Company Registration Number 02020160 (England and Wales)
MASTER LOCKSMITHS ASSOCIATION
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
MASTER LOCKSMITHS ASSOCIATION
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 6
MASTER LOCKSMITHS ASSOCIATION
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
996,366
991,977
Current assets
Stocks
2,000
2,000
Debtors
5
215,871
210,915
Cash at bank and in hand
287,284
119,660
505,155
332,575
Creditors: amounts falling due within one year
6
(230,243)
(237,668)
Net current assets
274,912
94,907
Net assets
1,271,278
1,086,884
Reserves
Other reserves
73,516
Income and expenditure account
1,271,278
1,013,368
Members' funds
1,271,278
1,086,884
The directors of the company have elected not to include a copy of the income and expenditure 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 15 June 2024 and are signed on its behalf by:
Dr SC H George
Mr S Hales
Director
Director
Company registration number 02020160 (England and Wales)
MASTER LOCKSMITHS ASSOCIATION
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Income and expenditure
Total
£
£
£
Balance at 1 January 2022
73,516
1,099,190
1,172,706
Year ended 31 December 2022:
Deficit and total comprehensive income
-
(85,822)
(85,822)
Balance at 31 December 2022
73,516
1,013,368
1,086,884
Year ended 31 December 2023:
Surplus and total comprehensive income
-
257,910
257,910
Other movements
(73,516)
-
(73,516)
Balance at 31 December 2023
-
1,271,278
1,271,278
MASTER LOCKSMITHS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Master Locksmiths Association is a private company limited by guarantee incorporated in England and Wales. The registered office is 1 Prospect Park, Valley Drive, Rugby, Warwickshire, CV21 1TF.
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 including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention 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 £.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
Intangible fixed assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Intellectual Property
20% on cost
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:
Freehold land and buildings
2% on cost
Fixtures and fittings
25% on reducing balance
Computers
33% on cost
Investment in Subs
Recognised at cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
MASTER LOCKSMITHS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
7
3
Intangible fixed assets
Intellectual Property
£
Cost
At 1 January 2023 and 31 December 2023
22,300
Amortisation and impairment
At 1 January 2023 and 31 December 2023
22,300
Carrying amount
At 31 December 2023
At 31 December 2022
MASTER LOCKSMITHS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Investment in Subs
Total
£
£
£
£
Cost
At 1 January 2023
1,087,606
274,219
4
1,361,829
Additions
27,750
27,750
Disposals
(3,624)
(3,624)
At 31 December 2023
1,115,356
270,595
4
1,385,955
Depreciation and impairment
At 1 January 2023
98,084
271,768
369,852
Depreciation charged in the year
22,307
716
23,023
Eliminated in respect of disposals
(3,286)
(3,286)
At 31 December 2023
120,391
269,198
389,589
Carrying amount
At 31 December 2023
994,965
1,397
4
996,366
At 31 December 2022
989,522
2,451
4
991,977
Included in cost of land and buildings is freehold land of £10,800 (2022 - £10,800) which is not depreciated.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Service charges due
44,750
50,597
Amounts owed by related parties
150,000
150,000
Other debtors
21,121
10,318
215,871
210,915
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
25,386
29,543
Taxation and social security
12,381
26,232
Other creditors
192,476
181,893
230,243
237,668
MASTER LOCKSMITHS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
8
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.
Senior Statutory Auditor:
Richard Wilch FCCA
Statutory Auditor:
Cottons Accountants LLP
Date of audit report:
15 June 2024
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
11,465
14,801
10
Related Party Disclosure
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
11
Auditor's liability limitation agreement
Upon appointment of Cottons Accountants LLP as auditors, the company entered into a limitation liability agreement with the auditors and this was approved by resolution on 20th March 2024. Liability is limited to the lesser of 20 times the audit fee or £95,000. In accordance with section 537 of CA06, the effect of the liability limitation agreement is to limit the auditor's liability to less than such amount as is fair and reasonable, as determined by that section, the agreement shall have effect as if it limited the liability to such amount as is fair and reasonable, as so determined.
The agreement limits the liability owed to the company by the auditors in respect of any negligence, default or breach of duty, or breach of trust, occurring in the course of the audit of the accounts for the year ending 31st December 2023.
The agreement does not limit liability for any instance of fraud or dishonesty on behalf of the auditor or any other liability that cannot be excluded or restricted by applicable laws or regulations.