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REGISTERED NUMBER: 06655590 (England and Wales)








































Unaudited Financial Statements

for the Year Ended 30 November 2023

for

Lock-Tec (UK) Ltd

Lock-Tec (UK) Ltd (Registered number: 06655590)

Contents of the Financial Statements
for the Year Ended 30 November 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Lock-Tec (UK) Ltd

Company Information
for the Year Ended 30 November 2023







DIRECTORS: Mr P Tattum
Mr G Whalley





REGISTERED OFFICE: 4-6 Castle Street
Northwich
Cheshire
CW8 1BA





REGISTERED NUMBER: 06655590 (England and Wales)





ACCOUNTANTS: Buxton Accounting LLP
Chartered Accountants
98 Middlewich Road
Northwich
Cheshire
CW9 7DA

Lock-Tec (UK) Ltd (Registered number: 06655590)

Statement of Financial Position
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 30,000 36,000
Tangible assets 5 77,077 66,143
107,077 102,143

CURRENT ASSETS
Stocks 6 174,206 111,180
Debtors 7 116,397 89,633
Cash at bank and in hand 129,397 155,850
420,000 356,663
CREDITORS
Amounts falling due within one year 8 258,918 195,848
NET CURRENT ASSETS 161,082 160,815
TOTAL ASSETS LESS CURRENT
LIABILITIES

268,159

262,958

CREDITORS
Amounts falling due after more than one
year

9

(58,463

)

(60,285

)

PROVISIONS FOR LIABILITIES 11 (14,645 ) -
NET ASSETS 195,051 202,673

CAPITAL AND RESERVES
Called up share capital 12 20 20
Retained earnings 195,031 202,653
SHAREHOLDERS' FUNDS 195,051 202,673

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

Lock-Tec (UK) Ltd (Registered number: 06655590)

Statement of Financial Position - continued
30 November 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2024 and were signed on its behalf by:




Mr P Tattum - Director



Mr G Whalley - Director


Lock-Tec (UK) Ltd (Registered number: 06655590)

Notes to the Financial Statements
for the Year Ended 30 November 2023


1. STATUTORY INFORMATION

Lock-Tec (UK) Ltd 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of twenty years.

Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its useful economic life. Useful economic lives are reviewed at the end of each reporting period and revised if necessary, subject to the constraint that the revised life shall not exceed 20 years from the date of acquisition. The carrying amount at the date of revision is amortised over the revised estimate of the remaining useful economic life.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 10% on cost
Plant and machinery - 20% 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.


Lock-Tec (UK) Ltd (Registered number: 06655590)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 instruments
Financial instruments are classified and accounted for, according to the substance of th e contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 120,000
AMORTISATION
At 1 December 2022 84,000
Amortisation for year 6,000
At 30 November 2023 90,000
NET BOOK VALUE
At 30 November 2023 30,000
At 30 November 2022 36,000

Lock-Tec (UK) Ltd (Registered number: 06655590)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


5. TANGIBLE FIXED ASSETS
Long Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 December 2022 34,460 57,720 75,726 167,906
Additions - 8,386 22,655 31,041
Disposals - - (8,650 ) (8,650 )
At 30 November 2023 34,460 66,106 89,731 190,297
DEPRECIATION
At 1 December 2022 32,614 40,399 28,750 101,763
Charge for year 1,040 5,141 13,926 20,107
Eliminated on disposal - - (8,650 ) (8,650 )
At 30 November 2023 33,654 45,540 34,026 113,220
NET BOOK VALUE
At 30 November 2023 806 20,566 55,705 77,077
At 30 November 2022 1,846 17,321 46,976 66,143

6. STOCKS
2023 2022
£    £   
Stocks 174,206 111,180

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 114,103 88,336
Other debtors 1,358 453
Prepayments 936 844
116,397 89,633

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,767 9,398
Hire purchase contracts 13,173 8,572
Trade creditors 178,700 116,288
Corporation tax 10,226 21,488
Social security and other taxes 5,622 5,439
VAT 22,850 23,388
Other creditors 7,620 916
Directors' current accounts 254 259
Accrued expenses 10,706 10,100
258,918 195,848

Lock-Tec (UK) Ltd (Registered number: 06655590)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 9,767 9,398
Bank loans - 2-5 years 8,586 19,455
Hire purchase contracts 40,110 31,432
58,463 60,285

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 28,120 38,251
Hire purchase contracts 53,283 40,004
81,403 78,255

The hire purchase obligations are secured against their relevant assets.

A bank facility with a balance of £28,120 (2022: £38,252 is subject to a UK Government guarantee. The facility is provided through the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank on behalf of and with the backing of the Secretary of State for Business, Energy and Industrial Strategy. The BBLS guarantee is provided to the lender.

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 14,645 -

Deferred
tax
£   
Charge to Income Statement during year 14,645
Balance at 30 November 2023 14,645

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
20 Ordinary £1 20 20

13. OTHER FINANCIAL COMMITMENTS

The company has a lease commitment relating to the premises from which it operates amounting to £3,000 per calendar month.

Lock-Tec (UK) Ltd (Registered number: 06655590)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at the balance sheet date the directors were owed £254 (2022: £259).

15. ULTIMATE CONTROLLING PARTY

The company is controlled by the Board of Directors.