IRIS Accounts Production v25.1.3.33 05664768 Board of Directors 1.1.24 31.12.24 31.12.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh056647682023-12-31056647682024-12-31056647682024-01-012024-12-31056647682022-12-31056647682023-01-012023-12-31056647682023-12-3105664768ns15:EnglandWales2024-01-012024-12-3105664768ns14:PoundSterling2024-01-012024-12-3105664768ns10:Director12024-01-012024-12-3105664768ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3105664768ns10:SmallEntities2024-01-012024-12-3105664768ns10:AuditExempt-NoAccountantsReport2024-01-012024-12-3105664768ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3105664768ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3105664768ns10:FullAccounts2024-01-012024-12-310566476812024-01-012024-12-3105664768ns5:CurrentFinancialInstruments2024-12-3105664768ns5:CurrentFinancialInstruments2023-12-3105664768ns5:Non-currentFinancialInstruments2024-12-3105664768ns5:Non-currentFinancialInstruments2023-12-3105664768ns5:ShareCapital2024-12-3105664768ns5:ShareCapital2023-12-3105664768ns5:RetainedEarningsAccumulatedLosses2024-12-3105664768ns5:RetainedEarningsAccumulatedLosses2023-12-3105664768ns10:RegisteredOffice2024-01-012024-12-3105664768ns5:NetGoodwill2024-01-012024-12-3105664768ns5:NetGoodwill2023-12-3105664768ns5:NetGoodwill2024-12-3105664768ns5:NetGoodwill2023-12-3105664768ns5:PlantMachinery2023-12-3105664768ns5:PlantMachinery2024-01-012024-12-3105664768ns5:PlantMachinery2024-12-3105664768ns5:PlantMachinery2023-12-3105664768ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3105664768ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3105664768ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-12-3105664768ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-12-3105664768ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-12-3105664768ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3105664768ns5:HirePurchaseContracts2024-12-3105664768ns5:HirePurchaseContracts2023-12-3105664768ns5:WithinOneYear2024-12-3105664768ns5:WithinOneYear2023-12-3105664768ns5:BetweenOneFiveYears2024-12-3105664768ns5:BetweenOneFiveYears2023-12-3105664768ns5:AllPeriods2024-12-3105664768ns5:AllPeriods2023-12-31
REGISTERED NUMBER: 05664768 (England and Wales)









Unaudited Financial Statements

for the Year Ended

31 December 2024

for

Omega Security Systems Limited

Omega Security Systems Limited (Registered number: 05664768)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Omega Security Systems Limited (Registered number: 05664768)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 438,509 349,957
438,509 349,957

CURRENT ASSETS
Stocks 445,082 300,908
Debtors 6 903,105 852,826
Cash at bank and in hand 1,837,019 1,472,813
3,185,206 2,626,547
CREDITORS
Amounts falling due within one year 7 1,217,245 1,149,231
NET CURRENT ASSETS 1,967,961 1,477,316
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,406,470

1,827,273

CREDITORS
Amounts falling due after more than one
year

8

(32,418

)

(52,281

)

PROVISIONS FOR LIABILITIES (95,420 ) (76,852 )
NET ASSETS 2,278,632 1,698,140

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 2,278,532 1,698,040
SHAREHOLDERS' FUNDS 2,278,632 1,698,140

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Omega Security Systems Limited (Registered number: 05664768)

Balance Sheet - continued
31 December 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 May 2025 and were signed on its behalf by:





Mr R Ward - Director


Omega Security Systems Limited (Registered number: 05664768)

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

1. STATUTORY INFORMATION

Omega Security Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05664768

Registered office: Arncliffe House
Bolling Road
Bradford
West Yorkshire
BD4 7BT

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in UK and Republic of Ireland" and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised on delivery. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion and the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Goodwill
Goodwill is capitalised and written off on a straight line basis over its economic life.

Tangible fixed assets
Tangible fixed assets are stated at purchase cost, net of depreciation.

Depreciation is provided on all tangible assets at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows:

Improvements to
property

- 50% on cost
Plant and machinery- 25% on cost and reducing balance
Fixtures and fittings- 25% on cost and reducing balance
Motor vehicles- 25% on reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset after deducting estimated costs of disposal, if the asset were already at an age and in the condition expected at the end of its estimated useful life.

The gain or loss arising on the disposal of an asset is determined on the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Omega Security Systems Limited (Registered number: 05664768)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Government grants
Government grants are recognised on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Taxation
Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply to the reversal of the timing difference.

Hire purchase and leasing commitments
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme and that of directors' personal pension schemes are charged to profit or loss in the period to which they relate.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

Where material, the cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an Annual General Meeting.

Omega Security Systems Limited (Registered number: 05664768)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 and 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.

The following assets and liabilities are classified as basic financial instruments - trade debtors, other debtors, cash and bank balances, trade creditors, other creditors and hire purchase contracts.

Trade debtors, other debtors, cash and bank balances, trade creditors and other creditors are measured at the amortised cost equivalent to the undiscounted amount of cash or other consideration expected to be paid or received.

Hire purchase contracts are initially measured at the present value of future payments, discounted at a market rate of interest and subsequently measured at amortised cost using the effective interest method.

Impairment of assets
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 and loss as described below.

Non financial assets
An asset is impaired when 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.

Financial assets
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 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 the impairment loss not been recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2023 - 27 ) .

Omega Security Systems Limited (Registered number: 05664768)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 21,679
AMORTISATION
At 1 January 2024
and 31 December 2024 21,679
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024 649,680
Additions 216,962
Disposals (36,867 )
At 31 December 2024 829,775
DEPRECIATION
At 1 January 2024 299,723
Charge for year 124,885
Eliminated on disposal (33,342 )
At 31 December 2024 391,266
NET BOOK VALUE
At 31 December 2024 438,509
At 31 December 2023 349,957

The net book value of tangible fixed assets includes £ 105,788 (2023 - £ 141,051 ) in respect of assets held under hire purchase contracts.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 840,416 805,846
Other debtors 62,689 46,980
903,105 852,826

Omega Security Systems Limited (Registered number: 05664768)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 9) 19,706 27,629
Trade creditors 423,243 506,755
Taxation and social security 377,520 276,074
Other creditors 396,776 338,773
1,217,245 1,149,231

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 9) 32,418 52,281

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 19,706 27,629
Between one and five years 32,418 52,281
52,124 79,910

Non-cancellable operating leases
2024 2023
£    £   
Within one year 20,000 13,750
Between one and five years 75,890 -
95,890 13,750

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 52,124 79,910

Hire purchase contracts are secured against the assets to which they relate.

11. CALLED UP SHARE CAPITAL

2024 2023
£ £
Allotted, issued and fully paid 100 100

Omega Security Systems Limited (Registered number: 05664768)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

12. RELATED PARTY DISCLOSURES

The directors and shareholders of the company are also directors and shareholders of Omega Analytic Systems Limited.

The company loaned £5,000 to Omega Analytic Systems Limited during the year. As at the year ended 31 December 2024, Omega Analytic Systems owed £200,000 to the company. A provision of £5,000 was provided during the year, and a provision of £195,000 was provided for in the 2023 accounts, as it was doubtful this would be recovered, which remains the case.