Year Ended
Registration number:
Alarmtec Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Alarmtec Limited
Company Information
Directors |
Mr M T Dalton Mr C A Burhop |
Company secretary |
Mr C A Burhop |
Registered office |
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Accountants |
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Alarmtec Limited
Balance Sheet
30 September 2019
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2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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Alarmtec Limited
Balance Sheet
30 September 2019
For the financial year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 01330388
Alarmtec Limited
Notes to the Financial Statements
Year Ended 30 September 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Lynx House
Pynes Hill
Exeter
Devon
EX2 5JL
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A and the Companies Act 2006.
There has been no departure from FRS 102.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that freehold property is recorded at fair value.
The functional currency of Alarmtec Limited is considered to be pounds sterling as this is the currency of the primary economic environment in which the company operates.
Alarmtec Limited
Notes to the Financial Statements
Year Ended 30 September 2019
Going concern
During the year, a new investor introduced a working capital loan into the company and the company began a financial and business restructuring process. In the opinion of the directors the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the accounts have been prepared on a going concern basis.
Further reconstructions occurred post year end including the allotment of 1,099 Ordinary shares at par.
The directors have considered the impact of COVID-19 on the business. The directors anticipate a limited impact on the business from the pandemic and the company expects to continue to trade, utilising government assistance where available.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Revenue is recognised on the provision of goods and for the provision of services under contract at the point the service is provided.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at historical cost, except for freehold property which is accounted for under the alternative accounting rules of the Companies Act 2006, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Alarmtec Limited
Notes to the Financial Statements
Year Ended 30 September 2019
Depreciation
An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss account.
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% straight line |
Plant and machinery |
25% straight line |
Freehold property |
2% straight line |
Office furniture |
10% straight line |
Leasehold property |
2% straight line |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Alarmtec Limited
Notes to the Financial Statements
Year Ended 30 September 2019
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank borrowings and other loans;
• Hire purchase contracts; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Exceptional items |
Within administrative expenses in the profit and loss account is an exceptional item of £Nil (2018: £100,798). This represented an historic liability recorded in respect of PAYE and NIC. The balance was erroneously recorded and was not actually due to HMRC.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Alarmtec Limited
Notes to the Financial Statements
Year Ended 30 September 2019
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 October 2018 |
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Revaluations |
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Additions |
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At 30 September 2019 |
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Depreciation |
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At 1 October 2018 |
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Charge for the year |
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At 30 September 2019 |
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Carrying amount |
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At 30 September 2019 |
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At 30 September 2018 |
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Included within the net book value of land and buildings above is £275,000 (2018 - £317,400) in respect of freehold land and buildings and £2,440 (2018 - £2,491) in respect of long leasehold land and buildings.
Revaluation
The fair value of the company's Freehold property was revalued on
Stocks |
2019 |
2018 |
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Work in progress |
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Finished goods and goods for resale |
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159,816 |
169,705 |
Alarmtec Limited
Notes to the Financial Statements
Year Ended 30 September 2019
Debtors |
2019 |
2018 |
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Trade debtors |
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Amounts due from group undertakings |
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Other debtors |
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Less non-current portion |
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( |
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Details of non-current trade and other debtors
£Nil (2018 - £443,094) of amounts due from group undertakings is classified as non current.
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Loans and borrowings |
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Trade creditors |
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Corporation tax |
- |
2,238 |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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- |
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Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Loans and borrowings |
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Alarmtec Limited
Notes to the Financial Statements
Year Ended 30 September 2019
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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1,001 |
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1,001 |
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100 |
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100 |
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The Ordinary and Ordinary B shares rank pari-passu with full voting and capital rights.
In November 2019 a further 1,099 ordinary shares were issued at par and the Ordinary B shares were designated as Ordinary shares.
Loans and borrowings |
2019 |
2018 |
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Non-current loans and borrowings |
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Bank borrowings (secured) |
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Finance lease liabilities (secured) |
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Other borrowings (secured) |
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- |
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2019 |
2018 |
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Current loans and borrowings |
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Bank borrowings (secured) |
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Bank overdrafts (secured) |
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Finance lease liabilities (secured) |
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Bank borrowings and overdrafts are secured on the assets of the company by an unlimited debenture incorporating a fixed and floating charge over all of the property and undertakings of the company.
Other borrowings are secured by way of a fixed and floating charge over all of the property and undertakings of the company.
Finance leases are secured on the assets to which they relate.
Alarmtec Limited
Notes to the Financial Statements
Year Ended 30 September 2019
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Included within the commitment figure is property rent of £121,591 (2018: £12,500).
Parent and ultimate parent undertaking |
The company's immediate parent is