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REGISTERED NUMBER: SC251796 (Scotland)




















Edina Lock & Key Company Limited

Unaudited Financial Statements

for the Year Ended 30 June 2024






Edina Lock & Key Company Limited (Registered number: SC251796)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Edina Lock & Key Company Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: D K McGregor
J McGregor



SECRETARY: J McGregor



REGISTERED OFFICE: 10 Brandon Terrace
Edinburgh
EH3 5EA



REGISTERED NUMBER: SC251796 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: Bank of Scotland
38 St Andrew Square
Edinburgh
EH2 2YR

Edina Lock & Key Company Limited (Registered number: SC251796)

Balance Sheet
30 June 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Stocks 235,000 225,000
Debtors 6 9,216 11,054
Cash at bank and in hand 254,454 355,231
498,670 591,285
CREDITORS
Amounts falling due within one year 7 69,914 59,252
NET CURRENT ASSETS 428,756 532,033
TOTAL ASSETS LESS CURRENT
LIABILITIES

428,756

532,033

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 427,756 531,033
SHAREHOLDERS' FUNDS 428,756 532,033

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

Edina Lock & Key Company Limited (Registered number: SC251796)

Balance Sheet - continued
30 June 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 February 2025 and were signed on its behalf by:





D K McGregor - Director


Edina Lock & Key Company Limited (Registered number: SC251796)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Edina Lock & Key Company Limited is a private company, limited by shares , registered in Scotland. 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 and revenue recognition
Turnover represents invoiced sales of locks, architectural ironmongery and engraving services net of value added tax.

Revenue is recognised when customers take ownership of goods.

Goodwill
Goodwill, being the amount paid for the business in 2003, is fully amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 20% 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.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Edina Lock & Key Company Limited (Registered number: SC251796)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable that the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 25,000
AMORTISATION
At 1 July 2023
and 30 June 2024 25,000
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

Edina Lock & Key Company Limited (Registered number: SC251796)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2023
and 30 June 2024 28,556
DEPRECIATION
At 1 July 2023
and 30 June 2024 28,556
NET BOOK VALUE
At 30 June 2024 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 9,088 9,864
Other debtors 128 1,190
9,216 11,054

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 25,747 17,865
Taxation and social security 33,139 34,044
Other creditors 11,028 7,343
69,914 59,252

Other creditors include directors' current accounts which are unsecured, interest free and have no fixed term of repayment.