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REGISTERED NUMBER: 08658767 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Locks, Door and Window Fittings Ltd

Locks, Door and Window Fittings Ltd (Registered number: 08658767)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Locks, Door and Window Fittings Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: D W Parsons
Mrs S A Parsons





REGISTERED OFFICE: 9 Wireworks Estate
Bristol Road
Bridgwater
Somerset
TA6 4AP





REGISTERED NUMBER: 08658767 (England and Wales)

Locks, Door and Window Fittings Ltd (Registered number: 08658767)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 6,000
Tangible assets 5 10,017 13,439
10,017 19,439

CURRENT ASSETS
Stocks 274,500 275,000
Debtors 6 119,676 185,489
Cash at bank and in hand 37,537 17,271
431,713 477,760
CREDITORS
Amounts falling due within one year 7 161,301 238,969
NET CURRENT ASSETS 270,412 238,791
TOTAL ASSETS LESS CURRENT
LIABILITIES

280,429

258,230

CREDITORS
Amounts falling due after more than one
year

8

(18,181

)

(28,409

)

PROVISIONS FOR LIABILITIES (2,342 ) (3,162 )
NET ASSETS 259,906 226,659

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 259,904 226,657
SHAREHOLDERS' FUNDS 259,906 226,659

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.

Locks, Door and Window Fittings Ltd (Registered number: 08658767)

Balance Sheet - 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:




D W Parsons - Director



Mrs S A Parsons - Director


Locks, Door and Window Fittings Ltd (Registered number: 08658767)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Locks, Door and Window Fittings Ltd 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on 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 Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
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.

Locks, Door and Window Fittings Ltd (Registered number: 08658767)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 60,000
AMORTISATION
At 1 January 2023 54,000
Amortisation for year 6,000
At 31 December 2023 60,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 6,000

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023
and 31 December 2023 4,595 2,604 28,822 8,440 44,461
DEPRECIATION
At 1 January 2023 4,251 2,409 16,663 7,699 31,022
Charge for year 86 49 3,040 247 3,422
At 31 December 2023 4,337 2,458 19,703 7,946 34,444
NET BOOK VALUE
At 31 December 2023 258 146 9,119 494 10,017
At 31 December 2022 344 195 12,159 741 13,439

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 115,068 184,042
Other debtors (1,030 ) (663 )
Directors' current accounts 5,638 2,110
119,676 185,489

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 13,636 13,636
Trade creditors 40,954 94,796
Factoring account 55,455 81,340
Tax 26,670 24,820
Social security and other taxes 4,787 4,196
VAT 11,407 8,781
Accruals and deferred income 8,392 11,400
161,301 238,969

Locks, Door and Window Fittings Ltd (Registered number: 08658767)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 13,636 13,636
Bank loans - 2-5 years 4,545 14,773
18,181 28,409

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Between one and five years - 29,225

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
D W Parsons and Mrs S A Parsons
Balance outstanding at start of year 2,110 59,963
Amounts advanced 72,528 71,147
Amounts repaid (69,000 ) (129,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,638 2,110