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MASTER LOCK & SAFE LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023






MASTER LOCK & SAFE LIMITED (REGISTERED NUMBER: 02129616)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31st December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MASTER LOCK & SAFE LIMITED

COMPANY INFORMATION
for the Year Ended 31st December 2023







DIRECTORS: H Cosgrove Moore
J D Henstock





REGISTERED OFFICE: 23 Southbank Road
Southport
Merseyside
PR8 6QJ





REGISTERED NUMBER: 02129616 (England and Wales)





ACCOUNTANTS: Garner & Associates Ltd
Liverpool Road Studios
Suites 3 & 4
113 Liverpool Road
Crosby
Merseyside
L23 5TD

MASTER LOCK & SAFE LIMITED (REGISTERED NUMBER: 02129616)

BALANCE SHEET
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 52,938 43,032

CURRENT ASSETS
Stocks 208,245 195,235
Debtors 5 184,740 167,046
Cash at bank 44,901 353,636
437,886 715,917
CREDITORS
Amounts falling due within one year 6 254,676 240,101
NET CURRENT ASSETS 183,210 475,816
TOTAL ASSETS LESS CURRENT
LIABILITIES

236,148

518,848

CREDITORS
Amounts falling due after more than one
year

7

232,727

281,842
NET ASSETS 3,421 237,006

CAPITAL AND RESERVES
Called up share capital 150 450
Capital redemption reserve (301,200 ) -
Retained earnings 304,471 236,556
SHAREHOLDERS' FUNDS 3,421 237,006

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

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

MASTER LOCK & SAFE LIMITED (REGISTERED NUMBER: 02129616)

BALANCE SHEET - continued
31st December 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1st August 2024 and were signed on its behalf by:





H Cosgrove Moore - Director


MASTER LOCK & SAFE LIMITED (REGISTERED NUMBER: 02129616)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31st December 2023

1. STATUTORY INFORMATION

Master Lock & Safe 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.

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 - 15% on reducing balance
Fixtures and fittings - 15% 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 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.

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

MASTER LOCK & SAFE LIMITED (REGISTERED NUMBER: 02129616)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 17 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1st January 2023 55,129 7,708 30,950 93,787
Additions - 2,195 15,795 17,990
At 31st December 2023 55,129 9,903 46,745 111,777
DEPRECIATION
At 1st January 2023 26,140 3,392 21,223 50,755
Charge for year 4,348 976 2,760 8,084
At 31st December 2023 30,488 4,368 23,983 58,839
NET BOOK VALUE
At 31st December 2023 24,641 5,535 22,762 52,938
At 31st December 2022 28,989 4,316 9,727 43,032

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 165,618 165,885
Other debtors 19,122 1,161
184,740 167,046

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 39,305 39,305
Hire purchase contracts 8,068 6,843
Trade creditors 164,626 145,196
Taxation and social security 42,677 48,757
254,676 240,101

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 217,354 274,821
Hire purchase contracts 15,373 7,021
232,727 281,842

MASTER LOCK & SAFE LIMITED (REGISTERED NUMBER: 02129616)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 70,733 128,200