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31/03/2023
2023-03-31
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No description of principal activities is disclosed
2022-04-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
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2022-04-01
2023-03-31
07187341
2023-03-31
07187341
2022-03-31
07187341
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07187341
2022-03-31
07187341
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07187341
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07187341
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07187341
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07187341
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07187341
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07187341
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07187341
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2023-03-31
07187341
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07187341
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2023-03-31
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 |
|
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|
|
|
|
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|
Company number |
07187341 |
|
|
|
|
|
|
|
Registered office |
3 Abbeylea Crescent |
|
|
Westhoughton |
|
|
Bolton |
|
|
BL5 3ZB |
|
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|
|
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|
|
Business address |
3 Abbeylea Crescent |
|
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Westhoughton |
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Bolton |
|
|
BL5 3ZB |
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|
Accountants |
Leach Briely |
|
|
Craven House |
|
|
32 Lee Lane |
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Horwich |
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|
Bolton |
|
|
BL6 7BY |
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|
|
|
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Bankers |
National Westminster Bank Plc |
|
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50 Market Street |
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Westhoughton |
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Bolton |
|
|
BL5 3BA |
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|
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 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
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|
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.