FRANK_ALARMS_LIMITED - Accounts


Company Registration No. 07198146 (England and Wales)
FRANK ALARMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
PAGES FOR FILING WITH REGISTRAR
FRANK ALARMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FRANK ALARMS LIMITED
BALANCE SHEET
AS AT 31 MAY 2019
31 May 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
42,255
26,957
Current assets
Debtors
4
77,790
61,167
Cash at bank and in hand
14,124
27,160
91,914
88,327
Creditors: amounts falling due within one year
5
(81,157)
(77,148)
Net current assets
10,757
11,179
Total assets less current liabilities
53,012
38,136
Provisions for liabilities
(4,946)
-
Net assets
48,066
38,136
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
47,066
37,136
Total equity
48,066
38,136

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 2019 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.

FRANK ALARMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2019
31 May 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 December 2019 and are signed on its behalf by:
F Rivera
E Rivera
Director
Director
Company Registration No. 07198146
FRANK ALARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
- 3 -
1
Accounting policies
Company information

Frank Alarms Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor Hathaway House, Popes Drive, Finchley, London, N3 1QF.

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 pound.

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.

Revenue from the sale of goods is recognized when goods are delivered and legal title has passed. Revenue from the provision of services is recognised when those services have been performed.

1.3
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:

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.

1.4
Impairment of fixed assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered a material impairment loss. If a material impairment loss arises then it is recognised in the profit and loss account or against the revaluation reserve if the asset has been revalued.

1.5
Cash at bank and in hand

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.

FRANK ALARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
1
Accounting policies
(Continued)
- 4 -
1.6
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.

1.7
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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax (if material).

Current tax

The tax currently payable is based on taxable profit for the year. 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 recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

1.9
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.

1.10
Retirement benefits

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

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 14 (2018 - 11).

FRANK ALARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2018
53,620
Additions
29,795
Disposals
(15,791)
At 31 May 2019
67,624
Depreciation and impairment
At 1 June 2018
26,663
Depreciation charged in the year
8,402
Eliminated in respect of disposals
(9,696)
At 31 May 2019
25,369
Carrying amount
At 31 May 2019
42,255
At 31 May 2018
26,957
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
66,180
41,908
Other debtors
11,610
19,259
77,790
61,167
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans
-
1,105
Trade creditors
23,778
18,926
Corporation tax
11,477
14,523
Other taxation and social security
21,948
17,097
Other creditors
23,954
25,497
81,157
77,148
FRANK ALARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
- 6 -
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
7
Directors' transactions

At the balance sheet date directors owed the company £437 (2018: £6,327) and this amount is included in other debtors.

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