BrightAccountsProduction v1.0.0 v1.0.0 2023-04-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is the provision of locksmith services and the retailing of safes and security accessories. 25 July 2024 0 0 NI051519 2024-03-31 NI051519 2023-03-31 NI051519 2022-03-31 NI051519 2023-04-01 2024-03-31 NI051519 2022-04-01 2023-03-31 NI051519 uk-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI051519 uk-curr:PoundSterling 2023-04-01 2024-03-31 NI051519 uk-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI051519 uk-bus:FullAccounts 2023-04-01 2024-03-31 NI051519 uk-bus:Director1 2023-04-01 2024-03-31 NI051519 uk-bus:Director2 2023-04-01 2024-03-31 NI051519 uk-bus:CompanySecretary1 2023-04-01 2024-03-31 NI051519 uk-bus:RegisteredOffice 2023-04-01 2024-03-31 NI051519 uk-bus:Agent1 2023-04-01 2024-03-31 NI051519 uk-core:ShareCapital 2024-03-31 NI051519 uk-core:ShareCapital 2023-03-31 NI051519 uk-core:RetainedEarningsAccumulatedLosses 2024-03-31 NI051519 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 NI051519 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-03-31 NI051519 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-03-31 NI051519 uk-bus:FRS102 2023-04-01 2024-03-31 NI051519 uk-core:Goodwill 2023-04-01 2024-03-31 NI051519 uk-core:PlantMachinery 2023-04-01 2024-03-31 NI051519 uk-core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 NI051519 uk-core:MotorVehicles 2023-04-01 2024-03-31 NI051519 uk-core:Goodwill 2023-03-31 NI051519 uk-core:Goodwill 2024-03-31 NI051519 uk-core:CurrentFinancialInstruments 2024-03-31 NI051519 uk-core:CurrentFinancialInstruments 2023-03-31 NI051519 uk-core:WithinOneYear 2024-03-31 NI051519 uk-core:WithinOneYear 2023-03-31 NI051519 uk-core:WithinOneYear 2024-03-31 NI051519 uk-core:WithinOneYear 2023-03-31 NI051519 uk-core:WithinOneYear 2024-03-31 NI051519 uk-core:WithinOneYear 2023-03-31 NI051519 uk-core:AfterOneYear 2024-03-31 NI051519 uk-core:AfterOneYear 2023-03-31 NI051519 uk-core:AfterOneYear 2024-03-31 NI051519 uk-core:AfterOneYear 2023-03-31 NI051519 uk-core:BetweenOneTwoYears 2024-03-31 NI051519 uk-core:BetweenOneTwoYears 2023-03-31 NI051519 uk-core:BetweenTwoFiveYears 2024-03-31 NI051519 uk-core:BetweenTwoFiveYears 2023-03-31 NI051519 uk-core:BetweenOneFiveYears 2024-03-31 NI051519 uk-core:BetweenOneFiveYears 2023-03-31 NI051519 uk-core:OtherMiscellaneousReserve 2023-03-31 NI051519 uk-core:OtherMiscellaneousReserve 2023-04-01 2024-03-31 NI051519 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 NI051519 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-03-31 NI051519 uk-core:OtherDeferredTax 2024-03-31 NI051519 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-03-31 NI051519 uk-core:OtherMiscellaneousReserve 2024-03-31 NI051519 2023-04-01 2024-03-31 NI051519 uk-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Company Registration Number: NI051519
 
 
Portadown Locksmiths Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 March 2024
Portadown Locksmiths Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Mr. Philip Troughton
Mr. Craig Troughton
 
 
Company Secretary Mrs. Pauline Troughton
 
 
Company Registration Number NI051519
 
 
Registered Office and Business Address Magowan Buildings
33 West Street
Portadown
Co. Armagh
BT62 3PL
Northern Ireland
 
 
Accountants MG accountants
(Portadown)
25-27 Carleton Street
Portadown
Co. Armagh
BT62 3EP
Northern Ireland
 
 
Bankers Ulster Bank
  20 High Street
  Portadown
  Craigavon
  Co. Armagh
  BT62 1HU
  United Kingdom
   
   
  Ulster Bank
  1/2 The Diamond
  Co Monaghan
  Ireland
 
   
Solicitors T D Gibson
  107 Church Street
  Portadown
  Co. Armagh
  BT62 3DD



Portadown Locksmiths Limited
Company Registration Number: NI051519
BALANCE SHEET
as at 31 March 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 5 213,102 214,200
───────── ─────────
 
Current Assets
Stocks 6 20,000 20,000
Debtors 7 319,770 232,428
Cash and cash equivalents 372,488 391,808
───────── ─────────
712,258 644,236
───────── ─────────
Creditors: amounts falling due within one year 8 (273,519) (201,149)
───────── ─────────
Net Current Assets 438,739 443,087
───────── ─────────
Total Assets less Current Liabilities 651,841 657,287
 
Creditors:
amounts falling due after more than one year 9 (20,023) (32,162)
 
Provisions for liabilities 11 (17,685) (18,457)
───────── ─────────
Net Assets 614,133 606,668
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings 614,033 606,568
───────── ─────────
Equity attributable to owners of the company 614,133 606,668
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 25 July 2024 and signed on its behalf by
           
           
________________________________          
Mr. Philip Troughton          
Director          
           



Portadown Locksmiths Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2024

   
1. General Information
 
Portadown Locksmiths Limited is a company limited by shares incorporated in Northern Ireland.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 March 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
 
Intangible assets
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 20% Reducing Balance
  Fixtures, and fittings - 20% Reducing Balance
  Motor vehicles - 20% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Investment properties
Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date, by professional external valuers. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Profit and Loss Account as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Profit and Loss Account.
 
Stocks
Stocks are valued at the lower of cost and net realisable value.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 14, (2023 - 13).
       
4. Intangible assets
     
  Goodwill Total
  £ £
Cost
At 1 April 2023 450,000 450,000
  ───────── ─────────
 
At 31 March 2024 450,000 450,000
  ───────── ─────────
Amortisation
 
At 31 March 2024 450,000 450,000
  ───────── ─────────
Net book value
At 31 March 2024 - -
  ═════════ ═════════
             
5. Tangible assets
  Investment Plant and Fixtures, Motor Total
  properties machinery and fittings vehicles  
           
  £ £ £ £ £
Cost
At 1 April 2023 140,360 48,293 55,469 142,129 386,251
Additions - 2,000 1,462 10,500 13,962
  ───────── ───────── ───────── ───────── ─────────
At 31 March 2024 140,360 50,293 56,931 152,629 400,213
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 April 2023 - 45,848 47,682 78,521 172,051
Charge for the financial year - 489 1,850 12,721 15,060
  ───────── ───────── ───────── ───────── ─────────
At 31 March 2024 - 46,337 49,532 91,242 187,111
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 March 2024 140,360 3,956 7,399 61,387 213,102
  ═════════ ═════════ ═════════ ═════════ ═════════
At 31 March 2023 140,360 2,445 7,787 63,608 214,200
  ═════════ ═════════ ═════════ ═════════ ═════════
           
5.1. Tangible assets continued
 
Included above are assets held under finance leases or hire purchase contracts as follows:
 
  2024   2023  
  Net Depreciation Net Depreciation
  book value charge book value charge
  £ £ £ £
 
Motor vehicles - - 12,617 3,154
  ═════════ ═════════ ═════════ ═════════
       
6. Stocks 2024 2023
  £ £
 
Finished goods and goods for resale 20,000 20,000
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
7. Debtors 2024 2023
  £ £
 
Trade debtors 279,307 230,122
Directors' current accounts (Note 12) 40,463 2,306
  ───────── ─────────
  319,770 232,428
  ═════════ ═════════
       
8. Creditors 2024 2023
Amounts falling due within one year £ £
 
Bank overdrafts 6,832 -
Bank loan 10,648 10,648
Net obligations under finance leases
and hire purchase contracts 2,756 2,684
Trade creditors 142,166 112,493
Taxation  (Note 10) 79,893 52,183
Directors' current accounts 18,981 3,723
Other creditors 7,317 8,492
Accruals 4,926 10,926
  ───────── ─────────
  273,519 201,149
  ═════════ ═════════
       
9. Creditors 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan 20,023 29,753
Finance leases and hire purchase contracts - 2,409
  ───────── ─────────
  20,023 32,162
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 8) 17,480 10,648
Repayable between one and two years 10,648 10,648
Repayable between two and five years 9,375 19,105
  ───────── ─────────
  37,503 40,401
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 2,756 2,684
Repayable between one and five years - 2,409
  ───────── ─────────
  2,756 5,093
  ═════════ ═════════
       
10. Taxation 2024 2023
  £ £
 
Creditors:
VAT 25,350 21,971
Corporation tax 44,734 26,860
PAYE / NI 9,809 3,352
  ───────── ─────────
  79,893 52,183
  ═════════ ═════════
         
11. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 18,457 18,457 5,926
Charged to profit and loss (772) (772) 12,531
  ───────── ───────── ─────────
At financial year end 17,685 17,685 18,457
  ═════════ ═════════ ═════════
   
12. Directors' advances, credits and guarantees
 
During the year the company made a loan to the director. The balance at 31 March 2023 was £40,463. This was paid within 9 months of the year end.