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REGISTERED NUMBER: SC276680 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ALBA LOCK AND SAFE COMPANY LIMITED

ALBA LOCK AND SAFE COMPANY LIMITED (REGISTERED NUMBER: SC276680)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


ALBA LOCK AND SAFE COMPANY LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: R Meechan
S Meechan





SECRETARY: R Meechan





REGISTERED OFFICE: Paradovan Works
Philpstoun
Linlithgow
West Lothian
EH49 7TT





REGISTERED NUMBER: SC276680 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Q Court
3 Quality Street
Edinburgh
EH4 5BP

ALBA LOCK AND SAFE COMPANY LIMITED (REGISTERED NUMBER: SC276680)

STATEMENT OF FINANCIAL POSITION
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 17,614 6,014
17,614 6,014

CURRENT ASSETS
Stocks 5,000 5,000
Debtors 6 31,544 41,838
Cash at bank and in hand 49,709 32,433
86,253 79,271
CREDITORS
Amounts falling due within one year 7 58,112 43,466
NET CURRENT ASSETS 28,141 35,805
TOTAL ASSETS LESS CURRENT
LIABILITIES

45,755

41,819

CREDITORS
Amounts falling due after more than one
year

8

(28,752

)

(34,234

)

PROVISIONS FOR LIABILITIES 10 - (1,143 )
NET ASSETS 17,003 6,442

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 17,001 6,440
SHAREHOLDERS' FUNDS 17,003 6,442

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

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

ALBA LOCK AND SAFE COMPANY LIMITED (REGISTERED NUMBER: SC276680)

STATEMENT OF FINANCIAL POSITION - continued
31 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 9 August 2024 and were signed on its behalf by:





R Meechan - Director


ALBA LOCK AND SAFE COMPANY LIMITED (REGISTERED NUMBER: SC276680)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Alba Lock And Safe Company Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents the sales of goods and provision of services relating to safe installations, excluding value added tax.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of five years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% per annum reducing balance
Fixtures and fittings - 25% per annum reducing balance
Motor vehicles - 25% per annum reducing balance
Computer equipment - 33% per annum on cost

The carrying values of tangible fixed assets are reviewed for impairment on an annual basis.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

ALBA LOCK AND SAFE COMPANY LIMITED (REGISTERED NUMBER: SC276680)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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 statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

ALBA LOCK AND SAFE COMPANY LIMITED (REGISTERED NUMBER: SC276680)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Website
£   
COST
At 1 January 2023
and 31 December 2023 9,050
AMORTISATION
At 1 January 2023
and 31 December 2023 9,050
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

ALBA LOCK AND SAFE COMPANY LIMITED (REGISTERED NUMBER: SC276680)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 11,464 77 47,498 3,847 62,886
Additions - - 21,500 - 21,500
At 31 December 2023 11,464 77 68,998 3,847 84,386
DEPRECIATION
At 1 January 2023 11,184 77 41,875 3,736 56,872
Charge for year 69 - 9,804 27 9,900
At 31 December 2023 11,253 77 51,679 3,763 66,772
NET BOOK VALUE
At 31 December 2023 211 - 17,319 84 17,614
At 31 December 2022 280 - 5,623 111 6,014

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 21,500
At 31 December 2023 21,500
DEPRECIATION
Charge for year 8,398
At 31 December 2023 8,398
NET BOOK VALUE
At 31 December 2023 13,102

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 26,244 30,492
Other debtors 5,300 11,346
31,544 41,838

ALBA LOCK AND SAFE COMPANY LIMITED (REGISTERED NUMBER: SC276680)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 16,384 15,267
Hire purchase contracts 4,167 -
Trade creditors 1,398 3,587
Taxation and social security 30,025 19,684
Other creditors 6,138 4,928
58,112 43,466

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 17,849 34,234
Hire purchase contracts 10,903 -
28,752 34,234

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 34,233 49,501
Hire purchase contracts 15,070 -
49,303 49,501

Svenska Handelsbanken AB (publ) holds a bond and floating charge over the assets of the company.

10. PROVISIONS FOR LIABILITIES
2022
£   
Deferred tax 1,143

Deferred
tax
£   
Balance at 1 January 2023 1,143
Accelerated capital allowance (1,636 )
Balance at 31 December 2023 (493 )

11. RELATED PARTY DISCLOSURES

Included in 'Other creditors' is an amount of £1,297 (2022- £1,932) due to the director from the company.
This loan is interest free and has no fixed terms of repayment.