Computerised and Digital Security - Accounts to registrar (filleted) - small 18.2

Computerised and Digital Security

Systems Limited

Financial Statements for the Year Ended 31 January 2021

DIRECTORS:

G D Britton

S A Moon

A Williams

SECRETARY:

N Moon

REGISTERED OFFICE:

Penbwch Isaf Farm

Penycoedcae Road

Pontypridd

CF37 1PU

REGISTERED NUMBER:

02332983 (England and Wales)

ACCOUNTANTS:

BPU Limited

Chartered Accountants

Radnor House

Greenwood Close

Cardiff Gate Business Park

Cardiff

CF23 8AA

BANKERS:

Barclays Bank plc

Cardiff and The Vale Group of Branches

PO Box No 674

121 Queen Street

Cardiff

CF10 2XU

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Profit & Loss Account and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Computerised and Digital Security Systems Limited for the year ended 31 January 2021 which comprise the Profit and Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Computerised and Digital Security Systems Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Computerised and Digital Security Systems Limited and state those matters that we have agreed to state to the Board of Directors of Computerised and Digital Security Systems Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Computerised and Digital Security Systems Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Computerised and Digital Security Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Computerised and Digital Security Systems Limited. You consider that Computerised and Digital Security Systems Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Computerised and Digital Security Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

BPU Limited

Chartered Accountants

25 May 2021

FIXED ASSETS

Tangible assets

3

668,764

727,064

Investments

4

684,041

684,041

1,352,805

1,411,105

CURRENT ASSETS

Stocks

90,601

102,413

Debtors

5

869,925

1,047,176

Cash at bank

327,068

56,488

1,287,594

1,206,077

CREDITORS

Amounts falling due within one year

6

1,035,872

1,090,349

NET CURRENT ASSETS

251,722

115,728

TOTAL ASSETS LESS CURRENT LIABILITIES

1,604,527

1,526,833

CREDITORS

Amounts falling due after more than one year

7

(356,990

)

(402,341

)

PROVISIONS FOR DEFERRED TAX

-

(3,800

)

NET ASSETS

1,247,537

1,120,692

CAPITAL AND RESERVES

Called up share capital

2,239

2,239

Share premium

24,261

24,261

Retained earnings

1,221,037

1,094,192

SHAREHOLDERS' FUNDS

1,247,537

1,120,692

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 May 2021 and were signed on its behalf by:

S A Moon - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents the net invoiced sales of goods and services, excluding value added tax, in relation to the supply and installation of high technology security systems.

Tangible fixed assets

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

Land and buildings

-

2% straight line

Plant and machinery

-

20% reducing balance

Motor vehicles

-

25% reducing balance

Investments in subsidiaries and associates

Investments in subsidiary and associate undertakings are recognised at cost.

Stocks

Stock is valued at the lower of cost and net realisable value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Hire purchase and leasing commitments

Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Pension costs

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.

Work in progress

Profit on long term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as the contract activities progress. Turnover is calculated as that proportion of total contract value which costs incurred to date bear in relation to total expected costs for the contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2020 - 36 ) .

3.	TANGIBLE FIXED ASSETS

Land and

Plant and

Motor

buildings

machinery

vehicles

Totals

£

£

£

£

COST

At 1 February 2020

604,531

101,184

398,196

1,103,911

Additions

-

10,794

-

10,794

Disposals

-

(483

)

(40,446

)

(40,929

)

At 31 January 2021

604,531

111,495

357,750

1,073,776

DEPRECIATION

At 1 February 2020

113,742

48,765

214,340

376,847

Charge for year

12,090

7,229

45,648

64,967

Eliminated on disposal

-

(483

)

(36,319

)

(36,802

)

At 31 January 2021

125,832

55,511

223,669

405,012

NET BOOK VALUE

At 31 January 2021

478,699

55,984

134,081

668,764

At 31 January 2020

490,789

52,419

183,856

727,064

4.	FIXED ASSET INVESTMENTS

Shares in

Interest

group

in

undertakings

associate

Totals

£

£

£

COST

At 1 February 2020

and 31 January 2021

684,000

41

684,041

NET BOOK VALUE

At 31 January 2021

684,000

41

684,041

At 31 January 2020

684,000

41

684,041

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

621,515

589,498

Amounts recoverable on contract

179,968

187,649

Directors' loan accounts

40,578

46,298

Tax

-

190,303

Prepayments & other debtors

27,864

33,428

869,925

1,047,176

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

101,255

224,268

Hire purchase contracts (see note 8)

22,621

28,170

Trade creditors

304,169

338,586

Corporation tax

4,911

-

Social security and other taxes

262,975

124,045

Other creditors & accruals

61,763

116,117

Directors' loan accounts

34,126

19,144

Deferred income

244,052

240,019

1,035,872

1,090,349

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

163,719

156,449

Hire purchase contracts (see note 8)

86,271

108,892

Amounts owed to group undertakings

107,000

137,000

356,990

402,341

8.	LEASING AGREEMENTS

At the year end the company had total amounts due under operating leases of £82,576 (2020 - £155,026)

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

228,208

261,273

Hire purchase contracts

108,892

137,062

Bank overdraft

-

62,956

337,100

461,291

The hire purchase contracts are secured over the assets to which they relate. The bank loans & overdraft are secured by a fixed and floating charge of the company's assets, with the bank overdraft being the net position of all open bank accounts.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within debtors at the year end is an overdrawn directors loan account of £40,578. This was cleared within nine months of the year end.