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

COMPACT SECURITY SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08748515

Compact Security Services Limited

Filleted Unaudited Financial Statements

31 May 2021

Compact Security Services Limited

Financial Statements

Year ended 31st May 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Compact Security Services Limited

Statement of Financial Position

31 May 2021

	2021		2020
Note	£	£	£	£

Fixed assets

Tangible assets	5		20,300		23,299

Current assets

Debtors	6	516,295	339,750
Cash at bank and in hand		500	71,293
		---------	---------
		516,795	411,043

Creditors: amounts falling due within one year	7	876,628		561,002
		---------		---------
Net current liabilities			359,833		149,959
			---------		---------
Total assets less current liabilities			( 339,533)		( 126,660)
			---------		---------
Net liabilities			( 339,533)		( 126,660)
			---------		---------

Capital and reserves

Called up share capital	110	110
Profit and loss account	( 339,643)	( 126,770)
	---------	---------
Shareholders deficit	( 339,533)	( 126,660)
	---------	---------

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 31st May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Compact Security Services Limited

Statement of Financial Position (continued)

31 May 2021

These financial statements were approved by the board of directors and authorised for issue on 28 February 2022 , and are signed on behalf of the board by:

Mr J. Cohen
Director

Company registration number: 08748515

Compact Security Services Limited

Notes to the Financial Statements

Year ended 31st May 2021

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 Warehouse, Trafford Wharf Road, Stretford, Gtr Manchester, M17 1AB.

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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.

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:

Fixtures & Fittings	-	15% reducing balance
Equipment	-	15% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, 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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 80 (2020: 158 ).

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1st June 2020	4,860	31,209	36,069
Additions	–	584	584
	-------	--------	--------
At 31st May 2021	4,860	31,793	36,653
	-------	--------	--------
Depreciation
At 1st June 2020	2,010	10,760	12,770
Charge for the year	428	3,155	3,583
	-------	--------	--------
At 31st May 2021	2,438	13,915	16,353
	-------	--------	--------
Carrying amount
At 31st May 2021	2,422	17,878	20,300
	-------	--------	--------
At 31st May 2020	2,850	20,449	23,299
	-------	--------	--------

6. Debtors

	2021	2020
	£	£
Trade debtors	131,355	65,690
Other debtors	384,940	274,060
	---------	---------
	516,295	339,750
	---------	---------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	49,008	–
Trade creditors	2,067	( 150)
Social security and other taxes	190,091	225,313
Other creditors	635,462	335,839
	---------	---------
	876,628	561,002
	---------	---------

8. Related party transactions

The company was under the control of Mr J. Cohen throughout the current and previous year. Mr J. Cohen is the managing director and majority shareholder.

9. Controlling party

The company is a subsidiary of Victoria Warehouse Group Limited, a company incorporated in the United Kingdom.