Company registration number 01237267 (England and Wales)
A & D LOCK AND KEY CO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
A & D LOCK AND KEY CO LIMITED
COMPANY INFORMATION
Directors
Mr C Radford
Mr I A Underwood
Secretary
Mr I A Underwood
Company number
01237267
Registered office
6/7 Hockley Hill
Birmingham
West Midlands
B18 5AA
Accountants
Malcolm Piper & Company Limited
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
A & D LOCK AND KEY CO LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 8
A & D LOCK AND KEY CO LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF A & D LOCK AND KEY CO LIMITED FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A & D Lock and Key Co Limited for the year ended 31 December 2021 which comprise, the balance sheet, the statement of changes in equity 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 https://www.icaew.com/regulation
This report is made solely to the Board of Directors of A & D Lock and Key Co Limited, as a body, in accordance with the terms of our engagement letter dated 15 January 2021. Our work has been undertaken solely to prepare for your approval the financial statements of A & D Lock and Key Co Limited and state those matters that we have agreed to state to the Board of Directors of A & D Lock and Key Co Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A & D Lock and Key Co Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that A & D Lock and Key Co 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 A & D Lock and Key Co Limited. You consider that A & D Lock and Key Co 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 A & D Lock and Key Co 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.
Malcolm Piper & Company Limited
27 May 2022
Chartered Accountants
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
A & D LOCK AND KEY CO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
253,557
261,542
Current assets
Stocks
27,839
46,089
Debtors
4
77,448
75,172
Cash at bank and in hand
162,025
145,818
267,312
267,079
Creditors: amounts falling due within one year
5
(100,474)
(122,877)
Net current assets
166,838
144,202
Total assets less current liabilities
420,395
405,744
Creditors: amounts falling due after more than one year
6
(1,733)
Provisions for liabilities
7
(3,367)
(4,651)
Net assets
417,028
399,360
Capital and reserves
Called up share capital
8
13,705
13,705
Profit and loss reserves
9
403,323
385,655
Total equity
417,028
399,360
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
A & D LOCK AND KEY CO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 27 May 2022 and are signed on its behalf by:
Mr C Radford
Director
Company Registration No. 01237267
A & D LOCK AND KEY CO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2020
13,705
426,595
440,300
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
52,060
52,060
Dividends
-
(93,000)
(93,000)
Balance at 31 December 2020
13,705
385,655
399,360
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
47,668
47,668
Dividends
-
(30,000)
(30,000)
Balance at 31 December 2021
13,705
403,323
417,028
A & D LOCK AND KEY CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
1
Accounting policies
Company information
A & D Lock and Key Co Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6/7 Hockley Hill, Birmingham, West Midlands, B18 5AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Not depreciated
Plant and equipment
20% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
33% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Contrary to the requirements of FRS 102, no depreciation is provided on freehold buildings because the directors have no record of their cost, separate from that of the freehold land, and keep the buildings well maintained, and so do not consider that their value is ever likely to fall below their initial cost.
1.4
Stock
Stock is stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.
A & D LOCK AND KEY CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
5
6
A & D LOCK AND KEY CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2021
220,000
12,421
9,585
3,425
93,614
339,045
Additions
2,406
2,406
At 31 December 2021
220,000
12,421
9,585
5,831
93,614
341,451
Depreciation and impairment
At 1 January 2021
8,567
7,581
1,293
60,062
77,503
Depreciation charged in the year
771
301
931
8,388
10,391
At 31 December 2021
9,338
7,882
2,224
68,450
87,894
Carrying amount
At 31 December 2021
220,000
3,083
1,703
3,607
25,164
253,557
At 31 December 2020
220,000
3,854
2,004
2,132
33,552
261,542
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
68,348
67,642
Other debtors
9,100
7,530
77,448
75,172
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
22,249
31,541
Taxation and social security
36,609
33,279
Other creditors
41,616
58,057
100,474
122,877
A & D LOCK AND KEY CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
1,733
7
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
3,367
4,651
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
8,908
8,908
8,908
8,908
Ordinary A shares of £1 each
4,797
4,797
4,797
4,797
13,705
13,705
13,705
13,705
9
Profit and loss reserves
2021
2020
£
£
At the beginning of the year
385,655
426,595
Profit for the year
47,668
52,060
Dividends declared and paid in the year
(30,000)
(93,000)
At the end of the year
403,323
385,655
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