9 31/12/2023 2023-12-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-01-01 Sage Accounts Production 23.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 03680713 2023-01-01 2023-12-31 03680713 2023-12-31 03680713 2022-12-31 03680713 2022-01-01 2022-12-31 03680713 2022-12-31 03680713 2021-12-31 03680713 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03680713 core:LandBuildings core:LongLeaseholdAssets 2023-01-01 2023-12-31 03680713 core:PlantMachinery 2023-01-01 2023-12-31 03680713 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 03680713 core:MotorVehicles 2023-01-01 2023-12-31 03680713 bus:Director1 2023-01-01 2023-12-31 03680713 core:WithinOneYear 2023-12-31 03680713 core:WithinOneYear 2022-12-31 03680713 core:AfterOneYear 2023-12-31 03680713 core:AfterOneYear 2022-12-31 03680713 core:ShareCapital 2023-12-31 03680713 core:ShareCapital 2022-12-31 03680713 core:RetainedEarningsAccumulatedLosses 2023-12-31 03680713 core:RetainedEarningsAccumulatedLosses 2022-12-31 03680713 bus:SmallEntities 2023-01-01 2023-12-31 03680713 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03680713 bus:AbridgedAccounts 2023-01-01 2023-12-31 03680713 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03680713 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31
Company registration number: 03680713
Mike B's Security Locksmith Limited
Unaudited filleted abridged financial statements
for the Year ended
31 December 2023
Mike B's Security Locksmith Limited
Contents
Abridged balance sheet
Notes to the financial statements
Mike B's Security Locksmith Limited
Abridged Balance Sheet
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 104,161 103,398
___________ ___________
104,161 103,398
Current assets
Stocks 195,952 190,035
Debtors 53,718 15,003
Cash at bank and in hand 12,409 11,182
___________ ___________
262,079 216,220
Creditors: amounts falling due
within one year ( 140,565) ( 106,836)
___________ ___________
Net current assets 121,514 109,384
___________ ___________
Total assets less current liabilities 225,675 212,782
Creditors: amounts falling due
after more than one year ( 3,438) ( 7,038)
Provisions for liabilities ( 5,100) ( 4,400)
Accruals and deferred income ( 2,095) ( 2,300)
___________ ___________
Net assets 215,042 199,044
___________ ___________
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 214,042 198,044
___________ ___________
Shareholders funds 215,042 199,044
___________ ___________
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.
All of the members have consented to the preparation of the abridged Balance Sheet for the current year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 06 February 2024 , and are signed on behalf of the board by:
Mr M P Bolesworth
Director
Company registration number: 03680713
Mike B's Security Locksmith Limited
Notes to the financial statements
Year ended 31 December 2023
1. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 10 % reducing balance
Improvements to property - 15 % straight line
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance Sheet and the amount of the provision as an expense.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 9 ).
4. Intangible assets
£
Cost
At 1 January 2023 and 31 December 2023 86,035
___________
Amortisation
At 1 January 2023 and 31 December 2023 86,035
___________
Carrying amount
At 31 December 2023 -
___________
At 31 December 2022 -
___________
5. Tangible assets
£
Cost
At 1 January 2023 277,123
Additions 13,189
Disposals ( 8,991)
___________
At 31 December 2023 281,321
___________
Depreciation
At 1 January 2023 173,725
Charge for the year 10,825
Disposals ( 7,390)
___________
At 31 December 2023 177,160
___________
Carrying amount
At 31 December 2023 104,161
___________
At 31 December 2022 103,398
___________