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REGISTERED NUMBER: 08970079 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

FOR

SOUTH DEVON LOCKSMITHS LIMITED

SOUTH DEVON LOCKSMITHS LIMITED (REGISTERED NUMBER: 08970079)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SOUTH DEVON LOCKSMITHS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 5 APRIL 2024







DIRECTORS: Mr G McNae
Mrs D M McNae



REGISTERED OFFICE: Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



REGISTERED NUMBER: 08970079 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: NatWest
48 Courtenay Street
Newton Abbot
Devon
TQ12 2EE

SOUTH DEVON LOCKSMITHS LIMITED (REGISTERED NUMBER: 08970079)

BALANCE SHEET
5 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 13,110 16,818
13,110 16,818

CURRENT ASSETS
Stocks 6 750 500
Debtors 7 2,617 3,001
Cash at bank 4,690 2,730
8,057 6,231
CREDITORS
Amounts falling due within one year 8 10,685 9,951
NET CURRENT LIABILITIES (2,628 ) (3,720 )
TOTAL ASSETS LESS CURRENT LIABILITIES 10,482 13,098

CREDITORS
Amounts falling due after more than one
year

9

(4,151

)

(9,652

)

PROVISIONS FOR LIABILITIES (2,491 ) (3,195 )
NET ASSETS 3,840 251

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 3,838 249
SHAREHOLDERS' FUNDS 3,840 251

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 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.

SOUTH DEVON LOCKSMITHS LIMITED (REGISTERED NUMBER: 08970079)

BALANCE SHEET - continued
5 APRIL 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 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 7 November 2024 and were signed on its behalf by:




Mrs D M McNae - Director



Mr G McNae - Director


SOUTH DEVON LOCKSMITHS LIMITED (REGISTERED NUMBER: 08970079)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024


1. STATUTORY INFORMATION

South Devon Locksmiths 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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks 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.

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.

SOUTH DEVON LOCKSMITHS LIMITED (REGISTERED NUMBER: 08970079)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 6 April 2023
and 5 April 2024 10,000
AMORTISATION
At 6 April 2023
and 5 April 2024 10,000
NET BOOK VALUE
At 5 April 2024 -
At 5 April 2023 -

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 6 April 2023 13,590 23,526 - 37,116
Additions - - 424 424
At 5 April 2024 13,590 23,526 424 37,540
DEPRECIATION
At 6 April 2023 10,006 10,292 - 20,298
Charge for year 717 3,309 106 4,132
At 5 April 2024 10,723 13,601 106 24,430
NET BOOK VALUE
At 5 April 2024 2,867 9,925 318 13,110
At 5 April 2023 3,584 13,234 - 16,818

SOUTH DEVON LOCKSMITHS LIMITED (REGISTERED NUMBER: 08970079)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 6 April 2023
and 5 April 2024 23,526
DEPRECIATION
At 6 April 2023 10,292
Charge for year 3,309
At 5 April 2024 13,601
NET BOOK VALUE
At 5 April 2024 9,925
At 5 April 2023 13,234

6. STOCKS
2024 2023
£    £   
Stocks 750 500

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,135 1,574
Other debtors 12 -
Tax - 1,427
Prepayments 470 -
2,617 3,001

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 1,751 2,500
Hire purchase contracts 3,928 3,705
Tax 619 -
Social security and other taxes - 481
Directors' current accounts 1,983 1,326
Accrued expenses 2,404 1,939
10,685 9,951

SOUTH DEVON LOCKSMITHS LIMITED (REGISTERED NUMBER: 08970079)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years - 1,573
Hire purchase contracts 4,151 8,079
4,151 9,652

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 5 April 2024 and 5 April 2023:

2024 2023
£    £   
Mr G McNae and Mrs D M McNae
Balance outstanding at start of year (1,326 ) (1,215 )
Amounts advanced 29,624 24,308
Amounts repaid (30,281 ) (24,419 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (1,983 ) (1,326 )

Loans and unsecured, interest free and repayable on demand.

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £2,000 were paid to the directors .