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Registered number: 09824903
Fortress Master Locksmiths Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
SGR Accountancy Ltd
80 South Gipsy Road
Welling
Kent
DA16 1JD
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09824903
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 30,079 39,867
30,079 39,867
CURRENT ASSETS
Stocks 5 170,839 171,486
Debtors 6 34,184 96,989
Cash at bank and in hand 179,987 152,037
385,010 420,512
Creditors: Amounts Falling Due Within One Year 7 (106,676 ) (141,655 )
NET CURRENT ASSETS (LIABILITIES) 278,334 278,857
TOTAL ASSETS LESS CURRENT LIABILITIES 308,413 318,724
Creditors: Amounts Falling Due After More Than One Year 8 (23,959 ) (34,977 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,520 ) (7,575 )
NET ASSETS 276,934 276,172
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 276,834 276,072
SHAREHOLDERS' FUNDS 276,934 276,172
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr David Trott
Director
25 September 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Fortress Master Locksmiths Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09824903 . The registered office is 107 Brixton Hill, London, SW2 1AA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Amortised over 10 years
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
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2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2022: 7)
7 7
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4. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 January 2023 3,570 55,801 29,687 89,058
As at 31 December 2023 3,570 55,801 29,687 89,058
Depreciation
As at 1 January 2023 1,428 31,133 16,630 49,191
Provided during the period 357 6,167 3,264 9,788
As at 31 December 2023 1,785 37,300 19,894 58,979
Net Book Value
As at 31 December 2023 1,785 18,501 9,793 30,079
As at 1 January 2023 2,142 24,668 13,057 39,867
5. Stocks
2023 2022
£ £
Finished goods 170,839 171,486
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 22,062 94,867
Other debtors 12,122 2,122
34,184 96,989
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 5,623 9,481
Trade creditors (402 ) 22,633
Bank loans and overdrafts 10,000 9,996
...CONTINUED
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Amounts owed to participating interests 54,569 50,275
Other creditors 2,450 2,450
Taxation and social security 34,436 46,820
106,676 141,655
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 5,605 6,619
Bank loans 18,354 28,358
23,959 34,977
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 5,623 9,481
Later than one year and not later than five years 5,605 6,619
11,228 16,100
11,228 16,100
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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