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Company registration number: 06805186
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FOR THE YEAR ENDED
29 FEBRUARY 2020
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PERIMETER SECURITY MAINTENANCE & TECHNOLOGIES LIMITED
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PERIMETER SECURITY MAINTENANCE & TECHNOLOGIES LIMITED
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COMPANY INFORMATION
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M. R. Jones (appointed 27 February 2020)
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I. T. Jones (appointed 27 February 2020)
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G. V. Pinks (appointed 27 February 2020)
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PERIMETER SECURITY MAINTENANCE & TECHNOLOGIES LIMITED
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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PERIMETER SECURITY MAINTENANCE & TECHNOLOGIES LIMITED
REGISTERED NUMBER:06805186
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STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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M. R. Jones
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PERIMETER SECURITY MAINTENANCE & TECHNOLOGIES LIMITED
REGISTERED NUMBER:06805186
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2020
The notes on pages 3 to 8 form part of these financial statements.
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PERIMETER SECURITY MAINTENANCE & TECHNOLOGIES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2020
Perimeter Security Maintenance & Technologies Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified
within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the
Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The Coronavirus pandemic is causing significant financial uncertainty globally and at this stage, it is not possible to reliably forecast what the long term impact of this may be.
The Company provides essential services to a diverse portfolio of government and private contractors which means that despite the uncertainties that exist, the Company has a very strong order book. With the support of its directors and shareholders and adequate headroom in its overdraft facility over the 12 months from the date of approval of these financial statements, the wider group is well-placed to withstand a period of economic uncertainty.
For these reasons, is the directors' opinion that the going concern basis of preparation of the accounts continues to be appropriate.
Revenue from the maintenance of perimeter security fencing represents the value of work completed during the period, including estimates of amounts not invoiced. Revenue in respect of long term contracts and contracts for ongoing services is recognised by reference to stage of completion.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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PERIMETER SECURITY MAINTENANCE & TECHNOLOGIES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2020
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 March 2018 to continue to be charged over the period to the first market rent review rather than the term of the lease.
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PERIMETER SECURITY MAINTENANCE & TECHNOLOGIES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2020
2.Accounting policies (continued)
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Leased assets: the Company as lessee
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Income and Retained Earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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The average monthly number of employees, including directors, during the year was 16 (2019 - 14).
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PERIMETER SECURITY MAINTENANCE & TECHNOLOGIES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2020
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Charge for the year on owned assets
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PERIMETER SECURITY MAINTENANCE & TECHNOLOGIES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2020
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Bank overdrafts are secured by a fixed and floating charge over the Company's assets.
Obligations under financial lease and hire purchase contracts are secured on the Company's tangible fixed assets.
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Creditors: Amounts falling due after more than one year
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Obligations under finance lease and hire purchase contracts
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Obligations under finance lease and hire purchase contracts are secured on the Company's tangible fixed assets.
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PERIMETER SECURITY MAINTENANCE & TECHNOLOGIES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2020
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Commitments under operating leases
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At 29 February 2020 the Company had future minimum lease payments under non-cancellable operating leases as follows:
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Later than 1 year and not later than 5 years
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9.Other financial commitments
The Company, along with its immediate parent and fellow subsidiaries, has undertaken to guarantee loan notes totalling £nil (2019 - £600,000) on behalf of Allen Security Group Limited, a fellow group company.
The Company's assets are pledged as security over the group bank borrowings, by means of a fixed and floating charge. As at 29 February 2020, the group had bank borrowings totalling £272,000 (2019 - £5,098).
The directors consider it unlikely that any future liability will arise in respect of the above guarantees and therefore no liability is included on the balance sheet as at 28 February 2020 in respect of these guarantees.
The immediate parent undertaking is AFL Group Limited, a company which is registered in England and Wales.
Prior to 27 February 2020, the ultimate parent undertaking was Allen Security Group Limited, a company which is registered in England and Wales.
As of 27 February 2020, the ultimate parent undertaking is Allens TPS Group Limited, a company which is registered in England and Wales.
The parent of the smallest and largest group for which consolidated financial statements are drawn up is Allens TPS Group Limited. The address of its registered office is the same as this Company's registered office and is
disclosed on the Company Information page.
The auditor's report was unqualified.
The report was signed by Caroline Milton FCA (Senior Statutory Auditor) for and on behalf of Menzies LLP on 22 February 2021.
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