Registered number: 11677009 | ||||||||
FOR THE YEAR ENDED 30/11/2023 | ||||||||
Prepared By: | ||||||||
JAN G GROMADZKI | ||||||||
CHARTERED ACCOUNTANT | ||||||||
13 WOLVERHAMPTON ROAD | ||||||||
CODSALL | ||||||||
WOLVERHAMPTON | ||||||||
WEST MIDLANDS | ||||||||
WV8 1PT |
KEYLOCKSUPPLIES LTD | ||||||||
ACCOUNTS | ||||||||
FOR THE YEAR ENDED 30/11/2023 | ||||||||
DIRECTORS | ||||||||
SECRETARY | ||||||||
REGISTERED OFFICE | ||||||||
STAFFORDSHIRE | ||||||||
COMPANY DETAILS | ||||||||
Private company limited by shares registered in EW - England and Wales, registered number 11677009 | ||||||||
BANKERS | ||||||||
LLOYDS BANK plc | ||||||||
ACCOUNTANTS | ||||||||
JAN G GROMADZKI | ||||||||
CHARTERED ACCOUNTANT | ||||||||
13 WOLVERHAMPTON ROAD | ||||||||
CODSALL | ||||||||
WOLVERHAMPTON | ||||||||
WEST MIDLANDS | ||||||||
WV8 1PT |
KEYLOCKSUPPLIES LTD | ||||||||
ACCOUNTS | ||||||||
FOR THEYEARENDED30/11/2023 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Directors' Report | - | |||||||
Accountants' Report | - | |||||||
Statement Of Comprehensive Income | - | |||||||
Balance Sheet | 3 | |||||||
Notes To The Accounts | 4 | |||||||
The following do not form part of the statutory financial statements: | ||||||||
Trading And Profit And Loss Account | - | |||||||
Profit And Loss Account Summaries | - |
KEYLOCKSUPPLIES LTD | ||||||||
BALANCE SHEET AT | ||||||||||
2023 | 2022 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Tangible assets | 3 | |||||||||
CURRENT ASSETS | ||||||||||
Stock | ||||||||||
Debtors | 5 | |||||||||
Cash at bank and in hand | ||||||||||
110,062 | 107,492 | |||||||||
CREDITORS: Amounts falling due within one year | 6 | |||||||||
NET CURRENT LIABILITIES | ( | (26,265) | ||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | ||||||||||
CREDITORS: Amounts falling due after more than one year | 7 | 22,051 | 30,909 | |||||||
PROVISIONS FOR LIABILITIES AND CHARGES | 8 | |||||||||
NET ASSETS | ||||||||||
CAPITAL AND RESERVES | ||||||||||
Called up share capital | 9 | |||||||||
Profit and loss account | 1,267 | 10,588 | ||||||||
SHAREHOLDERS' FUNDS | ||||||||||
Approved by the board on | ||||||||||
............................. | ||||||||||
Director | ||||||||||
KEYLOCKSUPPLIES LTD | ||||||||
NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 30/11/2023 | ||||||||||
1. ACCOUNTING POLICIES |
1a. Basis Of Accounting FRS 1021 a | ||||||||
The accounts have been prepared under the historical cost convention and are stated in United Kingdom Pounds Sterling. | ||||||||
The accounts have been prepared in accordance with FRS102 section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. |
1b. Going Concern | ||||||||
The company is in a net current liability position of £ 54,194 as at 30 November 2023. However the director has given assurances to the company that he will not draw on his loan account of £ 43,010 for at least twelve months from the date that the balance sheet was signed. The director has given further assurances to the company that he will introduce additional monies, should it be required for the company to pay its debts as they fall due. On this basis the financial statements have been prepared on the going concern basis. |
1c. Depreciation | ||||||||
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is an indication that any items have suffered impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. | ||||||||
Plant And Machinery | straight line10% | |||||||
Commercial Vehicles | straight line10% | |||||||
Fixtures And Fittings | straight line10% | |||||||
Equipment | straight line10% |
1d. Stocks | ||||||||
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. | ||||||||
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs. |
KEYLOCKSUPPLIES LTD | ||||||||
2. EMPLOYEES | ||||||
2023 | 2022 | |||||
No. | No. | |||||
Average number of employees | 2 | |||||
3. TANGIBLE FIXED ASSETS | ||||||||||
Plant and | Commercial | Fixtures | ||||||||
Machinery | Vehicles | and Fittings | Equipment | Total | ||||||
£ | £ | £ | £ | £ | ||||||
Cost | ||||||||||
At 01/12/2022 | 22,397 | 66,440 | 531 | 4,268 | 93,636 | |||||
Additions | 950 | 18,129 | - | - | 19,079 | |||||
Disposals | (540) | - | - | - | (540) | |||||
At 30/11/2023 | 22,807 | 84,569 | 531 | 4,268 | 112,175 | |||||
Depreciation | ||||||||||
At 01/12/2022 | 7,629 | 11,538 | 212 | 1,633 | 21,012 | |||||
Disposals | (270) | - | - | - | (270) | |||||
For the year | 2,194 | 8,457 | 53 | 427 | 11,131 | |||||
At 30/11/2023 | 9,553 | 19,995 | 265 | 2,060 | 31,873 | |||||
Net Book Amounts | ||||||||||
At 30/11/2023 | 80,302 | |||||||||
At 30/11/2022 | 72,624 | |||||||||
4. STOCK | 2023 | 2022 | ||||
£ | £ | |||||
Stock comprises: | ||||||
Stock | ||||||
5. DEBTORS | 2023 | 2022 | ||||||
£ | £ | |||||||
Amounts falling due within one year | ||||||||
Trade debtors | 36,977 | 55,797 | ||||||
Other debtors | 129 | 129 | ||||||
Prepayments | 320 | 360 | ||||||
37,426 | 56,286 | |||||||
KEYLOCKSUPPLIES LTD | ||||||||
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2023 | 2022 | |||||||
£ | £ | |||||||
UK corporation tax | 4,072 | 4,629 | ||||||
VAT | 4,191 | 14,981 | ||||||
PAYE control | 640 | 1,101 | ||||||
Directors current account | 43,010 | 37,058 | ||||||
Bank loans and overdrafts | 15,183 | 17,312 | ||||||
Trade creditors | 87,959 | 53,660 | ||||||
Other creditors | 5,366 | 1,966 | ||||||
Accruals | 3,835 | 3,050 | ||||||
164,256 | 133,757 | |||||||
7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Lloyds Bank plc bounce back loan (secured) >1yr | 15,527 | 21,000 | ||||||
LDF Finance - Loan >1yr | 6,524 | 9,909 | ||||||
22,051 | 30,909 | |||||||
8. PROVISIONS FOR LIABILITIES | 2023 | 2022 | ||||||
£ | £ | |||||||
Deferred taxation | 2,690 | 4,762 | ||||||
2,690 | 4,762 | |||||||
9. SHARE CAPITAL | 2023 | 2022 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
100 | 100 | |||||||
100 | 100 | |||||||
KEYLOCKSUPPLIES LTD | ||||||||
10. OTHER FINANCIAL COMMITMENTS | ||||||||
At 30/11/2023 the company was committed to making the following payments under non-cancellable operating leases: | ||||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Operating Leases which expire: | ||||||||
Within one year | 297 | - | ||||||
Within two to five years | 17,400 | 35,194 | ||||||
11. CONTROLLING PARTY | ||||||||
The director Mr S I Hyde owns fifty per cent of the company shares. He also has a beneficial interest in the other fifty per cent which are owned by his wife Mrs C A Hyde. | ||||||||
12. RELATED PARTY TRANSACTIONS | |||||||||||||||||||||||||||||||||||||
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13. NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES | ||||||||
The company is principally involved in the procurement and sale of locks and keys for both commercial and residential purposes. | ||||||||
Most of its activities are within the United Kingdom. | ||||||||
14. GENERAL INFORMATION | ||||||||
Keylocksupplies Ltd is a private company limited by shares and incorporated in England. Its registered office is 12 Mason Drive, Hednesford, Cannock, Staffordshire, WS12 4GL. | ||||||||
The financial statements are presented in United Kingdom Pounds Sterling, which is the functional currency of the company. | ||||||||