IRIS Accounts Production v23.4.0.336 07457715 director 1.3.23 29.2.24 29.2.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh074577152023-02-28074577152024-02-29074577152023-03-012024-02-29074577152022-02-28074577152022-03-012023-02-28074577152023-02-2807457715ns15:EnglandWales2023-03-012024-02-2907457715ns14:PoundSterling2023-03-012024-02-2907457715ns10:Director12023-03-012024-02-2907457715ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2907457715ns10:SmallEntities2023-03-012024-02-2907457715ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-2907457715ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2907457715ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2907457715ns10:FullAccounts2023-03-012024-02-2907457715ns10:RegisteredOffice2023-03-012024-02-2907457715ns5:CurrentFinancialInstruments2024-02-2907457715ns5:CurrentFinancialInstruments2023-02-2807457715ns5:Non-currentFinancialInstruments2024-02-2907457715ns5:Non-currentFinancialInstruments2023-02-2807457715ns5:ShareCapital2024-02-2907457715ns5:ShareCapital2023-02-2807457715ns5:RetainedEarningsAccumulatedLosses2024-02-2907457715ns5:RetainedEarningsAccumulatedLosses2023-02-2807457715ns5:PlantMachinery2023-03-012024-02-2907457715ns5:FurnitureFittings2023-03-012024-02-2907457715ns5:MotorVehicles2023-03-012024-02-2907457715ns5:ComputerEquipment2023-03-012024-02-2907457715ns5:PlantMachinery2023-02-2807457715ns5:FurnitureFittings2023-02-2807457715ns5:MotorVehicles2023-02-2807457715ns5:ComputerEquipment2023-02-2807457715ns5:PlantMachinery2024-02-2907457715ns5:FurnitureFittings2024-02-2907457715ns5:MotorVehicles2024-02-2907457715ns5:ComputerEquipment2024-02-2907457715ns5:PlantMachinery2023-02-2807457715ns5:FurnitureFittings2023-02-2807457715ns5:MotorVehicles2023-02-2807457715ns5:ComputerEquipment2023-02-2807457715ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2907457715ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-28
REGISTERED NUMBER: 07457715 (England and Wales)












WE ARE LOCKSMITHS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






WE ARE LOCKSMITHS LIMITED (REGISTERED NUMBER: 07457715)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WE ARE LOCKSMITHS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: P C Tyrrell





REGISTERED OFFICE: 6 London Road
Southampton
Hampshire
SO15 2AF





REGISTERED NUMBER: 07457715 (England and Wales)

WE ARE LOCKSMITHS LIMITED (REGISTERED NUMBER: 07457715)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £ £
FIXED ASSETS
Tangible assets 4 18,315 20,247

CURRENT ASSETS
Stocks 5 32,200 37,000
Debtors 6 41,786 65,257
Cash at bank 59,396 36,053
133,382 138,310
CREDITORS
Amounts falling due within one year 7 (34,340 ) (40,281 )
NET CURRENT ASSETS 99,042 98,029
TOTAL ASSETS LESS CURRENT
LIABILITIES

117,357

118,276

CREDITORS
Amounts falling due after more than one year 8 (12,500 ) (22,500 )

PROVISIONS FOR LIABILITIES (4,579 ) (5,062 )
NET ASSETS 100,278 90,714

CAPITAL AND RESERVES
Called up share capital 90 90
Retained earnings 100,188 90,624
SHAREHOLDERS' FUNDS 100,278 90,714

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

WE ARE LOCKSMITHS LIMITED (REGISTERED NUMBER: 07457715)

BALANCE SHEET - continued
29 FEBRUARY 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 April 2024 and were signed by:





P C Tyrrell - Director


WE ARE LOCKSMITHS LIMITED (REGISTERED NUMBER: 07457715)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

We Are Locksmiths 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS102 "The Financial Reporting Standards 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 FRS102 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 £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover
Turnover represents sales of goods and services net of VAT and trade discounts. Turnover is recognised when the goods are physically dispatched to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% Reducing balance
Fixtures and fittings - Straight line over 4 years
Motor vehicles - 25% Reducing balance
Computer equipment - Straight line over 4 years

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 recognised in the income statement.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


WE ARE LOCKSMITHS LIMITED (REGISTERED NUMBER: 07457715)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued
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.

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.

Financial assets
The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

WE ARE LOCKSMITHS LIMITED (REGISTERED NUMBER: 07457715)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 March 2023 10,227 4,960 43,269 3,237 61,693
Additions - 3,700 - - 3,700
At 29 February 2024 10,227 8,660 43,269 3,237 65,393
DEPRECIATION
At 1 March 2023 9,216 4,960 24,535 2,735 41,446
Charge for year 253 434 4,683 262 5,632
At 29 February 2024 9,469 5,394 29,218 2,997 47,078
NET BOOK VALUE
At 29 February 2024 758 3,266 14,051 240 18,315
At 28 February 2023 1,011 - 18,734 502 20,247


5. STOCKS
2024 2023
£ £
Stocks 32,200 37,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 15,596 26,566
Other debtors 26,190 38,691
41,786 65,257

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 9,260 10,770
Taxation and social security 8,192 11,618
Other creditors 6,888 7,893
34,340 40,281

WE ARE LOCKSMITHS LIMITED (REGISTERED NUMBER: 07457715)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans 12,500 22,500