Registered number
08294700
Lock's Properties Limited
Filleted Accounts
30 November 2023
Lock's Properties Limited
Registered number: 08294700
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 374,116 327,628
Current assets
Debtors 4 4,828 7,307
Cash at bank and in hand 110 265
4,938 7,572
Creditors: amounts falling due within one year 5 (349,952) (315,368)
Net current liabilities (345,014) (307,796)
Total assets less current liabilities 29,102 19,832
Creditors: amounts falling due after more than one year 6 (34,757) (38,860)
Net liabilities (5,655) (19,028)
Capital and reserves
Called up share capital 1 1
Profit and loss account (5,656) (19,029)
Shareholder's funds (5,655) (19,028)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
A Lock
Director
Approved by the board on 5 August 2024 and signed on its behalf
Lock's Properties Limited
Notes to the Accounts
for the year ended 30 November 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. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
No depreciation is provided in respect of freehold land and buildings. Although the Companies Act would normally require the systematic annual depreciation of these fixed assets, the director believes that this policy of not providing depreciation is necessary in order for the accounts to give a true and fair view.

In respect of other assets, depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and machinery 10% straight line
Fixtures, fittings, tools and equipment 20% straight line
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. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 December 2022 294,472 39,834 334,306
Additions 49,258 1,128 50,386
At 30 November 2023 343,730 40,962 384,692
Depreciation
At 1 December 2022 - 6,678 6,678
Charge for the year - 3,898 3,898
At 30 November 2023 - 10,576 10,576
Net book value
At 30 November 2023 343,730 30,386 374,116
At 30 November 2022 294,472 33,156 327,628
4 Debtors 2023 2022
£ £
Deferred tax asset 2,210 5,310
Other debtors 2,618 1,997
4,828 7,307
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,319 5,903
Amounts owed to group undertakings and undertakings in which the company has a participating interest 321,956 298,676
Taxation and social security costs - 305
Other creditors 21,677 10,484
349,952 315,368
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 34,757 38,860
7 Related party transactions
At the year end, the company owed its director, Mr Andrew Lock £7,114 (2022 - £7,114).

Locks Catering Contracts Limited, a company in common ownership, made loans to the company of £41,530 (2022 - £18,150) and received repayments of £18,250 (2022 - £11,650). At the year end, the company owed Locks Catering Contracts Limited £321,956 (2022 - £298,676).

Coffee Express, an unincorporated business run by the wife of the director, owed the company £1,997 (2022 - £1,997) at the year end.
8 Controlling party
The company is controlled by its director.
9 Other information
Lock's Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
Second Floor, West Wing
10 Harborne Road
Edgbaston
Birmingham
B15 3AA
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