IRIS Accounts Production v25.1.4.42 SC499564 Board of Directors 30.6.24 1.7.23 30.6.24 30.6.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. the hire of void protection products for the property market along with associated property services. true true true false true true false false false false false true false Ordinary A 0 Ordinary B 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4995642023-06-30SC4995642024-06-30SC4995642023-07-012024-06-30SC4995642022-06-30SC4995642022-07-012023-06-30SC4995642023-06-30SC499564ns15:Scotland2023-07-012024-06-30SC499564ns14:PoundSterling2023-07-012024-06-30SC499564ns10:Director12023-07-012024-06-30SC499564ns10:Consolidated2024-06-30SC499564ns10:ConsolidatedGroupCompanyAccounts2023-07-012024-06-30SC499564ns10:PrivateLimitedCompanyLtd2023-07-012024-06-30SC499564ns10:Consolidatedns10:MediumEntities2023-07-012024-06-30SC499564ns10:Consolidatedns10:Audited2023-07-012024-06-30SC499564ns10:SmallCompaniesRegimeForDirectorsReport2023-07-012024-06-30SC499564ns10:SmallCompaniesRegimeForAccounts2023-07-012024-06-30SC499564ns10:Consolidated2023-07-012024-06-30SC499564ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-07-012024-06-30SC499564ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-07-012024-06-30SC499564ns10:FullAccounts2023-07-012024-06-30SC499564ns5:Subsidiary12023-07-012024-06-30SC499564ns5:Subsidiary22023-07-012024-06-30SC49956412023-07-012024-06-30SC499564ns10:OrdinaryShareClass12023-07-012024-06-30SC499564ns10:OrdinaryShareClass22023-07-012024-06-30SC499564ns10:Director22023-07-012024-06-30SC499564ns10:Director32023-07-012024-06-30SC499564ns10:RegisteredOffice2023-07-012024-06-30SC499564ns10:Consolidated2022-07-012023-06-30SC499564ns5:CurrentFinancialInstruments2024-06-30SC499564ns5:CurrentFinancialInstruments2023-06-30SC499564ns5:Non-currentFinancialInstruments2024-06-30SC499564ns5:Non-currentFinancialInstruments2023-06-30SC499564ns5:ShareCapital2024-06-30SC499564ns5:ShareCapital2023-06-30SC499564ns5:RetainedEarningsAccumulatedLosses2024-06-30SC499564ns5:RetainedEarningsAccumulatedLosses2023-06-30SC499564ns5:ShareCapital2022-06-30SC499564ns5:RetainedEarningsAccumulatedLosses2022-06-30SC499564ns5:RetainedEarningsAccumulatedLosses2022-07-012023-06-30SC49956412023-07-012024-06-30SC499564ns5:NetGoodwill2023-07-012024-06-30SC499564ns5:IntangibleAssetsOtherThanGoodwill2023-07-012024-06-30SC499564ns5:PlantMachinery2023-07-012024-06-30SC499564ns5:FurnitureFittings2023-07-012024-06-30SC499564ns5:MotorVehicles2023-07-012024-06-30SC499564ns5:CostValuation2023-06-30SC4995641ns5:Subsidiary12023-07-012024-06-30SC499564ns5:Subsidiary232023-07-012024-06-30SC499564ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-30SC499564ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-30SC499564ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-06-30SC499564ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-06-30SC499564ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-06-30SC499564ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-06-30SC499564ns10:OrdinaryShareClass12024-06-30SC499564ns10:OrdinaryShareClass22024-06-30
REGISTERED NUMBER: SC499564 (Scotland)













GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

COMMERCIAL ASSET SECURITY LIMITED

COMMERCIAL ASSET SECURITY LIMITED (REGISTERED NUMBER: SC499564)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 16


COMMERCIAL ASSET SECURITY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: A M Duffus
S Duffus
R Gilliland


REGISTERED OFFICE: The Octagon
35 Baird Street
Glasgow
G4 0EE


REGISTERED NUMBER: SC499564 (Scotland)


SENIOR STATUTORY AUDITOR: Douglas Paton BSc CA


AUDITORS: Bannerman Johnstone Maclay
Chartered Accountants
and Statutory Auditor
213 St Vincent Street
Glasgow
G2 5QY


BANKERS: Bank of Scotland
6th Floor
110 St Vincent Street
Glasgow
G2 5ER

COMMERCIAL ASSET SECURITY LIMITED (REGISTERED NUMBER: SC499564)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their strategic report of the company and the group for the year ended 30 June 2024.

The principal activity of the group in the year under review was that of the hire of void protection products for the property market along with associated property services.

REVIEW OF BUSINESS
The results for the year and the financial position of the group are as shown in the financial statements. The directors are disappointed that a loss has been generated.

Whilst the results for the year show an overall loss of £721,338 the EBITDA position can be summarised as follows:

£ £
Loss before taxation 721,338
Depreciation 247,201
Interest (net) 18,625
Loss on disposal of fixed assets 62,347
Amortisation 365,918
694,091
EBITDA (Loss) £27,247

In view of the loss which has been generated the directors have taken steps to reduce overheads and to position the company into a profitable position. They are therefore pleased to report that the most recent management accounts show a profit being generated.

Given the straightforward nature of the business, the group's directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business.

PRINCIPAL RISKS AND UNCERTAINTIES
During the forthcoming year the directors consider the principal risks and uncertainties being the competitive nature of the industry in which the group operates and the associated downward pressure on margins.

Having considered the risks to the company, the director's are of the opinion that the group can respond to and mitigate the impact of these risks.

ON BEHALF OF THE BOARD:





S Duffus - Director


27 June 2025

COMMERCIAL ASSET SECURITY LIMITED (REGISTERED NUMBER: SC499564)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

A M Duffus
S Duffus
R Gilliland

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that each director ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Bannerman Johnstone Maclay, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S Duffus - Director


27 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COMMERCIAL ASSET SECURITY LIMITED


Opinion
We have audited the financial statements of Commercial Asset Security Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COMMERCIAL ASSET SECURITY LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector
in which it operates. We determined that the following laws and regulations were the most significant: the
Companies Act 2006 and UK corporate taxation laws.
- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by
making enquires to the management.
- We assessed the susceptibility of the company's financial statements to material misstatement, including how
fraud might occur. Audit procedures performed by the engagement team included:

- identifying and assessing the design and effectiveness of controls management has in place to prevent and
detect fraud;

- understanding how those charged with governance considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process;
- challenging assumptions and judgements made by management in its significant accounting estimates;

- identifying and testing journal entries, in particular any journal entries posted with unusual accounting
combinations; and
- assessing the extent of compliance with relevant laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COMMERCIAL ASSET SECURITY LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Douglas Paton BSc CA (Senior Statutory Auditor)
for and on behalf of Bannerman Johnstone Maclay
Chartered Accountants
and Statutory Auditor
213 St Vincent Street
Glasgow
G2 5QY

27 June 2025

COMMERCIAL ASSET SECURITY LIMITED (REGISTERED NUMBER: SC499564)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

TURNOVER 12,563,634 10,644,812

Cost of sales 10,182,214 8,078,179
GROSS PROFIT 2,381,420 2,566,633

Administrative expenses 3,084,133 3,065,781
OPERATING LOSS 4 (702,713 ) (499,148 )

Interest receivable and similar income 1,274 -
(701,439 ) (499,148 )

Interest payable and similar expenses 5 19,899 106,607
LOSS BEFORE TAXATION (721,338 ) (605,755 )

Tax on loss 6 41,454 39,433
LOSS FOR THE FINANCIAL YEAR (762,792 ) (645,188 )
Loss attributable to:
Owners of the parent (762,792 ) (645,188 )

COMMERCIAL ASSET SECURITY LIMITED (REGISTERED NUMBER: SC499564)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

LOSS FOR THE YEAR (762,792 ) (645,188 )


OTHER COMPREHENSIVE INCOME
Other reserves 2,129 11,486
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

2,129

11,486
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(760,663

)

(633,702

)

Total comprehensive income attributable to:
Owners of the parent (760,663 ) (633,702 )

COMMERCIAL ASSET SECURITY LIMITED (REGISTERED NUMBER: SC499564)

CONSOLIDATED BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - 365,918
Tangible assets 9 1,157,579 1,151,042
Investments 10 - -
1,157,579 1,516,960

CURRENT ASSETS
Stocks 11 108,297 109,813
Debtors 12 2,723,067 2,599,073
Cash at bank 490,613 369,110
3,321,977 3,077,996
CREDITORS
Amounts falling due within one year 13 3,847,618 3,180,671
NET CURRENT LIABILITIES (525,641 ) (102,675 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

631,938

1,414,285

CREDITORS
Amounts falling due after more than one
year

14

1,584,845

1,606,529
NET LIABILITIES (952,907 ) (192,244 )

CAPITAL AND RESERVES
Called up share capital 18 250,000 250,000
Other reserves 19 80,189 78,060
Retained earnings 19 (1,283,096 ) (520,304 )
SHAREHOLDERS' FUNDS (952,907 ) (192,244 )

The financial statements were approved by the Board of Directors and authorised for issue on 27 June 2025 and were signed on its behalf by:





S Duffus - Director


COMMERCIAL ASSET SECURITY LIMITED (REGISTERED NUMBER: SC499564)

COMPANY BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 - -
Investments 10 5,025,000 5,025,000
5,025,000 5,025,000

CREDITORS
Amounts falling due within one year 13 1,012,320 1,012,320
NET CURRENT LIABILITIES (1,012,320 ) (1,012,320 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,012,680

4,012,680

CREDITORS
Amounts falling due after more than one
year

14

1,447,917

1,447,917
NET ASSETS 2,564,763 2,564,763

CAPITAL AND RESERVES
Called up share capital 18 250,000 250,000
Retained earnings 2,314,763 2,314,763
SHAREHOLDERS' FUNDS 2,564,763 2,564,763

Company's loss for the financial year - (104,867 )

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

The financial statements were approved by the Board of Directors and authorised for issue on 27 June 2025 and were signed on its behalf by:





S Duffus - Director


COMMERCIAL ASSET SECURITY LIMITED (REGISTERED NUMBER: SC499564)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 July 2022 250,000 124,884 66,574 441,458

Changes in equity
Total comprehensive income - (645,188 ) 11,486 (633,702 )
Balance at 30 June 2023 250,000 (520,304 ) 78,060 (192,244 )

Changes in equity
Total comprehensive income - (762,792 ) 2,129 (760,663 )
Balance at 30 June 2024 250,000 (1,283,096 ) 80,189 (952,907 )

COMMERCIAL ASSET SECURITY LIMITED (REGISTERED NUMBER: SC499564)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 250,000 2,419,630 2,669,630

Changes in equity
Total comprehensive income - (104,867 ) (104,867 )
Balance at 30 June 2023 250,000 2,314,763 2,564,763

Changes in equity
Balance at 30 June 2024 250,000 2,314,763 2,564,763

COMMERCIAL ASSET SECURITY LIMITED (REGISTERED NUMBER: SC499564)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 519,056 246,524
Interest paid (19,899 ) (1,778 )
Tax paid (39,194 ) (54,923 )
Net cash from operating activities 459,963 189,823

Cash flows from investing activities
Purchase of tangible fixed assets (299,631 ) (318,948 )
Sale of tangible fixed assets 9,213 14,524
Interest received 1,274 -
Net cash from investing activities (289,144 ) (304,424 )

Cash flows from financing activities
New loans in year - 200,000
Loan repayments in year (35,000 ) (25,000 )
Capital repayments in year (14,316 ) (40,287 )
Net cash from financing activities (49,316 ) 134,713

Increase in cash and cash equivalents 121,503 20,112
Cash and cash equivalents at beginning of
year

2

369,110

348,998

Cash and cash equivalents at end of year 2 490,613 369,110

COMMERCIAL ASSET SECURITY LIMITED (REGISTERED NUMBER: SC499564)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024


1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Loss before taxation (721,338 ) (605,755 )
Depreciation charges 613,120 611,585
Loss on disposal of fixed assets 62,347 20,406
Finance costs 19,899 106,607
Finance income (1,274 ) -
(27,246 ) 132,843
Decrease in stocks 1,516 60,959
(Increase)/decrease in trade and other debtors (123,994 ) 26,917
Increase in trade and other creditors 668,780 25,805
Cash generated from operations 519,056 246,524

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 490,613 369,110
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 369,110 348,998


COMMERCIAL ASSET SECURITY LIMITED (REGISTERED NUMBER: SC499564)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.7.23 Cash flow changes At 30.6.24
£    £    £    £   
Net cash
Cash at bank 369,110 121,503 490,613
369,110 121,503 490,613
Debt
Finance leases (54,170 ) 14,316 - (65,521 )
Debts falling due
within 1 year (150,000 ) - - (150,000 )
Debts falling due
after 1 year (1,572,917 ) 35,000 - (1,537,917 )
(1,777,087 ) 49,316 - (1,753,438 )
Total (1,407,977 ) 170,819 - (1,262,825 )

COMMERCIAL ASSET SECURITY LIMITED (REGISTERED NUMBER: SC499564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Commercial Asset Security Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The directors are required to prepare the statutory financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business. In satisfaction of this responsibility the directors have considered the group's ability to meet its liabilities as they fall due.

The group meets its day to day working capital requirements through its cash reserves.

The group's going concern assessment considers its principal risks and is dependent on a number of factors including financial performance.

The current and future financial position of the group, its cash flows and liquidity have been reviewed by the directors.

Following this review, the directors are confident that the group has sufficient resources to continue to operate for the foreseeable future. Accordingly, the director consider it appropriate to prepare the financial statements on the going concern basis.

Basis of consolidation
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June each year. The comparative figures have been restated showing the consolidated position where relevant. The results of subsidiaries acquired or sold are consolidated for the periods from or up to the date on which control passed. Acquisitions are accounted for under the acquisition method.

COMMERCIAL ASSET SECURITY LIMITED (REGISTERED NUMBER: SC499564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance sheet date and the amounts reported during the year for revenue and costs. However the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. Useful lives and residual values are reassessed annually. They are assessed where necessary to reflect current estimates based on economic utilisation and physical condition.

Impairment of trade and other debtors

The Group regularly reviews the recoverability of trade and other debtors. A provision for impairment is made where the Group believes that it will not be able to collect amounts due according to the original terms of trade. Provisions for impairment are estimates of future events and are therefore uncertain.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - at varying rates on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

COMMERCIAL ASSET SECURITY LIMITED (REGISTERED NUMBER: SC499564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group 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 certain debtors and cash and bank balances, are initially measured at transaction price including transactions 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 certain creditors, 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


COMMERCIAL ASSET SECURITY LIMITED (REGISTERED NUMBER: SC499564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 5,098,866 4,397,916
Social security costs 353,771 295,703
Other pension costs 64,250 53,922
5,516,887 4,747,541

The average number of employees during the year was as follows:
2024 2023

Employees 218 194

2024 2023
£    £   
Directors' remuneration 139,730 129,056
Directors' pension contributions to money purchase schemes 1,321 1,321

COMMERCIAL ASSET SECURITY LIMITED (REGISTERED NUMBER: SC499564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


4. OPERATING LOSS

The operating loss is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 231,079 224,296
Depreciation - assets on hire purchase contracts 16,122 21,371
Loss on disposal of fixed assets 62,347 20,406
Goodwill amortisation 365,918 365,918
Auditors' remuneration 7,875 7,500

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 18,556 1,778
Interest on overdue taxation 1,343 -
Loan - 104,829
19,899 106,607

6. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
Foreign tax 41,454 39,433
Tax on loss 41,454 39,433

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Loss before tax (721,338 ) (605,755 )
Loss multiplied by the standard rate of corporation tax in the UK of 19 %
(2023 - 19.936 %)

(137,054

)

(120,763

)

Effects of:
Expenses not deductible for tax purposes 14,175 4,068
Income not taxable for tax purposes (242 ) -
Depreciation in excess of capital allowances 57,115 50,467
Losses carried forward 106,829 112,745
Foreign tax adjustment 631 (7,084 )
Total tax charge 41,454 39,433

COMMERCIAL ASSET SECURITY LIMITED (REGISTERED NUMBER: SC499564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


6. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Other reserves 2,129 - 2,129

2023
Gross Tax Net
£    £    £   
Other reserves 11,486 - 11,486

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 3,659,181
AMORTISATION
At 1 July 2023 3,293,263
Amortisation for year 365,918
At 30 June 2024 3,659,181
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 365,918

COMMERCIAL ASSET SECURITY LIMITED (REGISTERED NUMBER: SC499564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


9. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 July 2023 2,891,431 1,209,904 257,077 4,358,412
Additions 296,820 2,811 25,667 325,298
Disposals (263,818 ) - (103,196 ) (367,014 )
At 30 June 2024 2,924,433 1,212,715 179,548 4,316,696
DEPRECIATION
At 1 July 2023 2,217,076 823,662 166,632 3,207,370
Charge for year 158,124 59,849 29,228 247,201
Eliminated on disposal (207,545 ) - (87,909 ) (295,454 )
At 30 June 2024 2,167,655 883,511 107,951 3,159,117
NET BOOK VALUE
At 30 June 2024 756,778 329,204 71,597 1,157,579
At 30 June 2023 674,355 386,242 90,445 1,151,042

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2023 136,685
Additions 25,667
Transfer to ownership (49,317 )
At 30 June 2024 113,035
DEPRECIATION
At 1 July 2023 74,718
Charge for year 16,122
Transfer to ownership (33,521 )
At 30 June 2024 57,319
NET BOOK VALUE
At 30 June 2024 55,716
At 30 June 2023 61,967

COMMERCIAL ASSET SECURITY LIMITED (REGISTERED NUMBER: SC499564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 5,025,000
NET BOOK VALUE
At 30 June 2024 5,025,000
At 30 June 2023 5,025,000

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

SPS Doorguard Limited
Registered office: The Octagon, 35 Baird Street, Glasgow, G4 0EE
Nature of business: Rental of void protection products
%
Class of shares: holding
Ordinary 100.00

SPS Benelux BV
Registered office: Fennaweg 13, 2991 ZA Barendrecht, The Netherlands
Nature of business: Rental of void protection products
%
Class of shares: holding
Ordinary 100.00


11. STOCKS

Group
2024 2023
£    £   
Finished goods 108,297 109,813

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Trade debtors 2,479,735 2,547,747
Amounts owed by related undertakings 482 482
Other debtors - 13,462
Prepayments and accrued income 242,850 37,382
2,723,067 2,599,073

COMMERCIAL ASSET SECURITY LIMITED (REGISTERED NUMBER: SC499564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 15) 50,000 50,000 - -
Other loans (see note 15) 100,000 100,000 100,000 100,000
Hire purchase contracts (see note 16) 18,593 20,558 - -
Trade creditors 2,131,450 1,514,937 - -
Amounts owed to group undertakings - - 364,784 364,784
Tax 9,147 6,887 - -
Social security and other taxes 106,549 118,708 - -
VAT 667,934 720,794 - -
Other creditors 59,586 19,710 - -
Directors' loan accounts 14,500 14,500 - -
Accrued expenses 689,859 614,577 547,536 547,536
3,847,618 3,180,671 1,012,320 1,012,320

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 15) 90,000 125,000 - -
Other loans (see note 15) 1,447,917 1,447,917 1,447,917 1,447,917
Hire purchase contracts (see note 16) 46,928 33,612 - -
1,584,845 1,606,529 1,447,917 1,447,917

COMMERCIAL ASSET SECURITY LIMITED (REGISTERED NUMBER: SC499564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


15. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 50,000 50,000 - -
Other loans 100,000 100,000 100,000 100,000
150,000 150,000 100,000 100,000
Amounts falling due between one and two years:
Bank loans 50,000 50,000 - -
Other loans 200,000 200,000 200,000 200,000
250,000 250,000 200,000 200,000
Amounts falling due between two and five years:
Bank loans 40,000 75,000 - -
Other loans 600,000 600,000 600,000 600,000
640,000 675,000 600,000 600,000
Amounts falling due in more than five years:
Repayable by instalments
Other loans 647,917 647,917 647,917 647,917

COMMERCIAL ASSET SECURITY LIMITED (REGISTERED NUMBER: SC499564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 18,593 20,831
Between one and five years 46,928 33,612
65,521 54,443

Finance charges repayable:
Within one year - 273

Net obligations repayable:
Within one year 18,593 20,558
Between one and five years 46,928 33,612
65,521 54,170

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 80,590 80,590
Between one and five years 322,360 322,360
In more than five years 194,759 275,350
597,709 678,300

17. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Other loans 1,547,917 1,547,917 1,547,917 1,547,917

COMMERCIAL ASSET SECURITY LIMITED (REGISTERED NUMBER: SC499564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
40 Ordinary A £2500 100,000 100,000
60 Ordinary B £2500 150,000 150,000
250,000 250,000

19. RESERVES

Group
Retained Other
earnings reserves Totals
£    £    £   

At 1 July 2023 (520,304 ) 78,060 (442,244 )
Deficit for the year (762,792 ) (762,792 )
Currency translation
difference - 2,129 2,129
At 30 June 2024 (1,283,096 ) 80,189 (1,202,907 )


20. PENSION COMMITMENTS

The Group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Group to the scheme and amounted to £64,251 (2023: £53,922).

Contributions amounting to £13,238 were payable to the scheme at the year-end (2023: £10,349).

21. RELATED PARTY DISCLOSURES

Within other creditors are secured loan notes totalling £1,547,917 (2023: £1,547,917). These loan notes are repayable to A M Duffus, a director of the company. The loan notes are interest bearing with interest being applied at 4% per annum over The Royal Bank of Scotland plc base rate. It was agreed that interest would be waived for the year ending 30 June 2024.