Company registration number 13850147 (England and Wales)
WATCHTOWER SECURITY SOLUTIONS UNITED KINGDOM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
WATCHTOWER SECURITY SOLUTIONS UNITED KINGDOM LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
WATCHTOWER SECURITY SOLUTIONS UNITED KINGDOM LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
568,289
351,631
Current assets
Stocks
30,780
-
Debtors
5
3,176,847
2,321,847
Cash at bank and in hand
26,722
37,741
3,234,349
2,359,588
Creditors: amounts falling due within one year
6
(5,545,747)
(4,340,745)
Net current liabilities
(2,311,398)
(1,981,157)
Net liabilities
(1,743,109)
(1,629,526)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(1,743,110)
(1,629,527)
Total equity
(1,743,109)
(1,629,526)
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 16 June 2025 and are signed on its behalf by:
Mr A J Robinson
Director
Company registration number 13850147 (England and Wales)
WATCHTOWER SECURITY SOLUTIONS UNITED KINGDOM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
1
(403,284)
(403,283)
Year ended 31 December 2023:
Loss for the year
-
(1,226,243)
(1,226,243)
Balance at 31 December 2023
1
(1,629,527)
(1,629,526)
Year ended 31 December 2024:
Loss for the year
-
(113,583)
(113,583)
Balance at 31 December 2024
1
(1,743,110)
(1,743,109)
WATCHTOWER SECURITY SOLUTIONS UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Watchtower Security Solutions United Kingdom Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of 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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
As at the balance sheet date, the company had net liabilities of £1,743,109 (2023: £1,629,526) and expects to receive the continued support of its parent over the next 12 months from the date of approving these financial statements.
As the company is dependent on the continued support of the parent to meet its financial obligations, significant doubt may be cast over its ability to continue as a going concern. Notwithstanding this uncertainty, the director continues to consider it appropriate to adopt the going concern basis in preparing the company’s financial statements.
1.3
Turnover
Turnover represents amounts receivable for property management, security and handyman services net of VAT. These amounts are recognised in the period in which the service is provided.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% straight line
Motor vehicles
20% straight line
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
WATCHTOWER SECURITY SOLUTIONS UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
WATCHTOWER SECURITY SOLUTIONS UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Estimated useful lives of tangible fixed assets
Estimation is required in determining the useful lives of such assets and their residual values.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
4
WATCHTOWER SECURITY SOLUTIONS UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2024
760,475
45,017
805,492
Additions
473,197
42,369
515,566
Disposals
(164,744)
(45,017)
(209,761)
At 31 December 2024
1,068,928
42,369
1,111,297
Depreciation and impairment
At 1 January 2024
435,906
17,955
453,861
Depreciation charged in the year
264,690
8,341
273,031
Eliminated in respect of disposals
(164,429)
(19,455)
(183,884)
At 31 December 2024
536,167
6,841
543,008
Carrying amount
At 31 December 2024
532,761
35,528
568,289
At 31 December 2023
324,569
27,062
351,631
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
75,596
96,075
Amounts owed by group undertakings
3,081,576
2,198,629
Other debtors
19,675
27,143
3,176,847
2,321,847
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
47,744
66,864
Taxation and social security
19,647
Other creditors
5,478,356
4,273,881
5,545,747
4,340,745
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
WATCHTOWER SECURITY SOLUTIONS UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
8
Operating lease commitments
As lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
12,804
12,804
9
Related party transactions
Included within other debtors is an amount of £2,444,786 (2023: £2,198,515) owed by WTS Associates Limited, a fellow group undertaking. Included in other creditors are cross charges of £35,030 (2023: £35,030) payable to WTS Associates Limited.
Included within other debtors is an amount of £636,791 (2023: £Nil) owed by Mosais World Holding B.V., a fellow group undertaking.
Included within other creditors is an amount of £5,312,440 (2023: £1 owed by) owed to Watchtower Security International B.V., a fellow group undertaking.
Included within other creditors is an amount of £1,354 (2023: £33,400) owed to Mosaic Microliving UK Limited, a related company by virtue of common control.
Included within other creditors is an amount of £Nil (2023: £4,165,712) owed to Mosaic World B.V. (formerly named Camelot Europe B.V.), a fellow group undertaking. This includes loan interest which has been charged at a rate of 2.91% per annum.