
--------
At 30 April 2024
10,000
10,000
--------
--------
--------
Carrying amount
At 30 April 2024
6,000
74,822
80,822
--------
--------
--------
At 30 April 2023
7,600
72,822
80,422
--------
--------
--------
7. Tangible assets
Computer equipment
Fixtures, fittings and equipment
Motor vehicles
Improvements to property
Total
£
£
£
£
£
Cost
At 1 May 2023
29,369
31,262
8,261
59,028
127,920
Additions
1,199
962
2,161
--------
--------
-------
--------
---------
At 30 April 2024
30,568
32,224
8,261
59,028
130,081
--------
--------
-------
--------
---------
Depreciation
At 1 May 2023
25,418
19,358
1,377
21,133
67,286
Charge for the year
2,999
3,097
4,131
5,903
16,130
--------
--------
-------
--------
---------
At 30 April 2024
28,417
22,455
5,508
27,036
83,416
--------
--------
-------
--------
---------
Carrying amount
At 30 April 2024
2,151
9,769
2,753
31,992
46,665
--------
--------
-------
--------
---------
At 30 April 2023
3,951
11,904
6,884
37,895
60,634
--------
--------
-------
--------
---------
8. Debtors
2024
2023
£
£
Trade debtors
901,420
946,899
Other debtors
138,464
96,169
------------
------------
1,039,884
1,043,068
------------
------------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
378,541
427,063
Corporation tax
154,412
123,447
Social security and other taxes
25,490
9,618
Other creditors
748,283
770,439
------------
------------
1,306,726
1,330,567
------------
------------
Included within other creditors above, is an amount owed to Ultimate Finance Limited in the sum of £712,848 (2023: £730,802). This balance is secured by way of first fixed and floating legal charges, dated 5 February 2018, over all current and future assets of the company.
10. Pension commitments
At the year end, the company had a liability of £1,236 (2023: £1,236) in relation to its defined contribution pension plan.
11. Related party transactions
Mr D Bomberg is a related party by virtue of his directorship of and shareholding in the company. Mrs D Bomberg is a related party by virtue of her shareholding in the company and her relationship with Mr D Bomberg . During the year, Mr D Bomberg operated a director's loan account with the company such that, at the year end, the company owed Mr D Bomberg the sum of £ 610 (2023: £ 48 ). This loan was interest free and repayable on demand. During the year, the company paid dividends to Mr D Bomberg and Mrs D Bomberg in the sum of £ 266,226 (2023: £ 328,840 ).