General Information
IBS Security Solutions Ltd is a private company, limited by shares, registered in England and Wales, registration number 05279369, registration address Unit 2a Cowen Road, Blaydon-on-Tyne, Tyne and Wear, NE21 5TW.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits of the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of costs. When the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Land and Buildings |
2% Straight Line |
| Plant and Machinery |
25% Reducing Balance
|
| Motor Vehicles |
25% Reducing Balance
|
| Fixtures and Fittings |
15% Reducing Balance
|
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes direct materials and, where appropriate, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit or loss. Reversals of impairment losses are also recognised in the profit or loss.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Average number of employees
Average number of employees during the year was 10 (2021 : 10).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Land and Buildings |
|
Plant and Machinery |
|
Motor Vehicles |
|
Fixtures and Fittings |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
| At 01 December 2021 |
91,099 |
|
6,770 |
|
92,525 |
|
21,534 |
|
211,928 |
| Additions |
- |
|
780 |
|
49,370 |
|
- |
|
50,150 |
| Disposals |
- |
|
- |
|
(19,350) |
|
- |
|
(19,350) |
| At 30 November 2022 |
91,099 |
|
7,550 |
|
122,545 |
|
21,534 |
|
242,728 |
| Depreciation |
| At 01 December 2021 |
7,293 |
|
5,599 |
|
54,582 |
|
14,768 |
|
82,242 |
| Charge for year |
1,824 |
|
423 |
|
17,189 |
|
1,015 |
|
20,451 |
| On disposals |
- |
|
- |
|
(17,248) |
|
- |
|
(17,248) |
| At 30 November 2022 |
9,117 |
|
6,022 |
|
54,523 |
|
15,783 |
|
85,445 |
| Net book values |
| Closing balance as at 30 November 2022 |
81,982 |
|
1,528 |
|
68,022 |
|
5,751 |
|
157,283 |
| Opening balance as at 01 December 2021 |
83,806 |
|
1,171 |
|
37,943 |
|
6,766 |
|
129,686 |
Included above are assets held under finance lease and hire purchase. The net book value of these assets as at 30th November 2022 is £41,142 (2021: £nil). The depreciation charge on these assets for the year ended 30th November 2022 is £8,228 (2021: £nil).
|
| 4. |
Investments
| Cost |
Other investments other than loans |
|
Total |
| |
£ |
|
£ |
| At 01 December 2021 |
- |
|
- |
| Additions |
370,166 |
|
370,166 |
| Transfer to/from Tangible fixed assets |
0 |
|
0 |
| Disposals |
- |
|
- |
| At 30 November 2022 |
370,166 |
|
370,166 |
|
| 5. |
Stocks
|
2022
£ |
|
2021
£ |
| Work in Progress |
10,885 |
|
9,288 |
| Stocks |
3,000 |
|
3,000 |
|
13,885 |
|
12,288 |
|
| 6. |
Debtors: amounts falling due within one year
|
2022
£ |
|
2021
£ |
| Trade Debtors |
136,194 |
|
110,983 |
| Prepayments & Accrued Income |
1,850 |
|
5,967 |
| Other Debtors |
11 |
|
(1) |
| Directors' Current Accounts |
202 |
|
202 |
|
138,257 |
|
117,151 |
|
| 7. |
Creditors: amount falling due within one year
|
2022
£ |
|
2021
£ |
| Trade Creditors |
67,191 |
|
56,261 |
| Bank Loans & Overdrafts (Secured) |
13,200 |
|
13,493 |
| Corporation Tax |
33,350 |
|
30,127 |
| Accrued Expenses |
22,596 |
|
4,138 |
| Other Creditors |
165,006 |
|
0 |
| Obligations under HP/Financial Leases |
11,174 |
|
0 |
| VAT |
26,386 |
|
23,447 |
|
338,903 |
|
127,466 |
Included within bank loans and overdrafts is an amount of £3,600 (2021: £4,066) which is secured by way of a fixed and floating charge over the land and buildings and all other assets of the company.
|
| 8. |
Creditors: amount falling due after more than one year
|
2022
£ |
|
2021
£ |
| Bank Loans & Overdrafts (secured) |
73,489 |
|
86,357 |
| Other Creditors |
62,500 |
|
0 |
| Obligations Under HP/Financial Leases |
26,076 |
|
0 |
|
162,065 |
|
86,357 |
Included within bank loans due after one year is an amount of £46,779 (2021: £49,898) which is secured by way of a fixed and floating charge over the land and buildings and all other assets of the company.
Amounts included above which fall due after five years are £32,379 (2021: £33,636)
|
| 9. |
Provisions for liabilities
|
2022
£ |
|
2021
£ |
| Deferred Tax |
14,307 |
|
8,717 |
|
14,307 |
|
8,717 |
|
|
Directors' Loans
During the year the directors continued to benefit from interest free loans. These loans are unsecured and repayable on demand and disclosed within debtors.
| Description |
|
% rate
£ |
|
Opening balance
£ |
|
advances
£ |
|
repayments
£ |
|
Closing balance
£ |
| Mr Ian Stoddart - Unpaid share capital |
|
- |
|
201 |
|
- |
|
- |
|
201 |
| Mr Jack Stoddart - Unpaid share capital |
|
- |
|
1 |
|
- |
|
- |
|
1 |
|
|
- |
|
202 |
|
- |
|
- |
|
202 |
|
| 11. |
Directors' Transactions
Dividends totalling £62,545 (2021: £100,092) were paid in the year in respect of shares held by the company's directors.
|
| 12. |
Disclosure of Controlling Party
For the whole of the period under review the company was under the control of Ian Stoddart, director of the company.
|
2
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