Sitewatch Fire and Surveillance Limited Filleted accounts for Companies House (small and micro)

CLEARWAY FIRE AND SECURITY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04312828

Sitewatch Fire and Surveillance Limited

Filleted Unaudited Abridged Financial Statements

31 January 2020

Sitewatch Fire and Surveillance Limited

Abridged Financial Statements

Year ended 31st January 2020

Contents	Page

Officers and professional advisers	1

Accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements	2

Abridged statement of financial position	3

Notes to the abridged financial statements	5

Sitewatch Fire and Surveillance Limited

Officers and Professional Advisers

The Board of Directors	Mr J. Karvaski
	Miss A. Jones

Company Secretary	Mrs A. Jones

Registered Office	Victoria Road
	Halesowen
	West Midlands
	B62 8HY

Accountants	WH Audit Limited
	Accountants
	The White House
	Station Road
	West Hagley
	Stourbridge
	West Midlands
	DY9 0NU

Sitewatch Fire and Surveillance Limited

Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Sitewatch Fire and Surveillance Limited

Year ended 31st January 2020

As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 31st January 2020, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

WH Audit Limited Accountants

The White House Station Road West Hagley Stourbridge West Midlands DY9 0NU

30 November 2020

Sitewatch Fire and Surveillance Limited

Abridged Statement of Financial Position

31 January 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	193,164	673,341

Current assets

Stocks	6	91,665	76,844
Debtors	7	1,793,369	1,034,676
Cash at bank and in hand		412,003	676,582
		------------	------------
		2,297,037	1,788,102

Creditors: amounts falling due within one year	8	1,208,027	1,539,215
		------------	------------
Net current assets		1,089,010	248,887
		------------	---------
Total assets less current liabilities		1,282,174	922,228

Creditors: amounts falling due after more than one year	9	79,732	123,073
		------------	---------
Net assets		1,202,442	799,155
		------------	---------

Sitewatch Fire and Surveillance Limited

Abridged Statement of Financial Position (continued)

31 January 2020

	2020	2019
Note	£	£

Capital and reserves

Called up share capital	70	70
Share premium account	27	27
Profit and loss account	1,202,345	799,058
	------------	---------
Shareholders funds	1,202,442	799,155
	------------	---------

These abridged 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 31st January 2020 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 abridged 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 abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31st January 2020 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 30 November 2020 , and are signed on behalf of the board by:

Mr J. Karvaski

Director

Company registration number: 04312828

Sitewatch Fire and Surveillance Limited

Notes to the Abridged Financial Statements

Year ended 31st January 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Victoria Road, Halesowen, West Midlands, B62 8HY.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Freehold property	-	Over 50 years on a straight line basis
Leasehold property	-	Over the term od the lease
Fixtures and fittings	-	33% straight line
Motor vehicles	-	33% straight line
Computer equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is regularly carried out, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 60 (2019: 58 ).

5. Tangible assets

	Freehold property	Leasehold property	Fixtures and fittings	Motor vehicles	Computer equipment	Total
	£	£	£	£	£	£
Cost
At 1 Feb 2019	489,773	164,300	90,063	888,375	118,887	1,751,398
Additions	6,944	–	3,736	154,359	24,389	189,428
Disposals	( 496,717)	( 164,300)	–	( 245,929)	–	( 906,946)
	---------	---------	--------	---------	---------	------------
At 31 Jan 2020	–	–	93,799	796,805	143,276	1,033,880
	---------	---------	--------	---------	---------	------------
Depreciation
At 1 Feb 2019	111,805	9,595	86,417	756,874	113,366	1,078,057
Charge for the year	–	–	3,961	117,553	8,474	129,988
Disposals	( 111,805)	( 9,595)	–	( 245,929)	–	( 367,329)
	---------	---------	--------	---------	---------	------------
At 31 Jan 2020	–	–	90,378	628,498	121,840	840,716
	---------	---------	--------	---------	---------	------------
Carrying amount
At 31 Jan 2020	–	–	3,421	168,307	21,436	193,164
	---------	---------	--------	---------	---------	------------
At 31 Jan 2019	377,968	154,705	3,646	131,501	5,521	673,341
	---------	---------	--------	---------	---------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31st January 2020	168,307
	---------
At 31st January 2019	129,338
	---------

6. Stocks

	2020	2019
	£	£
Raw materials and consumables	48,808	55,183
Work in progress	42,857	21,661
	--------	--------
	91,665	76,844
	--------	--------

7. Debtors

	2020	2019
	£	£
Trade debtors	621,732	849,594
Corporation tax repayable	150,299	–
Other debtors	1,021,338	185,082
	------------	------------
	1,793,369	1,034,676
	------------	------------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	–	14,252
Trade creditors	443,189	629,138
Accruals and deferred income	520,192	567,785
Corporation tax	–	84,587
Social security and other taxes	155,755	158,154
Obligations under finance leases and hire purchase contracts	72,616	74,907
Director loan accounts	7,969	–
Other creditors	8,306	10,392
	------------	------------
	1,208,027	1,539,215
	------------	------------

9. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	–	83,858
Obligations under finance leases and hire purchase contracts	79,732	39,215
	--------	---------
	79,732	123,073
	--------	---------

10. Directors' advances, credits and guarantees

At the year end, Mr J. Karvaski was owed £7,969 by the company (£35,439 to the company - 2019).

11. Related party transactions

On 23rd August 2019, the company sold the freehold and leasehold property to Advanced Verification Monitoring Limited, a company under the control of Mr J. Karvaski for £560,000. Simultaneously, an unsecured loan of £560,000 was made by the company to Advanced Verification Monitoring Limited, with interest being charged at 3.5% fixed. The loan balance of £545,769 at the year end is included within other debtors. Since the sale of the properties, the company has paid rents of £23,924 to Advanced Verification Monitoring Limited, with the annual rents set at £55,000 + VAT. Prior to the year end, the company received an additional interest free loan of £250,000 from Advanced Verification Monitoring Limited, and this is also reflected within other debtors.