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REGISTERED NUMBER: 02017715 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Locks And Fittings Limited

Locks And Fittings Limited (Registered number: 02017715)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

Locks And Fittings Limited

Company Information
for the Year Ended 31 May 2023







DIRECTORS: S W Mills
Mrs J A Mills
M Parry





REGISTERED OFFICE: Unit 7 & 8,
Rollingmill Street
Walsall
West Midlands
WS2 9EQ





REGISTERED NUMBER: 02017715 (England and Wales)





ACCOUNTANTS: Tomkinson Teal Limited
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD

Locks And Fittings Limited (Registered number: 02017715)

Balance Sheet
31 May 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 54,013 45,033

CURRENT ASSETS
Stocks 215,954 160,667
Debtors 5 454,964 522,475
Cash at bank and in hand 135,193 104,392
806,111 787,534
CREDITORS
Amounts falling due within one year 6 (431,887 ) (441,646 )
NET CURRENT ASSETS 374,224 345,888
TOTAL ASSETS LESS CURRENT
LIABILITIES

428,237

390,921

CREDITORS
Amounts falling due after more than one
year

7

(62,980

)

(69,817

)

PROVISIONS FOR LIABILITIES 9 (11,502 ) (5,656 )
NET ASSETS 353,755 315,448

CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Capital redemption reserve 20,000 20,000
Retained earnings 313,755 275,448
SHAREHOLDERS' FUNDS 353,755 315,448

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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.

Locks And Fittings Limited (Registered number: 02017715)

Balance Sheet - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2023 and were signed on its behalf by:





M Parry - Director


Locks And Fittings Limited (Registered number: 02017715)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Locks And Fittings Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Taxation
Taxation for the year comprises current and deferred tax. 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 equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Locks And Fittings Limited (Registered number: 02017715)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 June 2022 74,920 56,039 130,959
Additions 2,043 27,713 29,756
Disposals - (22,945 ) (22,945 )
At 31 May 2023 76,963 60,807 137,770
DEPRECIATION
At 1 June 2022 58,956 26,970 85,926
Charge for year 2,535 10,300 12,835
Eliminated on disposal - (15,004 ) (15,004 )
At 31 May 2023 61,491 22,266 83,757
NET BOOK VALUE
At 31 May 2023 15,472 38,541 54,013
At 31 May 2022 15,964 29,069 45,033

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 323,104 360,641
Amounts owed by group undertakings 121,075 147,648
Other debtors 10,785 14,186
454,964 522,475

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 13,042 13,042
Hire purchase contracts 9,947 2,795
Trade creditors 323,478 331,739
Taxation and social security 47,432 57,442
Other creditors 37,988 36,628
431,887 441,646

Locks And Fittings Limited (Registered number: 02017715)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 37,074 50,653
Hire purchase contracts 25,906 19,164
62,980 69,817

8. SECURED DEBTS

Debenture in favour of S W Mills containing a fixed and floating charge over all property and assets of the company dated 29 July 2021.

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 11,502 5,656

Deferred
tax
£   
Balance at 1 June 2022 5,656
Provided during year 5,846
Balance at 31 May 2023 11,502

10. RELATED PARTY DISCLOSURES

Transactions with Directors

20232022
££
Dividends paid to directors-2,200

Amount due to directors732732

Locks and Fittings Group Limited
Parent Company

During the year Locks and Fittings Limited paid dividends totalling £13,300 to the parent company, Locks and Fittings Group Limited.

There is an amount owing by Locks and Fittings Group Limited of £121,075 which is unsecured and has no specific terms regarding payment of interest. The amount due is repayable on demand but the directors of Locks and Fittings Limited have given their assurance that the amount payable will not be demanded until such time as Locks and Fittings Group Limited a can afford to do so without detriment to its operating and working capital needs.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Locks And Fittings Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Locks And Fittings Limited for the year ended 31 May 2023 which comprise the Profit and Loss Account, Balance Sheet, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Locks And Fittings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Locks And Fittings Limited and state those matters that we have agreed to state to the Board of Directors of Locks And Fittings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Locks And Fittings Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Locks And Fittings 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 Locks And Fittings Limited. You consider that Locks And Fittings 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 Locks And Fittings 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.






Tomkinson Teal Limited
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD


19 October 2023