Company Registration No. NI648632 (Northern Ireland)
Pad Lock Security Ltd
Unaudited accounts
for the year ended 31 October 2025
Pad Lock Security Ltd
Statement of financial position
as at 31 October 2025
Tangible assets
53,664
28,440
Cash at bank and in hand
53,053
76,550
Creditors: amounts falling due within one year
(81,713)
(111,702)
Net current assets
72,585
79,030
Total assets less current liabilities
126,249
107,470
Creditors: amounts falling due after more than one year
(23,374)
(7,023)
Net assets
102,875
100,447
Called up share capital
30,100
30,100
Profit and loss account
72,775
70,347
Shareholders' funds
102,875
100,447
For the year ending 31 October 2025 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 10 June 2026 and were signed on its behalf by
Frank Cahill
Director
Company Registration No. NI648632
Pad Lock Security Ltd
Notes to the Accounts
for the year ended 31 October 2025
Pad Lock Security Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI648632. The registered office is Unit 2, 21 Old Channel Road, Belfast, BT3 9DE, Northern Ireland .
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The director of Pad Lock Security Ltd believes that the company has adequate resources to continue in operational existence for at least twelve months from the date of signing. Accordingly, Pad Lock Security Ltd continues to adopt the going concern basis in preparing the financial statements.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Reducing Balance
Motor vehicles
15% Reducing Balance
Fixtures & fittings
20% Straight Line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Capital grants received and receivable are treated as deferred income and amortised to the Income Statement annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Income Statement when received.
Pad Lock Security Ltd
Notes to the Accounts
for the year ended 31 October 2025
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 November 2024
12,000
38,495
5,315
55,810
Additions
-
41,845
1,454
43,299
Disposals
-
(12,113)
-
(12,113)
At 31 October 2025
12,000
68,227
6,769
86,996
At 1 November 2024
8,154
13,901
5,315
27,370
Charge for the year
577
6,263
182
7,022
On disposals
-
(1,060)
-
(1,060)
At 31 October 2025
8,731
19,104
5,497
33,332
At 31 October 2025
3,269
49,123
1,272
53,664
At 31 October 2024
3,846
24,594
-
28,440
Amounts falling due within one year
Trade debtors
69,375
88,624
6
Creditors: amounts falling due within one year
2025
2024
Bank loans and overdrafts
7,023
10,332
Obligations under finance leases and hire purchase contracts
6,627
-
Trade creditors
31,076
44,043
Taxes and social security
3,999
14,771
Loans from directors
22,674
18,487
7
Creditors: amounts falling due after more than one year
2025
2024
Obligations under finance leases and hire purchase contracts
23,374
-
Pad Lock Security Ltd
Notes to the Accounts
for the year ended 31 October 2025
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
30,000 Preference shares of £1 each
30,000
30,000
9
Average number of employees
During the year the average number of employees was 6 (2024: 6).