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Registration number: 10447709

Prepared for the registrar

Shield Fire and Security Limited

Annual Report and Financial Statements

for the Year Ended 31 July 2024

 

Shield Fire and Security Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Shield Fire and Security Limited

Company Information

Directors

L P House

R C J Walker

Registered office

Shield House
Newham Road
Newham
Truro
TR1 2SU

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Shield Fire and Security Limited

(Registration number: 10447709)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

377,332

419,350

Current assets

 

Stock

 

35,682

-

Debtors

5

1,814,810

1,043,622

Cash at bank and in hand

 

62,689

774,383

 

1,913,181

1,818,005

Creditors: Amounts falling due within one year

6

(568,054)

(659,175)

Net current assets

 

1,345,127

1,158,830

Total assets less current liabilities

 

1,722,459

1,578,180

Creditors: Amounts falling due after more than one year

6

(12,190)

(73,772)

Deferred tax liabilities

(30,401)

(48,757)

Net assets

 

1,679,868

1,455,651

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

9

1,679,768

1,455,551

Total equity

 

1,679,868

1,455,651

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 April 2025 and signed on its behalf by:
 


L P House
Director

   
     
 

Shield Fire and Security Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Shield House
Newham Road
Newham
Truro
TR1 2SU

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Name of parent of group

These financial statements are consolidated in the financial statements of Shield Environmental Holdings Limited.

The financial statements of Shield Environmental Holdings Limited may be obtained from Companies House.

Going concern

In assessing whether the going concern basis is appropriate, the directors take into account all available information about the future, which is at least, but not limited to, 12 months from the date of signing these financial statements.

The directors have prepared forecasts which underpin the going concern basis for the Company, which show that the Company will be able to operate successfully for the foreseeable future and be able to meet its liabilities as and when they fall due.

The financial statements have been prepared on the going concern basis, which as the date of approval of these financial statements, the directors consider to be appropriate.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

 

Shield Fire and Security Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

• the amount of revenue can be measured reliably;
• it is probable that the company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.

Tax

The tax expense for the period comprises current tax and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% straight line

Furniture, fittings and equipment

25% straight line

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

 

Shield Fire and Security Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at lease twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Shield Fire and Security Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

 

Shield Fire and Security Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

 

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 August 2023

24,991

547,541

572,532

Additions

1,218

129,968

131,186

Disposals

-

(49,512)

(49,512)

At 31 July 2024

26,209

627,997

654,206

Depreciation

At 1 August 2023

11,843

141,339

153,182

Charge for the year

5,418

141,958

147,376

Eliminated on disposal

-

(23,684)

(23,684)

At 31 July 2024

17,261

259,613

276,874

Carrying amount

At 31 July 2024

8,948

368,384

377,332

At 31 July 2023

13,148

406,202

419,350


Assets held under finance lease and hire purchase contracts
The net carrying amount of tangible assets in respect of assets held under finance leases and hire purchase contracts is £98,869 (2023: £180,077).

 

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

547,297

890,630

Amounts owed by group undertakings

10

1,173,457

61,081

Other debtors

 

83,305

81,919

Prepayments and accrued income

 

10,751

9,992

 

1,814,810

1,043,622

 

Shield Fire and Security Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

 

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

51,050

83,291

Trade creditors

 

225,515

139,808

Social security and other taxes

 

12,702

74,155

Other creditors

 

11,667

10,069

Accrued expenses

 

252,712

210,366

Corporation tax liability

 

14,408

141,486

 

568,054

659,175

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

12,190

73,772

 

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

HP and finance lease liabilities

51,050

83,291

Non-current loans and borrowings

2024
£

2023
£

HP and finance lease liabilities

12,190

73,772

The liabilities held under finance lease agreements are secured against the assets to which they relate and are held by the company and group companies.

 

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

9

Reserves


Profit and loss account

Includes all current and prior period retained profits and losses.

 

Shield Fire and Security Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

 

10

Related party transactions

Summary of transactions with entities and other related parties

During the year the company made sales of £210,545 (2023: £74,857) and purchases of £22,341 (2023: £577,233) to fellow subsidiaries. As at 31 July 2024, the company was owed £1,173,457 (2023: £61,081).

During the year the company made sales of £1,870 (2023: £nil) to and purchases of £76,130 (2023: £3,584) from Sword Dynamic Services Limited. As at 31 July 2024, the company owed £20,700 (2023: £nil).

During the year the company made purchases of £256,109 (2023: £nil) from Sword Dynamics Service Provider Limited, which has a director in common. As at 31 July 2024, the company owed £nil (2023: £nil).

 

11

Controlling party

The directors consider that the ultimate parent undertaking of this company is Shield Environmental Holdings Limited, by virtue of its 70% shareholding in the share capital.

P A House is considered to be the ultimate controlling party, by virtue of his shareholding in the parent company.

 

12

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 28 April 2025 was James Morter, who signed for and on behalf of Hazlewoods LLP.