Company registration number 04149882 (England and Wales)
LOCKING & SECURITY SOLUTIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LOCKING & SECURITY SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
LOCKING & SECURITY SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
163,948
131,000
Current assets
Stocks
5
845,145
859,581
Debtors
6
933,413
970,796
Cash at bank and in hand
59,186
72,129
1,837,744
1,902,506
Creditors: amounts falling due within one year
7
(758,393)
(897,064)
Net current assets
1,079,351
1,005,442
Total assets less current liabilities
1,243,299
1,136,442
Creditors: amounts falling due after more than one year
8
(83,334)
(135,239)
Provisions for liabilities
11
(44,810)
(35,255)
Net assets
1,115,155
965,948
Capital and reserves
Called up share capital
91,600
91,600
Share premium account
2,688
2,688
Capital redemption reserve
75,000
75,000
Profit and loss reserves
945,867
796,660
Total equity
1,115,155
965,948
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 September 2024 and are signed on its behalf by:
Mr BP Nesbitt
Mr NW Rule
Director
Director
Company registration number 04149882 (England and Wales)
LOCKING & SECURITY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Locking & Security Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 35, North Tyne Industrial Estate, Longbenton, Newcastle upon Tyne, Tyne and Wear, NE12 9SZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Significant estimates and judgements
The preparation of the financial statements requires the directors to make judgements and estimates. The main areas where such judgements and estimates are made are in respect of the depreciation policy and the estimated useful lives of the company's assets over which these assets are depreciated.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents net invoiced sales of goods, recognised when the goods are dispatched to the relevant customer.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
Straight line over 10 years
Fixtures and fittings
Straight line over 5 years
Computers
Straight line over 4 years
Tooling
Straight line over 10 years
1.5
Impairment of fixed assets
Property, plant and equipment are reviewed for impairment if events or changed in circumstances indicate that the carrying amount of such assets may not be recoverable. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared against its carrying amount. Where the estimated recoverable amount is lower, an impairment loss is recognised immediately om profit or loss.
1.6
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
LOCKING & SECURITY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Cash and cash equivalents
Cash at bank and cash in hand includes cash and short term high liquidity investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.8
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
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.
1.9
Employee 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.
1.10
Foreign exchange
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
1.11
Trade debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.
1.12
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
2
Exceptional item
2023
2022
£
£
Expenditure
Exceptional items
8,650
8,009
LOCKING & SECURITY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Exceptional item
(Continued)
- 4 -
During the year, the company incurred costs in connection with a share buy back and fees for company share valuation. In the previous year, the costs incurred solely related to the share buy back.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
32
31
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Tooling
Total
£
£
£
£
£
Cost
At 1 January 2023
174,144
89,385
250,579
87,750
601,858
Additions
28,719
11,686
33,100
1,085
74,590
Disposals
(4,957)
(4,957)
At 31 December 2023
202,863
101,071
278,722
88,835
671,491
Depreciation and impairment
At 1 January 2023
136,307
66,896
184,467
83,188
470,858
Depreciation charged in the year
8,469
7,074
20,115
1,027
36,685
At 31 December 2023
144,776
73,970
204,582
84,215
507,543
Carrying amount
At 31 December 2023
58,087
27,101
74,140
4,620
163,948
At 31 December 2022
37,837
22,489
66,112
4,562
131,000
5
Stocks
2023
2022
£
£
Stocks
845,145
859,581
LOCKING & SECURITY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
708,077
690,817
Corporation tax recoverable
39,196
39,197
Other debtors
133,841
157,214
Prepayments and accrued income
52,299
83,568
933,413
970,796
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9
50,000
50,000
Obligations under finance leases
10
1,905
3,265
Trade creditors
404,347
326,861
Corporation tax
30,846
54,930
Other taxation and social security
114,448
57,357
Other creditors
14,921
262,696
Accruals and deferred income
141,926
141,955
758,393
897,064
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
9
83,334
133,334
Obligations under finance leases
10
1,905
83,334
135,239
9
Loans and overdrafts
2023
2022
£
£
Bank loans
133,334
183,334
Payable within one year
50,000
50,000
Payable after one year
83,334
133,334
LOCKING & SECURITY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
10
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
1,905
3,265
In two to five years
1,905
1,905
5,170
The hire purchase contract is secured against the asset in which it relates.
11
Provisions for liabilities
2023
2022
£
£
Other provisions
4,181
4,181
Deferred tax liabilities
12
40,629
31,074
44,810
35,255
12
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
40,629
31,074
2023
Movements in the year:
£
Liability at 1 January 2023
31,074
Charge to profit or loss
9,555
Liability at 31 December 2023
40,629
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
LOCKING & SECURITY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Audit report information
(Continued)
- 7 -
Senior Statutory Auditor:
Michael T Moran BA FCA
Statutory Auditor:
Robson Laidler Accountants Limited
Date of audit report:
23 September 2024
14
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
396,510
105,183