Plexus Fire & Security Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 10138592

Plexus Fire & Security Limited

Filleted Unaudited Financial Statements

31 March 2025

Plexus Fire & Security Limited

Financial Statements

Year ended 31 March 2025

CONTENTS	PAGE

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Plexus Fire & Security Limited

Officers and Professional Advisers

The board of directors	Mr R A Adams
	Mr S Phillips

Company secretary	Mr R Adams

Registered office	Picton House
	Bailey Court
	Fforestfach
	Swansea
	SA5 4DE

Accountants	James & Uzzell Ltd
	Chartered Certified Accountants
	Axis 15, Axis Court
	Mallard Way
	Riverside Business Park
	Swansea
	SA7 0AJ

Plexus Fire & Security Limited

Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

FIXED ASSETS

Intangible assets	5	197,583	21,583
Tangible assets	6	505,557	521,038
		---------	---------
		703,140	542,621

CURRENT ASSETS

Stocks	7	557,059	560,714
Debtors	8	3,373,345	2,836,000
Cash at bank and in hand		737,523	732,218
		------------	------------
		4,667,927	4,128,932

CREDITORS: amounts falling due within one year	9	2,316,938	1,890,993
		------------	------------
NET CURRENT ASSETS		2,350,989	2,237,939
		------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES		3,054,129	2,780,560

CREDITORS: amounts falling due after more than one year	10	511,121	444,939

PROVISIONS

Taxation including deferred tax	32,852	30,741
	------------	------------
NET ASSETS	2,510,156	2,304,880
	------------	------------

CAPITAL AND RESERVES

Called up share capital	11	114	114
Profit and loss account		2,510,042	2,304,766
		------------	------------
SHAREHOLDERS FUNDS		2,510,156	2,304,880
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Plexus Fire & Security Limited

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 12 December 2025 , and are signed on behalf of the board by:

Mr R Adams

Director

Company registration number: 10138592

Plexus Fire & Security Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. GENERAL INFORMATION

Plexus Fire & Security Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are installation and maintenance of security systems.

2. STATEMENT OF COMPLIANCE

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements is 12 months and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 March 2025. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Going concern

The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Research & development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Judgements and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Stock provision The company sells security systems. As a result it is necessary to consider the recoverability of the cost of stock and the associated provision required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Goodwill and intangible fixed assets Accounting standards require the recognition of intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates. Future results are impacted by the amortization periods adopted and changes to the estimated useful lives would result in different effects on the profit and loss account and balance sheet. Goodwill is amortized and tested at least annually for impairment along with finite lives of intangible assets and other assets. Tests for impairment are based on subjective assumptions. Research & Development Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes. Going Concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Sale of goods Turnover from the sale of security systems is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on installation of the goods. Rendering of services When the outcome of a transaction can be estimated reliably, turnover from maintenance work is recognised by reference to the stage of completion at the balance sheet date. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. Interest receivable Interest income is recognised using the effective interest method. Rental income Income from rentals is recognised in accordance with the terms of the relevant lease.

Income tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Goodwill and intangible fixed assets

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill if the fair value can be measured reliably is 10 years. Provision is made for any impairment.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Equipment	-	25% straight line
Fixtures & Fittings	-	25% straight line
Motor Vehicles	-	25% straight line
Software	-	10% straight line

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease. Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 58 (2024: 50 ).

5. INTANGIBLE ASSETS

	Goodwill
	£
Cost
At 1 April 2024	40,000
Additions	–
Acquisitions through business combinations	180,000
	---------
At 31 March 2025	220,000
	---------
Amortisation
At 1 April 2024	18,417
Charge for the year	4,000
	---------
At 31 March 2025	22,417
	---------
Carrying amount
At 31 March 2025	197,583
	---------
At 31 March 2024	21,583
	---------

6. TANGIBLE ASSETS

	Plant and equipment	Fixtures and fittings	Motor vehicles	Software	Total
	£	£	£	£	£
Cost
At 1 April 2024	107,806	44,026	938,079	9,378	1,099,289
Additions	–	–	279,712	–	279,712
Disposals	–	–	( 65,889)	–	( 65,889)
	---------	--------	------------	------	------------
At 31 March 2025	107,806	44,026	1,151,902	9,378	1,313,112
	---------	--------	------------	------	------------
Depreciation
At 1 April 2024	53,422	40,643	476,996	7,190	578,251
Charge for the year	19,269	2,900	221,297	938	244,404
Disposals	–	–	( 15,100)	–	( 15,100)
	---------	--------	------------	------	------------
At 31 March 2025	72,691	43,543	683,193	8,128	807,555
	---------	--------	------------	------	------------
Carrying amount
At 31 March 2025	35,115	483	468,709	1,250	505,557
	---------	--------	------------	------	------------
At 31 March 2024	54,384	3,383	461,083	2,188	521,038
	---------	--------	------------	------	------------

7. STOCKS

	2025	2024
	£	£
Raw materials and consumables	557,059	560,714
	---------	---------

8. DEBTORS

	2025	2024
	£	£
Trade debtors	1,002,500	1,042,185
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	87,471
Other debtors	2,370,845	1,706,344
	------------	------------
	3,373,345	2,836,000
	------------	------------

9. CREDITORS: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	41,706	57,551
Trade creditors	975,648	1,150,490
Social security and other taxes	863,983	392,045
Other creditors	435,601	290,907
	------------	------------
	2,316,938	1,890,993
	------------	------------

The aggregated amount of secured liabilities for creditors falling due within one year is £228,174 (2024: £201,532). Obligations under hire purchase contracts are secured over the asset in which they relate. The bank loan is secured by a first legal charge over the company's properties and a fixed and floating charge over the assets of the company.

10. CREDITORS: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	–	38,422
Other creditors	511,121	406,517
	---------	---------
	511,121	444,939
	---------	---------

The aggregated amount of secured liabilities for creditors falling due after one year is £511,121 (2024: £444,939). Obligations under hire purchase contracts are secured over the asset in which they relate.

11. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary 'A' shares of £ 0.01 each	3,307	33	3,307	33
Ordinary 'B' shares of £ 0.01 each	3,307	33	3,307	33
Ordinary 'C' shares of £ 0.01 each	114	1	114	1
Ordinary 'D' shares of £ 0.01 each	4,672	47	4,672	47
	--------	----	--------	----
	11,400	114	11,400	114
	--------	----	--------	----

12. FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £139,469 (2024: £75,469).

13. RELATED PARTY TRANSACTIONS

Other related parties

	2025	2024
	£	£
Balance owed (to)/from other related parties	870,000	543,677

No interest has been incurred in relation to these balances.