Company registration number 02244537 (England and Wales)
MUNICIPAL SECURITY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
PAGES FOR FILING WITH REGISTRAR
MUNICIPAL SECURITY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
MUNICIPAL SECURITY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2026
31 March 2026
page 1
2026
2025
Notes
£
£
£
£
Fixed assets
Intangible assets
4
-
0
1
Tangible assets
5
31,851
34,227
31,851
34,228
Current assets
Stocks
434,385
485,532
Debtors
6
336,148
245,968
Cash at bank and in hand
278,746
230,531
1,049,279
962,031
Creditors: amounts falling due within one year
7
(214,476)
(200,824)
Net current assets
834,803
761,207
Total assets less current liabilities
866,654
795,435
Provisions for liabilities
(7,364)
(7,920)
Net assets
859,290
787,515
Capital and reserves
Called up share capital
500
500
Capital redemption reserve
500
500
Profit and loss reserves
858,290
786,515
Total equity
859,290
787,515

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

MUNICIPAL SECURITY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2026
31 March 2026
page 2

For the financial year ended 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he 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.

The financial statements were approved and signed by the director and authorised for issue on 20 July 2026
Mrs P D Kaplan
Director
Company Registration No. 02244537
MUNICIPAL SECURITY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
page 3
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2024
500
500
701,728
702,728
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
84,787
84,787
Balance at 31 March 2025
500
500
786,515
787,515
Year ended 31 March 2026:
Profit and total comprehensive income
-
-
71,775
71,775
Balance at 31 March 2026
500
500
858,290
859,290
MUNICIPAL SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
page 4
1
Accounting policies
Company information

Municipal Security Limited is a private company limited by shares incorporated in England and Wales. The registered office is Seaspace House, Brighton Road, Handcross, West Sussex, RH17 6BZ.

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 a mounts 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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Research and development expenditure

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.

1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of five years.

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

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 machinery
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance

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.

MUNICIPAL SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
page 5

Assets held under finance leases are depreciated in the same way as owned assets.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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.

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.

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 paymen ts 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. A m ounts 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.

1.9
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.

MUNICIPAL SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
page 6

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
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.

1.14
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.

MUNICIPAL SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
page 7
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2026
2025
Number
Number
Total
8
8
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2025 and 31 March 2026
4,999
Amortisation and impairment
At 1 April 2025 and 31 March 2026
4,999
Carrying amount
At 31 March 2026
-
0
At 31 March 2025
1
Last year c/fwd depreciation
4,998
Differs from this year b/fwd by
1
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2025
114,615
Additions
4,473
Disposals
(766)
At 31 March 2026
118,322
Depreciation and impairment
At 1 April 2025
80,389
Depreciation charged in the year
6,670
Eliminated in respect of disposals
(588)
At 31 March 2026
86,471
Carrying amount
At 31 March 2026
31,851
At 31 March 2025
34,227
MUNICIPAL SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
5
Tangible fixed assets
(Continued)
page 8
Last year c/fwd cost
114,614
Differs from this year b/fwd by
1
Last year c/fwd depreciation
80,387
Differs from this year b/fwd by
2
6
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
329,455
245,789
Other debtors
6,693
179
336,148
245,968
7
Creditors: amounts falling due within one year
2026
2025
£
£
Bank loans and overdrafts
1,539
3,973
Trade creditors
144,008
144,776
Taxation and social security
63,766
46,926
Other creditors
5,163
5,149
214,476
200,824
8
Debenture and Charge

On 14 September 2020, the company entered into a debenture with National Westminster Bank Plc (“the Bank”), which was registered at Companies House on 17 September 2020 under charge code 0224 4537 0001.

The debenture creates both fixed and floating charges over the assets of the company as continuing security for all present and future liabilities owed to the Bank. The key terms of the security are as follows:

- Fixed Charges: The debenture includes fixed charges over all land (freehold and leasehold), fixtures and fittings, plant and machinery, goodwill, uncalled capital, shares in subsidiaries, intellectual property, insurance proceeds, and the benefit of any hedging or treasury arrangements.

- Floating Charge: A floating charge is created over all other assets and undertaking of the company not subject to a fixed charge.

- Negative Pledge: The company has undertaken not to create any further security over the charged assets without the prior consent of the Bank.

- Conversion Rights: The Bank has the right to convert the floating charge into a fixed charge under certain circumstances, including the appointment of an administrator.

- Enforcement Rights: The debenture grants the Bank wide powers to appoint a receiver or administrator and to take possession of and dispose of the charged assets in the event of default.

- Covenants: The company is required to maintain insurance over the charged assets, keep them in good condition, and deposit title documents and insurance policies with the Bank upon request.

This debenture forms part of the company’s financing arrangements and is considered a material security interest over the company’s assets.

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