Picasso Security Limited Filleted accounts for Companies House (small and micro)

PICASSO SECURITY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09805680

Picasso Security Limited

Unaudited financial statements

31 March 2022

Picasso Security Limited

Statement of financial position

31 March 2022

	2022		2021
Note	£	£	£	£

Current assets

Debtors	6	47,577	9,399
Cash at bank and in hand		8,904	145,519
		-------	---------
		56,481	154,918

Creditors: Amounts falling due within one year	7	–		( 23,396)
		-------		---------
Net current assets			56,481		131,522
			-------		---------
Total assets less current liabilities			56,481		131,522

Provisions

Taxation including deferred tax	–	2
	-------	---------
Net assets	56,481	131,524
	-------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	56,381	131,424
	-------	---------
Shareholders funds	56,481	131,524
	-------	---------

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

For the year ending 31 March 2022 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 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 financial statements .

These financial statements were approved by the board of directors and authorised for issue on 22 December 2022 , and are signed on behalf of the board by:

M Hogg

Director

Company registration number: 09805680

Picasso Security Limited

Notes to the financial statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Garnhams Otley Road, Cretingham, Woodbridge, Suffolk, IP13 7DW.

2. Statement of compliance

These 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 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 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.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	Computer equipment	-	33% straight line

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of employees during the year was 3 (2021: 3 ).

5. Tangible assets

	Computer equipment
	£
Cost
At 1 April 2021	2,146
Disposals	( 2,146)
	------
At 31 March 2022	–
	------
Depreciation
At 1 April 2021	2,146
Disposals	( 2,146)
	------
At 31 March 2022	–
	------
Carrying amount
At 31 March 2022	–
	------
At 31 March 2021	–
	------

6. Debtors

	2022	2021
	£	£
Other debtors	47,577	9,399
	-------	------

7. Creditors: Amounts falling due within one year

	2022	2021
	£	£
Trade creditors	–	12
Social security and other taxes	–	22,693
Other creditors	–	691
	----	-------
	–	23,396
	----	-------

8. Directors' advances, credits and guarantees

Included within debtors at the year end is a directors loan accounts totalling £36,282 (2021: £7,207). The maximum total overdrawn balance during the year was £69,266 and interest of £1,518 was charged.