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Company registration number: 07187341
J B Locks Limited
Unaudited financial statements
31 March 2023
J B Locks Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
J B Locks Limited
Directors and other information
Directors James D Booth
Lauren C Booth
Company number 07187341
Registered office 3 Abbeylea Crescent
Westhoughton
Bolton
BL5 3ZB
Business address 3 Abbeylea Crescent
Westhoughton
Bolton
BL5 3ZB
Accountants Leach Briely
Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY
Bankers National Westminster Bank Plc
50 Market Street
Westhoughton
Bolton
BL5 3BA
J B Locks Limited
Accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of J B Locks Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of J B Locks Limited for the year ended 31 March 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com.
This report is made solely to the board of directors of J B Locks Limited, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of J B Locks Limited and state those matters that we have agreed to state to the board of directors of J B Locks Limited, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J B Locks Limited and its board of directors for our work or for this report.
It is your duty to ensure that J B Locks 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 J B Locks Limited. You consider that J B Locks 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 J B Locks 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.
Leach Briely
Accountants
Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY
7 November 2023
J B Locks Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 7 70,458 42,949
_______ _______
70,458 42,949
Current assets
Stocks 2,400 2,500
Debtors 8 78,700 87,418
Cash at bank and in hand 496 6,513
_______ _______
81,596 96,431
Creditors: amounts falling due
within one year 9 ( 48,801) ( 56,856)
_______ _______
Net current assets 32,795 39,575
_______ _______
Total assets less current liabilities 103,253 82,524
Creditors: amounts falling due
after more than one year 10 ( 88,863) ( 72,302)
Provisions for liabilities 11 ( 13,387) ( 8,160)
_______ _______
Net assets 1,003 2,062
_______ _______
Capital and reserves
Called up share capital 13 100 100
Profit and loss account 903 1,962
_______ _______
Shareholders funds 1,003 2,062
_______ _______
For the year ending 31 March 2023 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of 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.
These financial statements were approved by the board of directors and authorised for issue on 07 November 2023 , and are signed on behalf of the board by:
James D Booth
Director
Company registration number: 07187341
J B Locks Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Abbeylea Crescent, Westhoughton, Bolton, BL5 3ZB.
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 Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements are prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration receivable for locksmith and related services rendered during the year net of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Current tax is recognised in the statement of income and retained earnings on taxable profit for the current period. Current tax is measured at the amounts of tax expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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.
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:
Motor vehicles - 25 % reducing balance
Stocks
Stock is measured at estimated cost.
Financial instruments
The company only enters into basic financial instruments that result in the recognition of the financial assets and liabilities such as trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Interest payable and similar expenses
2023 2022
£ £
Bank loans and overdrafts 6,864 3,246
Other loans made to the company:
Finance leases and hire purchase contracts 4,072 2,064
_______ _______
10,936 5,310
_______ _______
6. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense - 5,315
Adjustments in respect of previous periods ( 3,116) -
_______ _______
Deferred tax:
Origination and reversal of timing differences 5,227 ( 2,720)
_______ _______
Tax on profit 2,111 2,595
_______ _______
2023 2022
£ £
Profit before taxation 11,052 13,544
_______ _______
Adjustments in respect of prior periods ( 3,116) -
_______ _______
7. Tangible assets
Motor vehicles Total
£ £
Cost
At 1 April 2022 61,632 61,632
Additions 73,426 73,426
Disposals ( 61,632) ( 61,632)
_______ _______
At 31 March 2023 73,426 73,426
_______ _______
Depreciation
At 1 April 2022 18,683 18,683
Charge for the year 2,968 2,968
Disposals ( 18,683) ( 18,683)
_______ _______
At 31 March 2023 2,968 2,968
_______ _______
Carrying amount
At 31 March 2023 70,458 70,458
_______ _______
At 31 March 2022 42,949 42,949
_______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 March 2023 70,458
_______
At 31 March 2022 42,949
_______
8. Debtors
2023 2022
£ £
Trade debtors 10,621 11,928
Other debtors 68,079 75,490
_______ _______
78,700 87,418
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 21,415 22,126
Trade creditors 2,227 3,600
Corporation tax - 5,315
Social security and other taxes 10,214 7,562
Other creditors 14,945 18,253
_______ _______
48,801 56,856
_______ _______
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 28,485 35,494
Other creditors 60,378 36,808
_______ _______
88,863 72,302
_______ _______
11. Provisions
Deferred tax (note 12) Total
£ £
At 1 April 2022 8,160 8,160
Additions 5,227 5,227
_______ _______
At 31 March 2023 13,387 13,387
_______ _______
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 11) 13,387 8,160
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 13,387 8,160
_______ _______
13. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
14. Directors advances, credits and guarantees
Other debtors includes £54,143 in respect of cumulative advances made by the company to its directors during the year. The advances are interest free with no specific terms for repayment.