Sygma Security Systems Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04412042 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017

FOR

SYGMA SECURITY SYSTEMS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K P White

C D S Leach

REGISTERED OFFICE:

Unit K

Blois Meadow Business Centre

Steeple Bumpstead

Suffolk

CB9 7BN

REGISTERED NUMBER:

04412042 (England and Wales)

ACCOUNTANTS:

Howard & Company

Chartered Accountants

Unit 17

Park Farm Business Centre

Fornham St. Genevieve

Bury St. Edmunds

Suffolk

IP28 6TS

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

73,711

71,669

73,711

71,669

CURRENT ASSETS

Stocks

268,058

287,988

Debtors

6

522,115

504,657

Cash at bank

87,376

25,223

877,549

817,868

CREDITORS

Amounts falling due within one year

7

650,038

650,540

NET CURRENT ASSETS

227,511

167,328

TOTAL ASSETS LESS CURRENT LIABILITIES

301,222

238,997

CREDITORS

Amounts falling due after more than one year

8

190,352

170,123

NET ASSETS

110,870

68,874

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

110,770

68,774

SHAREHOLDERS' FUNDS

110,870

68,874

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Total Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 16 October 2017 and were signed on its behalf by:

K P White - Director

1.	STATUTORY INFORMATION

Sygma Security Systems Ltd is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

This is the first year in which the financial statements have been prepared under FRS 102. Refer to

the notes to the financial statements for en explanation of the transition.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and

trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the

goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable

that the economic benefits associated with the transaction will flow to the company and the costs

incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on

the dispatch of the goods.

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from maintenance fees are

recognised by reference to the stage of completion at the balance sheet date. Stage of completion is

measured by reference to the length of the contract.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the

expenses recognised that are recoverable.

Intangible assets - goodwill

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet

and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is

10 years. Provision is made for any impairment.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation

and accumulated impairment losses. Cost includes costs directly attributable to making the asset

capable of operating as intended.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to

its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is

made for damaged, obsolete and slow-moving stock where appropriate.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or

loss) for the current or past reporting periods. It is measured at the amount expected to be paid or

recovered using the tax rates and laws that have been enacted or substantively enacted by the

balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the

financial statements of current and previous periods. It is recognised in respect of all timing

differences, with certain exceptions. Timing differences are differences between taxable profits and

total comprehensive income as stated in the financial statements that arise from the inclusion of

income and expense in tax assessments in periods different from those in which they are recognised

in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is

measured using the rates and allowances that apply to the sale of the asset.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are

recorded at transaction price. Any losses arising from impairment are recognised in the profit and

loss account in other administration expenses.

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease

term and the expected useful life of the asset. Minimum lease payments are apportioned between

the finance charge and the reduction of the outstanding lease liability using the effective interest

method. The related obligations, net of future finance charges, are included in creditors.

Where goods are sold using finance leases, the entity recognises turnover from the sale of goods

and the rights to receive future lease payments as a debtor. Minimum lease payments are

apportioned between finance income and the reduction of the lease debtor with finance income

allocated so as to produce a constant periodic rate of interest on the net investment in the finance

lease.

Rentals payable and receivable under operating leases are charged to the profit and loss account on

a straight line basis over the period of the lease.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the

employees are entitled are recognised at the undiscounted amount expected to be paid in exchange

for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are

expensed as they become payable.

Loans and borrowing

Loans and borrowings are initially recognised at the transaction price including transaction costs.

Subsequently, they are measured at amortised cost using the effective interest rate method, less

impairment. If an arrangement constitutes a finance transaction it is measured at present value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2016 - 24 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2016

and 31 May 2017

60,000

AMORTISATION

At 1 June 2016

and 31 May 2017

60,000

NET BOOK VALUE

At 31 May 2017

-

At 31 May 2016

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 June 2016

-

27,188

91,258

118,446

Additions

17,938

-

52,094

70,032

Disposals

-

-

(72,788

)

(72,788

)

At 31 May 2017

17,938

27,188

70,564

115,690

DEPRECIATION

At 1 June 2016

-

25,946

20,831

46,777

Charge for year

4,053

310

10,900

15,263

Eliminated on disposal

-

-

(20,061

)

(20,061

)

At 31 May 2017

4,053

26,256

11,670

41,979

NET BOOK VALUE

At 31 May 2017

13,885

932

58,894

73,711

At 31 May 2016

-

1,242

70,427

71,669

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 June 2016

88,258

Additions

52,094

Disposals

(69,788

)

At 31 May 2017

70,564

DEPRECIATION

At 1 June 2016

20,081

Charge for year

10,900

Eliminated on disposal

(19,311

)

At 31 May 2017

11,670

NET BOOK VALUE

At 31 May 2017

58,894

At 31 May 2016

68,177

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Trade debtors

471,071

489,216

Amounts owed by participating interests

-

1,656

Other debtors

51,044

13,785

522,115

504,657

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Bank loans and overdrafts

-

189,562

Hire purchase contracts (see note 9)

13,329

16,810

Trade creditors

395,058

266,816

Taxation and social security

118,750

108,065

Other creditors

122,901

69,287

650,038

650,540

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.17

31.5.16

£

£

Hire purchase contracts (see note 9)

42,898

49,714

Other creditors

147,454

120,409

190,352

170,123

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.5.17

31.5.16

£

£

Net obligations repayable:

Within one year

13,329

16,810

Between one and five years

42,898

49,714

56,227

66,524

Non-cancellable

operating leases

31.5.17

31.5.16

£

£

Within one year

30,000

30,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.17

31.5.16

£

£

Bank overdrafts

-

189,562

Hire purchase contracts

56,227

66,524

56,227

256,086

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.17

31.5.16

value:

£

£

100

Ordinary

1

100

100

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2017 and

31 May 2016:

31.5.17

31.5.16

£

£

K P White

Balance outstanding at start of year

(140

)

16,128

Amounts advanced

126,319

149,451

Amounts repaid

(103,540

)

(165,719

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

22,639

(140

)

The above unsecured loan was provided on an interest free basis and no repayment terms have

been agreed.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is K P White.

14.	FIRST YEAR ADOPTION

The policies applied under the entity's previous accounting framework were not materially different to

FRS 102 and have not impacted on equity or profit and loss.