Company registration number 04671946 (England and Wales)
ELECTRONIC SECURITY PLUS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
PAGES FOR FILING WITH REGISTRAR
ELECTRONIC SECURITY PLUS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ELECTRONIC SECURITY PLUS LTD
BALANCE SHEET
- 1 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
305,130
375,440
Current assets
Stocks
237,212
63,669
Debtors
4
878,418
676,923
Cash at bank and in hand
62,740
76,080
1,178,370
816,672
Creditors: amounts falling due within one year
5
(1,134,960)
(945,238)
Net current assets/(liabilities)
43,410
(128,566)
Total assets less current liabilities
348,540
246,874
Creditors: amounts falling due after more than one year
6
(326,102)
(238,068)
Net assets
22,438
8,806
Capital and reserves
Called up share capital
7
18,752
18,752
Profit and loss reserves
3,686
(9,946)
Total equity
22,438
8,806
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ELECTRONIC SECURITY PLUS LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 August 2025 and are signed on its behalf by:
Mr A M Clark
Director
Company registration number 04671946 (England and Wales)
ELECTRONIC SECURITY PLUS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 3 -
1
Accounting policies
Company information
Electronic Security Plus Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3 Armstrong Close, St. Leonards-on-Sea, East Sussex, TN38 9ST.
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
Prior year adjustment
Expenditure of £205,000 relating to plant and machinery in the prior years was incorrectly included within cost of sales rather than capitalised. This has been corrected by way of a prior year adjustment. Further details are provided in Note 9 to the financial statements.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and that the turnover can be measured reliably. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the value of work carried out during the year when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
1.5
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:
Plant and equipment
10% Straight Line
Motor vehicles
25% 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.
ELECTRONIC SECURITY PLUS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company 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 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
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.
ELECTRONIC SECURITY PLUS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 5 -
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
1.13
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
19
13
ELECTRONIC SECURITY PLUS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2024
457,327
Additions
24,500
Disposals
(43,760)
At 31 May 2025
438,067
Depreciation and impairment
At 1 June 2024
81,887
Depreciation charged in the year
77,771
Eliminated in respect of disposals
(26,721)
At 31 May 2025
132,937
Carrying amount
At 31 May 2025
305,130
At 31 May 2024
375,440
The net carrying value of the tangible fixed assets includes the assets held under finance leases for £111,880 (2024: £170,440)
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
367,120
422,810
Other debtors
46,410
2,420
Prepayments and accrued income
464,888
251,693
878,418
676,923
ELECTRONIC SECURITY PLUS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 7 -
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
44,087
44,087
Obligations under finance leases
67,712
82,199
Other borrowings
189,926
187,001
Trade creditors
341,300
378,981
Taxation and social security
450,688
238,943
Other creditors
21,569
6,405
Accruals and deferred income
19,678
7,622
1,134,960
945,238
Amounts due under finance leases are secured upon the assets to which they relate.
6
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
34,783
78,870
Obligations under finance leases
54,075
113,289
Other borrowings
237,244
45,909
326,102
238,068
7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
15,000
15,000
15,000
15,000
Ordinary C Shares of £1 each
3,750
3,750
3,750
3,750
Ordinary D Shares of £1 each
2
2
2
2
18,752
18,752
18,752
18,752
ELECTRONIC SECURITY PLUS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 8 -
8
Prior year adjustment
Reconciliation of changes in equity
1 June
31 May
2023
2024
£
£
Adjustments to prior year
Plant and machiney amendment
-
205,000
Equity as previously reported
(286,857)
(196,194)
Equity as adjusted
(286,857)
8,806
Analysis of the effect upon equity
Profit and loss reserves
-
205,000
Reconciliation of changes in profit for the previous financial period
2024
£
Adjustments to prior year
Plant and machiney amendment
205,000
Profit as previously reported
90,663
Profit as adjusted
295,663
9
Related party transactions
Included within other debtors is an amount of £37,940 (2024: £nil) due from ESP Fire and Security Ltd, a related company under common directorship.