Registered number
12752649
Locksmith Solutions Limited
Filleted Accounts
31 July 2023
Locksmith Solutions Limited
Registered number: 12752649
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Current assets
Debtors 3 49,804 57,180
Cash at bank and in hand 29,148 14,541
78,952 71,721
Creditors: amounts falling due within one year 4 (48,462) (54,594)
Net current assets 30,490 17,127
Net assets 30,490 17,127
Capital and reserves
Called up share capital 2 2
Profit and loss account 30,488 17,125
Shareholders' funds 30,490 17,127
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Kieran Martin James
Director
Approved by the board on 29 April 2024
Locksmith Solutions Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Debtors 2023 2022
£ £
Trade debtors 49,804 57,180
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 30,965 27,958
Taxation and social security costs 16,331 24,615
Other creditors 1,166 2,021
48,462 54,594
5 Controlling party
The directors are the ultimate owners of the company.
6 Other information
Locksmith Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
Associates House
118A East Barnet Road
New Barnet
Hertfordshire
EN4 8RE
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