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Registration number: 04759876

Prestige Locksmiths (Withington) Limited

Unaudited Financial Statements

for the Period from 31 March 2023 to 30 April 2024

 

Prestige Locksmiths (Withington) Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Prestige Locksmiths (Withington) Limited

(Registration number: 04759876)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

2

Current assets

 

Stocks

5

-

2,800

Debtors

6

-

3,542

Cash at bank and in hand

 

-

225

 

-

6,567

Creditors: Amounts falling due within one year

7

(7,315)

(9,522)

Net current liabilities

 

(7,315)

(2,955)

Net liabilities

 

(7,315)

(2,953)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(7,316)

(2,954)

Shareholders' deficit

 

(7,315)

(2,953)

For the financial period ending 30 April 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 period 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 Income Statement.

Approved and authorised by the director on 31 January 2025
 

 

Prestige Locksmiths (Withington) Limited

(Registration number: 04759876)
Statement of Financial Position as at 30 April 2024

.........................................
Mr G Thornton
Director

   
     
 

Prestige Locksmiths (Withington) Limited

Notes to the Unaudited Financial Statements for the Period from 31 March 2023 to 30 April 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:
456 Wilmslow Road
Withington
Manchester
Lancashire
M20 3BG
United Kingdom

These financial statements were authorised for issue by the director on 31 January 2025.

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 the Financial Reporting Standard Section1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company ceased to trade on 24 April 2024, therefore the accounts have not been prepared on a going
concern basis.

Government grants

Government grants are recognised in the profit and loss account on an accruals basis.

Tax

The tax expense for the period comprises current 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.

Depreciation

Depreciation is charged so as to write off the cost of assets as follows:

 

Prestige Locksmiths (Withington) Limited

Notes to the Unaudited Financial Statements for the Period from 31 March 2023 to 30 April 2024

Asset class

Depreciation method and rate

Plant and machinery

15% on cost

Computer equipment

33% on cost

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.

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 income statement 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.

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.

 

Prestige Locksmiths (Withington) Limited

Notes to the Unaudited Financial Statements for the Period from 31 March 2023 to 30 April 2024

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2023 - 1).

 

Prestige Locksmiths (Withington) Limited

Notes to the Unaudited Financial Statements for the Period from 31 March 2023 to 30 April 2024

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 31 March 2023

4,389

600

4,989

Disposals

(4,389)

(600)

(4,989)

At 30 April 2024

-

-

-

Depreciation

At 31 March 2023

4,388

599

4,987

Eliminated on disposal

(4,388)

(599)

(4,987)

At 30 April 2024

-

-

-

Carrying amount

At 30 April 2024

-

-

-

At 30 March 2023

1

1

2

5

Stocks

2024
£

2023
£

Other inventories

-

2,800

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

3,000

Other debtors

-

542

 

-

3,542

 

Prestige Locksmiths (Withington) Limited

Notes to the Unaudited Financial Statements for the Period from 31 March 2023 to 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

2,128

Taxation and social security

 

1,305

866

Accruals and deferred income

 

3,592

6,198

Other creditors

 

2,418

330

 

7,315

9,522

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

2,128

9

Related party transactions

Transactions with the director

2024

At 31 March 2023
£

Repayments by director
£

At 30 April 2024
£

Mr G Thornton

Non-interest bearing loan, repayable on demand

543

(543)

-

2023

At 31 March 2022
£

Advances to director
£

At 30 March 2023
£

Mr G Thornton

Non-interest bearing loan, repayable on demand

(1,075)

1,618

543