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Company No: SC406003 (Scotland)

UNITE SECURITY ELECTRICAL & FIRE LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH THE REGISTRAR

UNITE SECURITY ELECTRICAL & FIRE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024

Contents

UNITE SECURITY ELECTRICAL & FIRE LTD

BALANCE SHEET

AS AT 31 AUGUST 2024
UNITE SECURITY ELECTRICAL & FIRE LTD

BALANCE SHEET (continued)

AS AT 31 AUGUST 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 94,847 31,698
94,847 31,698
Current assets
Stocks 4 113,679 26,651
Debtors 5 137,305 25,696
Cash at bank and in hand 6 0 2,433
250,984 54,780
Creditors: amounts falling due within one year 7 ( 273,860) ( 37,468)
Net current (liabilities)/assets (22,876) 17,312
Total assets less current liabilities 71,971 49,010
Creditors: amounts falling due after more than one year 8 ( 68,314) ( 29,247)
Provision for liabilities 9, 10 ( 2,495) ( 425)
Net assets 1,162 19,338
Capital and reserves
Called-up share capital 11 100 100
Profit and loss account 1,062 19,238
Total shareholder's funds 1,162 19,338

For the financial year ending 31 August 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 financial statements of Unite Security Electrical & Fire Ltd (registered number: SC406003) were approved and authorised for issue by the Director on 28 May 2025. They were signed on its behalf by:

Glenn Raymond Kippen
Director
UNITE SECURITY ELECTRICAL & FIRE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024
UNITE SECURITY ELECTRICAL & FIRE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Unite Security Electrical & Fire Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 25 Bertha Park View, Inveralmond Industrial Estate, Perth, PH1 3FZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for the supply and installation of fire systems net of VAT and trade discounts. Revenue is recognised when the company has entitlement to the income in exchange for the provision of services.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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 fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Tools and equipment 5 years straight line

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 of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

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.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 11 1

3. Tangible assets

Vehicles Tools and equipment Total
£ £ £
Cost
At 01 September 2023 31,500 1,232 32,732
Additions 81,500 2,280 83,780
Disposals ( 6,500) 0 ( 6,500)
At 31 August 2024 106,500 3,512 110,012
Accumulated depreciation
At 01 September 2023 542 492 1,034
Charge for the financial year 15,688 474 16,162
Disposals ( 2,031) 0 ( 2,031)
At 31 August 2024 14,199 966 15,165
Net book value
At 31 August 2024 92,301 2,546 94,847
At 31 August 2023 30,958 740 31,698

4. Stocks

2024 2023
£ £
Stocks 47,951 26,651
Work in progress 65,728 0
113,679 26,651

5. Debtors

2024 2023
£ £
Trade debtors 136,744 2,191
Other debtors 561 23,505
137,305 25,696

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 0 2,433
Less: Bank overdrafts ( 3,939) 0
(3,939) 2,433

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 14,877 10,336
Trade creditors 98,530 13,495
Amounts owed to related parties (note 13) 0 4,904
Taxation and social security 62,629 4,630
Obligations under finance leases and hire purchase contracts 19,873 0
Other creditors 77,951 4,103
273,860 37,468

Included in Bank loans is a bounce back loan, advanced to the company in the year ending 31 August 2020, which is covered by a government backed guarantee.

Obligations under hire purchase contracts are secured over the assets to which they relate.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 18,434 29,247
Obligations under finance leases and hire purchase contracts 49,880 0
68,314 29,247

Included in Bank loan is a bounce back loan, advanced to the company in the year ending 31 August 2020, which is covered by a government backed guarantee.

Obligations under hire purchase contracts are secured over the assets to which they relate.

9. Provision for liabilities

2024 2023
£ £
Deferred tax 2,495 425

10. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 425) ( 45)
Charged to the Statement of Income and Retained Earnings ( 2,070) ( 380)
At the end of financial year ( 2,495) ( 425)

11. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

12. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 20,306 2,250

13. Related party transactions

Transactions with related parties or connected persons

Amounts owed to related parties

2024 2023
£ £
Other related Party 0 4,904

Transactions with the entity’s director (or members of its governing body)

Amounts owed by director

Amounts owed to director

2024 2023
£ £
Directors' current accounts 73 564

Advance have been made in this period Director totalling £9,955 and £9,464 has been repaid. This loan is unsecured, interest free and repayable on demand.