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Registration number: 05982492

Brinnick Locksmiths And Security Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 March 2024

image-name
 

Brinnick Locksmiths And Security Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Brinnick Locksmiths And Security Limited

Company Information

Director

Mr NIJ Williams

Company secretary

Mrs KV Williams

Registered office

58 High Street
Newport Pagnell
Buckinghamshire
MK16 8AQ

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St. John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Brinnick Locksmiths And Security Limited
for the Year Ended 30 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Brinnick Locksmiths And Security Limited for the year ended 30 March 2024 as set out on pages 3 to 11 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 at
http://www.icaew.com/regulation.

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

It is your duty to ensure that Brinnick Locksmiths And Security Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Brinnick Locksmiths And Security Limited. You consider that Brinnick Locksmiths And Security 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 accounts of Brinnick Locksmiths And Security 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 accounts.

......................................

Michael J Emery & Co Limited
Chartered Accountants
22 St. John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

2 September 2024

 

Brinnick Locksmiths And Security Limited

(Registration number: 05982492)
Balance Sheet as at 30 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

18,900

25,200

Tangible assets

5

6,321

7,235

 

25,221

32,435

Current assets

 

Stocks

6

95,000

107,000

Debtors

7

53,496

101,171

Cash at bank and in hand

 

22,166

37,517

 

170,662

245,688

Creditors: Amounts falling due within one year

8

(111,128)

(140,021)

Net current assets

 

59,534

105,667

Total assets less current liabilities

 

84,755

138,102

Creditors: Amounts falling due after more than one year

8

(12,280)

(24,048)

Provisions for liabilities

(935)

(1,050)

Net assets

 

71,540

113,004

Capital and reserves

 

Called up share capital

100

100

Retained earnings

71,440

112,904

Shareholders' funds

 

71,540

113,004

For the financial year ending 30 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 2 September 2024
 

 

Brinnick Locksmiths And Security Limited

(Registration number: 05982492)
Balance Sheet as at 30 March 2024

.........................................
Mr NIJ Williams
Director

 

Brinnick Locksmiths And Security Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
58 High Street
Newport Pagnell
Buckinghamshire
MK16 8AQ

These financial statements were authorised for issue by the director on 2 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Brinnick Locksmiths And Security Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% on cost

Fixtures and fittings

25% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Brinnick Locksmiths And Security Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Brinnick Locksmiths And Security Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, including the director, was 7 (2023 - 7).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 31 March 2023

126,000

126,000

At 30 March 2024

126,000

126,000

Amortisation

At 31 March 2023

100,800

100,800

Amortisation charge

6,300

6,300

At 30 March 2024

107,100

107,100

Carrying amount

At 30 March 2024

18,900

18,900

At 30 March 2023

25,200

25,200

 

Brinnick Locksmiths And Security Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 31 March 2023

29,750

19,078

48,828

Additions

2,159

-

2,159

At 30 March 2024

31,909

19,078

50,987

Depreciation

At 31 March 2023

28,269

13,324

41,593

Charge for the year

650

2,423

3,073

At 30 March 2024

28,919

15,747

44,666

Carrying amount

At 30 March 2024

2,990

3,331

6,321

At 30 March 2023

1,481

5,754

7,235

6

Stocks

2024
£

2023
£

Inventory

95,000

107,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

45,000

91,833

Prepayments

859

974

PAYE and NIC debtor

-

727

Other debtors

7,637

7,637

 

53,496

101,171

 

Brinnick Locksmiths And Security Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

15,866

28,376

Trade creditors

 

33,181

37,474

Directors loan account

 

6,308

1,047

Accruals

 

4,331

4,637

PAYE and NIC creditor

 

10,261

-

VAT Control account

 

9,284

15,141

Corporation tax control

 

30,276

50,534

Other creditors

 

1,621

2,812

 

111,128

140,021

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

12,280

24,048

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

12,280

22,435

Other borrowings

-

1,613

12,280

24,048

Current loans and borrowings

2024
£

2023
£

Bank borrowings

11,043

9,952

Bank overdrafts

3,211

-

Other borrowings

1,612

18,424

15,866

28,376

 

Brinnick Locksmiths And Security Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £29,000 (2023 - £43,500). The financial commitments not included in the balance sheet includes operating leases for rent for five years.