Registered number
07418926
Baldwin Locksmiths Limited
Filleted Accounts
30 March 2024
Baldwin Locksmiths Limited
Registered number: 07418926
Balance Sheet
as at 30 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 20,000 20,000
Tangible assets 4 28,358 34,575
48,358 54,575
Current assets
Stocks 7,850 7,850
Debtors 5 26,263 15,253
Cash at bank and in hand 90,753 85,925
124,866 109,028
Creditors: amounts falling due within one year 6 (26,196) (30,579)
Net current assets 98,670 78,449
Total assets less current liabilities 147,028 133,024
Creditors: amounts falling due after more than one year 7 (14,417) (19,943)
Net assets 132,611 113,081
Capital and reserves
Called up share capital 1 1
Profit and loss account 132,610 113,080
Shareholders' funds 132,611 113,081
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Baldwin
Director
Approved by the board on 14 May 2024
Baldwin Locksmiths Limited
Notes to the Accounts
for the year ended 30 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% straight line
Motor vehicles 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 31 March 2023 20,000
At 30 March 2024 20,000
Amortisation
At 30 March 2024 -
Net book value
At 30 March 2024 20,000
At 30 March 2023 20,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 31 March 2023 8,810 12,967 38,459 60,236
Additions - 146 900 1,046
Disposals - - (10,254) (10,254)
At 30 March 2024 8,810 13,113 29,105 51,028
Depreciation
At 31 March 2023 - 8,819 16,842 25,661
Charge for the year - 1,073 4,081 5,154
On disposals - - (8,145) (8,145)
At 30 March 2024 - 9,892 12,778 22,670
Net book value
At 30 March 2024 8,810 3,221 16,327 28,358
At 30 March 2023 8,810 4,148 21,617 34,575
5 Debtors 2024 2023
£ £
Trade debtors 26,263 15,253
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 2,023 1,863
Taxation and social security costs 23,357 20,744
Other creditors 816 7,972
26,196 30,579
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,417 19,943
8 Other information
Baldwin Locksmiths Limited is a private company limited by shares and incorporated in England. Its registered office is:
Agincourt House
14 Clytha Park Road
Newport
South Wales
NP20 4PB
Baldwin Locksmiths Limited 07418926 false 2023-03-31 2024-03-30 2024-03-30 VT Final Accounts July 2024 P Baldwin No description of principal activity 07418926 2022-03-31 2023-03-30 07418926 core:WithinOneYear 2023-03-30 07418926 core:AfterOneYear 2023-03-30 07418926 core:ShareCapital 2023-03-30 07418926 core:RetainedEarningsAccumulatedLosses 2023-03-30 07418926 2023-03-31 2024-03-30 07418926 bus:PrivateLimitedCompanyLtd 2023-03-31 2024-03-30 07418926 bus:AuditExempt-NoAccountantsReport 2023-03-31 2024-03-30 07418926 bus:Director40 2023-03-31 2024-03-30 07418926 1 2023-03-31 2024-03-30 07418926 2 2023-03-31 2024-03-30 07418926 core:LandBuildings 2023-03-31 2024-03-30 07418926 core:PlantMachinery 2023-03-31 2024-03-30 07418926 core:Vehicles 2023-03-31 2024-03-30 07418926 countries:England 2023-03-31 2024-03-30 07418926 bus:FRS102 2023-03-31 2024-03-30 07418926 bus:FilletedAccounts 2023-03-31 2024-03-30 07418926 2024-03-30 07418926 core:WithinOneYear 2024-03-30 07418926 core:AfterOneYear 2024-03-30 07418926 core:ShareCapital 2024-03-30 07418926 core:RetainedEarningsAccumulatedLosses 2024-03-30 07418926 core:Goodwill 2024-03-30 07418926 core:LandBuildings 2024-03-30 07418926 core:PlantMachinery 2024-03-30 07418926 core:Vehicles 2024-03-30 07418926 2023-03-30 07418926 core:Goodwill 2023-03-30 07418926 core:LandBuildings 2023-03-30 07418926 core:PlantMachinery 2023-03-30 07418926 core:Vehicles 2023-03-30 iso4217:GBP xbrli:pure