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REGISTERED NUMBER: 04319196 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Barrowford Safe & Lock Services Limited

Barrowford Safe & Lock Services Limited (Registered number: 04319196)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Barrowford Safe & Lock Services Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: P Blackburn
M P Blackburn



SECRETARY: M P Blackburn



REGISTERED OFFICE: 4 King Edward Terrace
Barrowford
Lancashire
BB9 8NJ



REGISTERED NUMBER: 04319196 (England and Wales)



ACCOUNTANTS: Mayes Business Partnership Ltd
Chartered Certified Accountants
22-28 Willow Street
Accrington
Lancashire
BB5 1LP



BANKERS: Barclays Bank Plc
72 St James Street
Burnley
Lancashire
BB11 1NH

Barrowford Safe & Lock Services Limited (Registered number: 04319196)

Abridged Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 130,575 113,627
130,575 113,627

CURRENT ASSETS
Stocks 23,950 23,850
Debtors 86,669 84,831
Cash at bank and in hand 87,827 88,741
198,446 197,422
CREDITORS
Amounts falling due within one year 96,160 120,061
NET CURRENT ASSETS 102,286 77,361
TOTAL ASSETS LESS CURRENT
LIABILITIES

232,861

190,988

CREDITORS
Amounts falling due after more than one
year

(44,555

)

-

PROVISIONS FOR LIABILITIES (12,339 ) (16,036 )
NET ASSETS 175,967 174,952

CAPITAL AND RESERVES
Called up share capital 8 1,100 1,100
Retained earnings 174,867 173,852
SHAREHOLDERS' FUNDS 175,967 174,952

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

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

Barrowford Safe & Lock Services Limited (Registered number: 04319196)

Abridged Balance Sheet - continued
31 December 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 7 February 2024 and were signed on its behalf by:





P Blackburn - Director


Barrowford Safe & Lock Services Limited (Registered number: 04319196)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Barrowford Safe & Lock Services 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 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.

The company manufactures and retails security goods and certain related products. Sales of goods are recognised on sale to the customer, which is considered the point of delivery. Retail sales are usually by cash, credit or payment card. Sales are made to retail customers with a right to return within 28 days, subject to certain conditions regarding the usage. Accumulated experience is used to estimate and provide for such returns at the time of sale. The company does not operate any loyalty programmes.

Goodwill
Goodwill, being the amount paid in connection with the aquisition of the business in 2012, is being amortised evenly over its remaining estimated useful life.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 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.

Financial instruments
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, 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.

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 balance sheet date.

Barrowford Safe & Lock Services Limited (Registered number: 04319196)

Notes to the Financial Statements - continued
for the year ended 31 December 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 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 5 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023
and 31 December 2023 59,950
AMORTISATION
At 1 January 2023
and 31 December 2023 59,950
NET BOOK VALUE

At 31 December 2023 -
At 31 December 2022 -

Barrowford Safe & Lock Services Limited (Registered number: 04319196)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 325,285
Additions 57,629
At 31 December 2023 382,914
DEPRECIATION
At 1 January 2023 211,658
Charge for year 40,681
At 31 December 2023 252,339
NET BOOK VALUE
At 31 December 2023 130,575
At 31 December 2022 113,627

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 January 2023 34,153
Additions 56,560
Transfer to ownership (34,153 )
At 31 December 2023 56,560
DEPRECIATION
At 1 January 2023 19,745
Charge for year 14,140
Transfer to ownership (19,745 )
At 31 December 2023 14,140
NET BOOK VALUE
At 31 December 2023 42,420
At 31 December 2022 14,408

6. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31/12/23 31/12/22
£    £   
Net obligations repayable:
Within one year 8,358 19,563
Between one and five years 44,555 -
52,913 19,563

Barrowford Safe & Lock Services Limited (Registered number: 04319196)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

6. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31/12/23 31/12/22
£    £   
Between one and five years 74,375 -

7. SECURED DEBTS

The following secured debts are included within creditors:

31/12/23 31/12/22
£    £   
Hire purchase contracts 52,913 19,563

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
1,000 Ordinary £1 1,000 1,000
100 Ordinary 'A' £1 100 100
1,100 1,100

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31/12/23 31/12/22
£    £   
M P Blackburn
Balance outstanding at start of year 10,399 -
Amounts advanced - 41,832
Amounts repaid (10,399 ) (31,433 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 10,399

Interest has been charged at 2% on the overdrawn loan account.