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REGISTERED NUMBER: 02017715 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Locks And Fittings Limited

Locks And Fittings Limited (Registered number: 02017715)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

Locks And Fittings Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: S W Mills
Mrs J A Mills
M Parry





REGISTERED OFFICE: Unit 7 & 8,
Rollingmill Street
Walsall
West Midlands
WS2 9EQ





REGISTERED NUMBER: 02017715 (England and Wales)





ACCOUNTANTS: Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD

Locks And Fittings Limited (Registered number: 02017715)

Balance Sheet
31 May 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 30,472 54,013

CURRENT ASSETS
Stocks 246,155 215,954
Debtors 5 679,670 454,964
Cash at bank and in hand 231,084 135,193
1,156,909 806,111
CREDITORS
Amounts falling due within one year 6 (662,699 ) (431,887 )
NET CURRENT ASSETS 494,210 374,224
TOTAL ASSETS LESS CURRENT
LIABILITIES

524,682

428,237

CREDITORS
Amounts falling due after more than one
year

7

(25,154

)

(62,980

)

PROVISIONS FOR LIABILITIES 9 (5,977 ) (11,502 )
NET ASSETS 493,551 353,755

CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Capital redemption reserve 20,000 20,000
Retained earnings 453,551 313,755
SHAREHOLDERS' FUNDS 493,551 353,755

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

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

Locks And Fittings Limited (Registered number: 02017715)

Balance Sheet - continued
31 May 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2024 and were signed on its behalf by:





M Parry - Director


Locks And Fittings Limited (Registered number: 02017715)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Locks And Fittings 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.

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 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 each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% 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.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Locks And Fittings Limited (Registered number: 02017715)

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

2. ACCOUNTING POLICIES - continued

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 15 (2023 - 14 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 June 2023 76,963 60,807 137,770
Disposals - (32,954 ) (32,954 )
At 31 May 2024 76,963 27,853 104,816
DEPRECIATION
At 1 June 2023 61,491 22,266 83,757
Charge for year 2,321 8,026 10,347
Eliminated on disposal - (19,760 ) (19,760 )
At 31 May 2024 63,812 10,532 74,344
NET BOOK VALUE
At 31 May 2024 13,151 17,321 30,472
At 31 May 2023 15,472 38,541 54,013

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 429,609 323,104
Amounts owed by group undertakings 238,501 121,075
Other debtors 11,560 10,785
679,670 454,964

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 13,042 13,042
Hire purchase contracts 7,153 9,947
Trade creditors 504,356 323,478
Taxation and social security 101,721 47,432
Other creditors 36,427 37,988
662,699 431,887

Locks And Fittings Limited (Registered number: 02017715)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 22,770 37,074
Hire purchase contracts 2,384 25,906
25,154 62,980

8. SECURED DEBTS

Debenture in favour of S W Mills containing a fixed and floating charge over all property and assets of the company dated 29 July 2021.

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 5,977 11,502

Deferred
tax
£   
Balance at 1 June 2023 11,502
Provided during year (5,525 )
Balance at 31 May 2024 5,977

10. RELATED PARTY DISCLOSURES

Transactions with Directors

20232022
££
Dividends paid to directors-2,200

Amount due to directors732732

Locks and Fittings Group Limited
Parent Company

During the year Locks and Fittings Limited paid dividends totalling £25,680 to the parent company, Locks and Fittings Group Limited.

There is an amount owing by Locks and Fittings Group Limited of £238,501 which is unsecured and has no specific terms regarding payment of interest. The amount due is repayable on demand but the directors of Locks and Fittings Limited have given their assurance that the amount payable will not be demanded until such time as Locks and Fittings Group Limited a can afford to do so without detriment to its operating and working capital needs.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Locks And Fittings Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Locks And Fittings Limited for the year ended 31 May 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Locks And Fittings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Locks And Fittings Limited and state those matters that we have agreed to state to the Board of Directors of Locks And Fittings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Locks And Fittings Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Locks And Fittings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Locks And Fittings Limited. You consider that Locks And Fittings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Locks And Fittings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD


13 September 2024