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COMPANY REGISTRATION NUMBER: 02138473
LINCOLN SECURITY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2024
LINCOLN SECURITY LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
2,595
3,460
Tangible assets
6
196,673
212,714
----------
----------
199,268
216,174
Current assets
Stocks
417,333
397,552
Debtors
7
869,125
778,778
Cash at bank and in hand
717,030
614,559
-------------
-------------
2,003,488
1,790,889
Creditors: amounts falling due within one year
8
( 917,473)
( 780,210)
-------------
-------------
Net current assets
1,086,015
1,010,679
-------------
-------------
Total assets less current liabilities
1,285,283
1,226,853
Creditors: amounts falling due after more than one year
9
( 17,365)
( 52,898)
Provisions
( 38,444)
( 37,927)
-------------
-------------
Net assets
1,229,474
1,136,028
-------------
-------------
Capital and reserves
Called up share capital
634
676
Capital redemption reserve
324
324
Profit and loss account
1,228,516
1,135,028
-------------
-------------
Shareholders funds
1,229,474
1,136,028
-------------
-------------
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 comprehensive income has not been delivered.
LINCOLN SECURITY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2024
For the year ending 31 December 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 .
These financial statements were approved by the board of directors and authorised for issue on 7 May 2025 , and are signed on behalf of the board by:
J B Froggatt
Director
Company registration number: 02138473
LINCOLN SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 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 6 Whisby Way, Lincoln, Lincolnshire, LN6 3LQ.
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 and in sterling .
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. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. No significant judgements or estimates have been made by management in the process of applying the entity's accounting policies that would have a significant effect on the amounts recognised in the financial statements.
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.
Income tax
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
Website
-
25% reducing balance
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.
Research and development
Research expenditure is written off in the period in which it is incurred.
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.
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:
Long leasehold property
-
straight line basis over the life of the lease
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
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.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 53 (2023: 49 ).
5. Intangible assets
Website
£
Cost
At 1 January 2024 and 31 December 2024
8,200
-------
Amortisation
At 1 January 2024
4,740
Charge for the year
865
-------
At 31 December 2024
5,605
-------
Carrying amount
At 31 December 2024
2,595
-------
At 31 December 2023
3,460
-------
6. Tangible assets
Long leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
9,881
100,437
130,493
298,270
539,081
Additions
7,259
14,668
41,418
63,345
Disposals
( 41,185)
( 73,451)
( 26,447)
( 141,083)
-------
----------
----------
----------
----------
At 31 December 2024
9,881
66,511
71,710
313,241
461,343
-------
----------
----------
----------
----------
Depreciation
At 1 January 2024
8,698
57,128
95,818
164,723
326,367
Charge for the year
296
12,387
7,960
38,589
59,232
Disposals
( 36,776)
( 62,390)
( 21,763)
( 120,929)
-------
----------
----------
----------
----------
At 31 December 2024
8,994
32,739
41,388
181,549
264,670
-------
----------
----------
----------
----------
Carrying amount
At 31 December 2024
887
33,772
30,322
131,692
196,673
-------
----------
----------
----------
----------
At 31 December 2023
1,183
43,309
34,675
133,547
212,714
-------
----------
----------
----------
----------
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
Motor vehicles
Total
£
£
£
At 31 December 2024
14,059
60,616
74,675
---------
---------
---------
At 31 December 2023
18,746
80,823
99,569
---------
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
827,310
737,499
Other debtors
41,815
41,279
----------
----------
869,125
778,778
----------
----------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
602,086
523,388
Corporation tax
53,931
Social security and other taxes
97,766
92,534
Other creditors
153,690
154,288
----------
----------
917,473
780,210
----------
----------
Included within other creditors are hire purchase agreements of £25,533 (2023: £34,723) which are secured against the assets to which they relate.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,333
18,333
Other creditors
9,032
34,565
---------
---------
17,365
52,898
---------
---------
Other creditors are hire purchase agreements which are secured against the assets to which they relate.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
144,205
137,572
Later than 1 year and not later than 5 years
218,842
326,662
----------
----------
363,047
464,234
----------
----------
11. Directors' advances, credits and guarantees
The Directors owed the company £802 at the year end (2023 - £3,114). There is no interest charged on the balance which was cleared in 2025.
12. Related party transactions
There are no material related party transactions to be disclosed.
13. Controlling party
The company was under the control of the directors in the current and prior year.