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COMPANY REGISTRATION NUMBER: 03189650
Britannia Lock & Safe Limited
Filleted Unaudited Financial Statements
30 April 2024
Britannia Lock & Safe Limited
Financial Statements
Year ended 30 April 2024
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
Britannia Lock & Safe Limited
Balance Sheet
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
79,063
165,563
Current assets
Stocks
5,000
10,000
Debtors
6
11,406
22,429
Cash at bank and in hand
12,947
14,655
--------
--------
29,353
47,084
Creditors: amounts falling due within one year
7
27,941
118,760
--------
---------
Net current assets/(liabilities)
1,412
( 71,676)
--------
---------
Total assets less current liabilities
80,475
93,887
Provisions
Taxation including deferred tax
466
600
--------
--------
Net assets
80,009
93,287
--------
--------
Capital and reserves
Called up share capital
6
6
Profit and loss account
80,003
93,281
--------
--------
Shareholders funds
80,009
93,287
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit or loss has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Britannia Lock & Safe Limited
Balance Sheet (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 10 January 2025 , and are signed on behalf of the board by:
Mr M P Walters
Director
Company registration number: 03189650
Britannia Lock & Safe Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 King Street, Newcastle Under Lyme, Staffordshire, ST5 1ER. The company registration number is 03189650 .
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT and trade discounts) of goods and services provided in the normal course of business. Revenue is recognised when goods are despatched, which is the same day on which the goods are delivered and hence the point at which the risks and rewards of ownership pass to the buyer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. Rental income from an operating lease is charged on a straight line basis over the period of the lease.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Freehold property- 2% straight line Land is not depreciated.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, and other costs incurred in bringing the stock to its present location and condition. Estimated selling price is the estimated proceeds from the sale of stock items, less all future costs to completion, costs to be incurred in marketing, selling and distributing.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value. Loans Loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
160,544
38,124
16,255
214,923
Disposals
( 85,544)
( 85,544)
---------
--------
--------
---------
At 30 April 2024
75,000
38,124
16,255
129,379
---------
--------
--------
---------
Depreciation
At 1 May 2023
35,134
14,226
49,360
Charge for the year
449
507
956
---------
--------
--------
---------
At 30 April 2024
35,583
14,733
50,316
---------
--------
--------
---------
Carrying amount
At 30 April 2024
75,000
2,541
1,522
79,063
---------
--------
--------
---------
At 30 April 2023
160,544
2,990
2,029
165,563
---------
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
11,050
22,073
Other debtors
356
356
--------
--------
11,406
22,429
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
93,124
Trade creditors
14,382
11,192
Corporation tax
7,974
5,049
Social security and other taxes
2,916
6,482
Other creditors
2,669
2,913
--------
---------
27,941
118,760
--------
---------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
3,571
3,571
Later than 1 year and not later than 5 years
13,092
14,282
Later than 5 years
2,380
--------
--------
16,663
20,233
--------
--------