Absolute Security Systems Limited Company Accounts

ABSOLUTE SECURITY SYSTEMS LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2016-07-01 Sage Accounts Production Advanced 2017 Update 2 - FRS 1,080,000 432,000 108,000 540,000 540,000 648,000 xbrli:pure xbrli:shares iso4217:GBP 04024536 2016-07-01 2017-06-30 04024536 2017-06-30 04024536 2016-06-30 04024536 2015-07-01 2016-06-30 04024536 2016-06-30 04024536 core:LandBuildings core:LongLeaseholdAssets 2016-07-01 2017-06-30 04024536 core:FurnitureFittings 2016-07-01 2017-06-30 04024536 core:NetGoodwill 2016-07-01 2017-06-30 04024536 bus:RegisteredOffice 2016-07-01 2017-06-30 04024536 bus:LeadAgentIfApplicable 2016-07-01 2017-06-30 04024536 bus:Director1 2016-07-01 2017-06-30 04024536 bus:Director2 2016-07-01 2017-06-30 04024536 core:NetGoodwill 2016-06-30 04024536 core:NetGoodwill 2017-06-30 04024536 core:LandBuildings 2016-06-30 04024536 core:FurnitureFittings 2016-06-30 04024536 core:LandBuildings 2017-06-30 04024536 core:FurnitureFittings 2017-06-30 04024536 core:LandBuildings 2016-07-01 2017-06-30 04024536 core:WithinOneYear 2017-06-30 04024536 core:WithinOneYear 2016-06-30 04024536 core:AfterOneYear 2016-06-30 04024536 core:ShareCapital 2017-06-30 04024536 core:ShareCapital 2016-06-30 04024536 core:RetainedEarningsAccumulatedLosses 2017-06-30 04024536 core:RetainedEarningsAccumulatedLosses 2016-06-30 04024536 core:BetweenOneFiveYears 2017-06-30 04024536 core:BetweenOneFiveYears 2016-06-30 04024536 core:NetGoodwill 2016-06-30 04024536 core:LandBuildings 2016-06-30 04024536 core:FurnitureFittings 2016-06-30 04024536 bus:FRS102 2016-07-01 2017-06-30 04024536 bus:AuditExemptWithAccountantsReport 2016-07-01 2017-06-30 04024536 bus:FullAccounts 2016-07-01 2017-06-30 04024536 bus:SmallCompaniesRegimeForAccounts 2016-07-01 2017-06-30 04024536 bus:PrivateLimitedCompanyLtd 2016-07-01 2017-06-30 04024536 core:OfficeEquipment 2016-07-01 2017-06-30 04024536 core:OfficeEquipment 2016-06-30 04024536 core:OfficeEquipment 2017-06-30

COMPANY REGISTRATION NUMBER: 04024536

Absolute Security Systems Limited

Filleted Unaudited Financial Statements

30 June 2017

Absolute Security Systems Limited

Financial Statements

Year ended 30 June 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

The following pages do not form part of the financial statements

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	12

Absolute Security Systems Limited

Officers and Professional Advisers

The board of directors	Mr A J Busek
	Mr A J Rees

Registered office	5 Langham Park
	Catteshall Lane
	Godalming
	Surrey
	GU7 1NG

Accountants	Shipleys LLP
	Chartered Accountants
	3 Godalming Business Centre
	Woolsack Way
	Godalming
	Surrey
	GU7 1XW

Absolute Security Systems Limited

Statement of Financial Position

30 June 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5	540,000	648,000
Tangible assets	6	4,202	4,763
		----------	----------
		544,202	652,763

Current assets

Stocks		66,986	61,861
Debtors	7	497,519	398,538
Cash at bank and in hand		136,684	89,230
		----------	----------
		701,189	549,629

Creditors: amounts falling due within one year	8	( 1,027,984)		( 952,671)
		-------------		----------
Net current liabilities			( 326,795)	( 403,042)
			----------	----------
Total assets less current liabilities			217,407	249,721

Creditors: amounts falling due after more than one year	9		–	( 38,680)

Provisions

Taxation including deferred tax	3,688	4,267
	----------	----------
Net assets	221,095	215,308
	----------	----------

Capital and reserves

Called up share capital	100	100
Profit and loss account	220,995	215,208
	----------	----------
Members funds	221,095	215,308
	----------	----------

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 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.

Absolute Security Systems Limited

Statement of Financial Position (continued)

30 June 2017

For the year ending 30 June 2017 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 24 October 2017 , and are signed on behalf of the board by:

Mr A J Busek	Mr A J Rees
Director	Director

Company registration number: 04024536

Absolute Security Systems Limited

Notes to the Financial Statements

Year ended 30 June 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Langham Park, Catteshall Lane, Godalming, Surrey, GU7 1NG.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

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.

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. 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. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	over 10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

Leasehold Property	-	10% straight line
Fixtures & Fittings	-	20% straight line
Equipment	-	33% 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured 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 the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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 28 (2016: 25 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 July 2016 and 30 June 2017	1,080,000
	-------------
Amortisation
At 1 July 2016	432,000
Charge for the year	108,000
	-------------
At 30 June 2017	540,000
	-------------
Carrying amount
At 30 June 2017	540,000
	-------------
At 30 June 2016	648,000
	-------------

6. Tangible assets

	Land and buildings	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 July 2016	16,246	6,796	25,672	48,714
Additions	–	–	2,484	2,484
Disposals	–	–	( 970)	( 970)
	---------	-------	---------	---------
At 30 June 2017	16,246	6,796	27,186	50,228
	---------	-------	---------	---------
Depreciation
At 1 July 2016	12,997	6,795	24,159	43,951
Charge for the year	1,626	–	1,289	2,915
Disposals	–	–	( 840)	( 840)
	---------	-------	---------	---------
At 30 June 2017	14,623	6,795	24,608	46,026
	---------	-------	---------	---------
Carrying amount
At 30 June 2017	1,623	1	2,578	4,202
	---------	-------	---------	---------
At 30 June 2016	3,249	1	1,513	4,763
	---------	-------	---------	---------

7. Debtors

	2017	2016
	£	£
Trade debtors	464,552	381,606
Other debtors	32,967	16,932
	----------	----------
	497,519	398,538
	----------	----------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	–	2,300
Trade creditors	239,059	200,944
Corporation tax	28,598	33,864
Social security and other taxes	108,678	92,791
Other creditors	651,649	622,772
	-------------	----------
	1,027,984	952,671
	-------------	----------

Bank loans due within one year totalling £nil (2016: £2,300) are secured by a personal guarantee provided by the directors.

Included within other creditors is an amount of £616,082 (2016: £593,034) relating to deferred income.

9. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	–	3,680
Other creditors	–	35,000
	----	---------
	–	38,680
	----	---------

Bank loans due after one year totalling £nil (2016: £3,680) are secured by a personal guarantee provided by the directors.

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Not later than 1 year	126,593	63,807
Later than 1 year and not later than 5 years	81,816	79,479
	----------	----------
	208,409	143,286
	----------	----------

11. Related party transactions

The company was under the control of Mr A J Rees throughout the current and previous year. Mr A J Busek is the managing director and Mr A J Rees is the Chairman, Chief Executive Officer and director of the company. As at 30 June 2017, Mr A J Rees was owed £nil by the company (2016: £35,000). The company paid interest in the year of £442 (2016: £908) in accordance with the loan agreement. Interest is calculated at 1% above base rate. Also during the year the company paid rent of £45,000 (2016: £45,000) to Mr A J Rees. The transaction was carried out at arms' length.

12. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.

No transitional adjustments were required in equity or profit or loss for the year.

Absolute Security Systems Limited

Management Information

Year ended 30 June 2017

The following pages do not form part of the financial statements.

Absolute Security Systems Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Absolute Security Systems Limited

Year ended 30 June 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Absolute Security Systems Limited for the year ended 30 June 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Absolute Security Systems Limited, as a body, in accordance with the terms of our engagement letter dated 20 September 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Absolute Security Systems Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Absolute Security Systems Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Absolute Security Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Absolute Security Systems Limited. You consider that Absolute Security Systems Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Absolute Security Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Shipleys LLP Chartered Accountants

3 Godalming Business Centre Woolsack Way Godalming Surrey GU7 1XW

24 October 2017