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REGISTERED NUMBER: 08456285 (England and Wales)
















Locksmiths Direct Limited

Unaudited Financial Statements

for the Year Ended 31st March 2024






Locksmiths Direct Limited (Registered number: 08456285)






Contents of the Financial Statements
for the Year Ended 31st March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Locksmiths Direct Limited

Company Information
for the Year Ended 31st March 2024







Directors: Mr S Patel
Mr H Patel





Registered office: 7 Bell Yard
London
WC2A 2JR





Registered number: 08456285 (England and Wales)





Accountants: AN Accountancy
Accountants
4th Floor
100 Fenchurch Street
London
United Kingdom
EC3M 5JD

Locksmiths Direct Limited (Registered number: 08456285)

Statement of Financial Position
31st March 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 59,563 36,751

Current assets
Stocks 12,310 11,990
Debtors 5 23,019 19,450
Cash at bank 28,447 22,502
63,776 53,942
Creditors
Amounts falling due within one year 6 87,970 77,956
Net current liabilities (24,194 ) (24,014 )
Total assets less current liabilities 35,369 12,737

Provisions for liabilities 13,354 6,833
Net assets 22,015 5,904

Capital and reserves
Called up share capital 200 200
Retained earnings 21,815 5,704
22,015 5,904

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 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.

Locksmiths Direct Limited (Registered number: 08456285)

Statement of Financial Position - continued
31st March 2024


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 4th September 2024 and were signed on its behalf by:





Mr H Patel - Director


Locksmiths Direct Limited (Registered number: 08456285)

Notes to the Financial Statements
for the Year Ended 31st March 2024

1. Statutory information

Locksmiths Direct 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.

It is unclear how the 2020 coronavirus will impact the company and given that the severity cannot be reliably estimated, the financial statements have been prepared on a going concern basis.

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 the cost less estimated residual value of each asset over its estimated useful life.
Motor vehicles - 25% reducing balance
Equipment - 25% 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 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.

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 2 (2023 - 3 ) .

Locksmiths Direct Limited (Registered number: 08456285)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

4. Tangible fixed assets
Motor
vehicles Equipment Totals
£    £    £   
Cost
At 1st April 2023 60,717 8,346 69,063
Additions 30,500 1,500 32,000
At 31st March 2024 91,217 9,846 101,063
Depreciation
At 1st April 2023 26,563 5,749 32,312
Charge for year 8,539 649 9,188
At 31st March 2024 35,102 6,398 41,500
Net book value
At 31st March 2024 56,115 3,448 59,563
At 31st March 2023 34,154 2,597 36,751

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 22,766 19,450
Other debtors 253 -
23,019 19,450

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Taxation and social security 8,837 15,184
Other creditors 79,133 62,772
87,970 77,956

7. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31st March 2024 and 31st March 2023:

2024 2023
£    £   
Mr S Patel and Mr H Patel
Balance outstanding at start of year - 568
Amounts repaid - (568 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -