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REGISTERED NUMBER: 12090455 (England and Wales)




























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

ITALIAN LOCKING SYSTEMS LIMITED

ITALIAN LOCKING SYSTEMS LIMITED (REGISTERED NUMBER: 12090455)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 6

ITALIAN LOCKING SYSTEMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: A J Graham
R N Womersley





REGISTERED OFFICE: Unit B9 Lowfields Close
Lowfields Business Park
Elland
West Yorkshire
HX5 9DX





REGISTERED NUMBER: 12090455 (England and Wales)





ACCOUNTANTS: Hanley & Co
Chartered Accountants
Suite 204 Ashton Old Baths
Stamford Street West
Ashton-under-Lyne
Lancashire
OL6 7FW

ITALIAN LOCKING SYSTEMS LIMITED (REGISTERED NUMBER: 12090455)

ABRIDGED BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 1,561 1

CURRENT ASSETS
Inventories 361,117 445,019
Debtors 938,951 584,061
Cash at bank 29,784 31,715
1,329,852 1,060,795
CREDITORS
Amounts falling due within one year 552,845 445,170
NET CURRENT ASSETS 777,007 615,625
TOTAL ASSETS LESS CURRENT
LIABILITIES

778,568

615,626

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 778,567 615,625
778,568 615,626

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

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

ITALIAN LOCKING SYSTEMS LIMITED (REGISTERED NUMBER: 12090455)

ABRIDGED BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 October 2024 and were signed on its behalf by:





R N Womersley - Director


ITALIAN LOCKING SYSTEMS LIMITED (REGISTERED NUMBER: 12090455)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Italian Locking Systems 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.

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
Revenue 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.
Plant and machinery etc - 15% on reducing balance

Stocks
Inventories 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 Statement of Income and Retained Earnings, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

ITALIAN LOCKING SYSTEMS LIMITED (REGISTERED NUMBER: 12090455)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. PROPERTY, PLANT AND EQUIPMENT
Totals
£   
COST
At 1 April 2023 318
Additions 1,835
At 31 March 2024 2,153
DEPRECIATION
At 1 April 2023 317
Charge for year 275
At 31 March 2024 592
NET BOOK VALUE
At 31 March 2024 1,561
At 31 March 2023 1

5. RELATED PARTY DISCLOSURES

Other debtors includes a loan to R Safety Products Holdings Limited which is interest free. The balance at 31 March 2024 is £837,992 (2023 - £455,544).

Other creditors includes a loan from Reece Safety Products Ltd which is interest free. The balance at 31 March 2024 is £383,087 (2023 - £292,987).

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
ITALIAN LOCKING SYSTEMS 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 Abridged 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 Italian Locking Systems Limited for the year ended 31 March 2024 which comprise the Abridged Statement of Income and Retained Earnings, Abridged Balance Sheet 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 Italian Locking Systems 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 Italian Locking Systems Limited and state those matters that we have agreed to state to the Board of Directors of Italian Locking Systems 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 Italian Locking Systems Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Italian Locking Systems 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 Italian Locking Systems Limited. You consider that Italian Locking Systems 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 Italian Locking Systems 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.






Hanley & Co
Chartered Accountants
Suite 204 Ashton Old Baths
Stamford Street West
Ashton-under-Lyne
Lancashire
OL6 7FW


4 October 2024