ACCOUNTS - Final Accounts

Creditors: Amounts falling due within one year

SW SECURITY SOLUTIONS LTD - Company Information

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Registered number: 08091061

SW SECURITY SOLUTIONS LTD

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

SW SECURITY SOLUTIONS LTD

REGISTERED NUMBER: 08091061

BALANCE SHEET

AS AT 28 FEBRUARY 2021


	2021	2020
Note	£	£

Fixed assets
Tangible assets	4		-		128
Investments	5		1,444		3
			1,444		131
Current assets
Debtors: amounts falling due within one year	6	927,129		268,223
Cash at bank and in hand		91,137		261,322
		1,018,266		529,545
Creditors: amounts falling due within one year	7	(115,904)		(64,755)
Net current assets			902,362		464,790

Net assets			903,806		464,921

Capital and reserves
Called up share capital	8	109	100
Profit and loss account		903,697	464,821
		903,806	464,921

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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SW SECURITY SOLUTIONS LTD

REGISTERED NUMBER: 08091061

BALANCE SHEET (CONTINUED)

AS AT 28 FEBRUARY 2021

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Allan Ben Waisman

Director

Date: 26 July 2021

The notes on pages 3 to 8 form part of these financial statements.

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SW SECURITY SOLUTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

1.	General information

SW Security Solutions Ltd ("the company") is a private company limited by shares, incorporated in England and Wales. Its registration number is 08091061. The registered office is Group House, 703 High Road, London, N12 0BT.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

2.2

Investments in associates

Investments in associates are held at cost less impairment.

2.3

Going concern

The financial statements have been prepared on a going concern basis.

2.4

Revenue recognition

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. The following criteria must also be met before revenue is recognised:
- the company has transferred the significant risks and rewards of ownership to the buyer;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction or contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred or to be incurred in respect of the transaction or contract, and the costs to complete the contract, can be measured reliably.
The company supplies and fits security systems and provides maintenance contracts for these systems. Revenue is recognised as follows:
- Revenue for the sale of security systems is recognised when the systems have been delivered to the customer.
- Revenue for the fit of security systems is recognised once the systems have been successfully installed.
- Maintenance contract income is recognised over the period of the contract.

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SW SECURITY SOLUTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

2.Accounting policies (continued)

2.5

Tangible fixed assets

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following annual basis:

Office equipment

33.3% reducing balance

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 profit or loss.

2.6

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Financial instruments

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.

2.10

Creditors

Short term creditors are measured at the transaction price.

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SW SECURITY SOLUTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

2.Accounting policies (continued)

2.11

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.13

Taxation

Tax is recognised in profit or loss 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 balance sheet date in the countries where the company operates and generates income.

Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).

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SW SECURITY SOLUTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

4.	Tangible fixed assets

		Office equipment
		£
	Cost
	At 1 March 2020	1,958
	Disposals	(1,958)
	At 28 February 2021	-

	At 1 March 2020	1,830
	Disposals	(1,830)
	At 28 February 2021	-
	Net book value
	At 28 February 2021	-
	At 29 February 2020	128

5.	Fixed asset investments

		Investments in associates
		£
	Cost
	At 1 March 2020	3
	Additions	1,441
	At 28 February 2021	1,444

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SW SECURITY SOLUTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

Debtors


					2021	2020
					£	£


Amounts owed by group undertakings	925,465	-
Other debtors	1,247	267,890
Prepayments and accrued income	417	333
	927,129	268,223

Corporation tax	103,258	50,836
Other creditors	12,146	13,419
Accruals and deferred income	500	500
	115,904	64,755

Allotted, called up and fully paid

10,890 (2020 - Nil) Ordinary shares of £0.01 each	109	-
Nil (2020 - 100) Ordinary shares of £1.00 each	-	100

	109	100

During the year, the company's 100 Ordinary £1 shares were subdivided into 10,000 Ordinary £0.01 shares.
Subsequently, during the year, 890 Ordinary £0.01 shares were issued at par.

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SW SECURITY SOLUTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

9.	Directors' benefits: advances, credits and guarantees
	During the year, advances to directors subsisted as follows. When applicable, interest has been charged on these balances at the standard HMRC beneficial loans rate.

		2021	2020
		£	£

Balance brought forward owed by directors	-	1,202
Amounts advanced during the year	132,060	10,000
Amounts repaid during the year	(133,298)	(11,202)
Interest charged during the year	1,238	-
Balance carried forward owed by directors	-	-

10.	Related party transactions
	At the balance sheet date, the company owed £Nil (2020 - £1,273) to directors. Directors had interests of £Nil (2020 - £2,500) in dividends paid during the year. At the balance sheet date, the company was owed £925,465 (2020 - £Nil) by parent undertakings.

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