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Registration number: 03082727

P.W. Secure-It Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

P.W. Secure-It Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

P.W. Secure-It Limited

Company Information

Director

Mr A Wallum

Company secretary

Mrs EM Wallum

Registered office

Unit 4 Mill Farm Business Park
Millfield Road
Hounslow
Middlesex
TW4 5PY

Accountants

Sterling Grove Accountants Limited
Chartered Certified AccountantsFawley House
2 Regatta Place Marlow Road
Bourne End
Bucks
SL8 5TD

 

P.W. Secure-It Limited

(Registration number: 03082727)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

40,658

53,890

Current assets

 

Stocks

5

66,250

62,785

Debtors

6

140,684

155,335

Cash at bank and in hand

 

126,574

103,702

 

333,508

321,822

Creditors: Amounts falling due within one year

7

(192,729)

(165,234)

Net current assets

 

140,779

156,588

Total assets less current liabilities

 

181,437

210,478

Creditors: Amounts falling due after more than one year

7

(24,789)

(47,653)

Provisions for liabilities

(10,200)

(13,500)

Net assets

 

146,448

149,325

Capital and reserves

 

Called up share capital

100

100

Retained earnings

146,348

149,225

Shareholders' funds

 

146,448

149,325

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 May 2025
 

Mr A Wallum
Director

 

P.W. Secure-It Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Unit 4 Mill Farm Business Park
Millfield Road
Hounslow
Middlesex
TW4 5PY
United Kingdom

These financial statements were authorised for issue by the director on 9 May 2025.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

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

The current income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

P.W. Secure-It Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

15% reducing balance

Fixtures, fittings and equipment

15% reducing balance

Vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.Trade debtors are recognised at the transaction price, less provision for impairment. 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 receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 at the transaction price.

 

P.W. Secure-It Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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 least 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

 

P.W. Secure-It Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2023

43,877

64,189

19,304

127,370

At 30 September 2024

43,877

64,189

19,304

127,370

Depreciation

At 1 October 2023

42,066

12,714

18,700

73,480

Charge for the year

272

12,869

91

13,232

At 30 September 2024

42,338

25,583

18,791

86,712

Carrying amount

At 30 September 2024

1,539

38,606

513

40,658

At 30 September 2023

1,811

51,475

604

53,890

5

Stocks

2024
£

2023
£

Other inventories

66,250

62,785

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

50,273

82,175

Amounts owed by related parties

10

84,166

69,256

Prepayments

 

2,901

560

Other debtors

 

3,344

3,344

   

140,684

155,335

 

P.W. Secure-It Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

94,807

84,793

Trade creditors

 

39,178

36,274

Taxation and social security

 

49,722

41,176

Accruals and deferred income

 

8,897

2,825

Other creditors

 

125

166

 

192,729

165,234

Creditors include bank loans and overdrafts which are secured on the assets of the company of £78,873 (2023 - £68,877).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

24,789

47,653

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

5,000

11,000

Hire purchase contracts

19,789

36,653

24,789

47,653

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,000

6,000

Bank overdrafts

72,873

62,877

Hire purchase contracts

15,934

15,916

94,807

84,793

 

P.W. Secure-It Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £40,564 (2023 - £74,912).

10

Related party transactions

Transactions with the director

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

Mr A Wallum

Loan repayable on demand

34,628

42,455

(35,000)

42,083

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mr A Wallum

Loan repayable on demand

37,973

34,655

(38,000)

34,628

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

34,628

34,628

Advanced

42,455

42,455

Repaid

(35,000)

(35,000)

At end of period

42,083

42,083

2023

Other related parties
£

Total
£

At start of period

37,973

37,973

Advanced

34,655

34,655

Repaid

(38,000)

(38,000)

At end of period

34,628

34,628

Terms of loans to related parties

This loan is repayable on demand with interest charged at 2.25%.