Absolute Security Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04024536 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019

FOR

ABSOLUTE SECURITY SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr A J Busek

Mr J W Lewis

Mr A J Rees

REGISTERED OFFICE:

5 Langham Park

Catteshall Lane

Godalming

Surrey

GU7 1NG

REGISTERED NUMBER:

04024536 (England and Wales)

FIXED ASSETS

Intangible assets

5

324,000

432,000

Tangible assets

6

31,014

28,843

355,014

460,843

CURRENT ASSETS

Stocks

51,978

49,749

Debtors

7

646,776

772,178

Cash at bank and in hand

310,524

50,420

1,009,278

872,347

CREDITORS

Amounts falling due within one year

8

1,068,981

1,079,532

NET CURRENT LIABILITIES

(59,703

)

(207,185

)

TOTAL ASSETS LESS CURRENT LIABILITIES

295,311

253,658

CREDITORS

Amounts falling due after more than one year

9

26,907

22,562

NET ASSETS

268,404

231,096

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

268,304

230,996

SHAREHOLDERS' FUNDS

268,404

231,096

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 29 November 2019 and were signed on its behalf by:

Mr A J Busek - Director

1.	STATUTORY INFORMATION

Absolute Security Systems Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information

page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of

Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done

in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and

contracts for on-going services is recognised by reference to the stage of completion.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

All fixed assets are initially recorded at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any

contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with

the lessor are charged against profits on a straight line basis over the period of the lease.

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:

Leasehold Property

-

10% straight line

Fixtures & Fittings

-

20% straight line

Motor Vehicles

-

25% reducing balance

Plant & Machinery

-

20% straight line

Computer Equipment

-

33% reducing balance

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2018 - 30 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2018

and 30 June 2019

1,080,000

AMORTISATION

At 1 July 2018

648,000

Amortisation for year

108,000

At 30 June 2019

756,000

NET BOOK VALUE

At 30 June 2019

324,000

At 30 June 2018

432,000

6.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 July 2018

16,246

-

6,796

Additions

-

12,000

-

At 30 June 2019

16,246

12,000

6,796

DEPRECIATION

At 1 July 2018

16,245

-

6,796

Charge for year

-

2,400

-

At 30 June 2019

16,245

2,400

6,796

NET BOOK VALUE

At 30 June 2019

1

9,600

-

At 30 June 2018

1

-

-

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 July 2018

26,667

29,606

79,315

Additions

-

-

12,000

At 30 June 2019

26,667

29,606

91,315

DEPRECIATION

At 1 July 2018

556

26,875

50,472

Charge for year

6,528

901

9,829

At 30 June 2019

7,084

27,776

60,301

NET BOOK VALUE

At 30 June 2019

19,583

1,830

31,014

At 30 June 2018

26,111

2,731

28,843

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

621,529

717,899

Other debtors

25,247

54,279

646,776

772,178

Included in other debtors is £22,488 (2018: £51,760) in relation to prepayments and accrued income.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

7,591

4,518

Trade creditors

203,926

240,028

Taxation and social security

135,190

146,706

Other creditors

722,274

688,280

1,068,981

1,079,532

Included in other creditors is £25,670 (2018: £21,009) in relation to accruals and £690,523 (2018: £653,582) in

relation to deferred income on non refundable service agreements paid annually in advance.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

26,907

22,562

10.	OPERATING LEASES

The total future financial commitments, guarantees and contingencies which are not included in the balance

sheet amount to £374,553 (2018: £222,983).

The amount is in relation to operating lease commitments which are payable over the next 6 years.