Hand & Lock (London) Limited 11990893 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is is that of embroidery. Digita Accounts Production Advanced 6.30.9574.0 true true 11990893 2023-10-01 2024-09-30 11990893 2024-09-30 11990893 core:CurrentFinancialInstruments 2024-09-30 11990893 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 11990893 core:FurnitureFittings 2024-09-30 11990893 core:LandBuildings core:ShortLeaseholdAssets 2024-09-30 11990893 bus:SmallEntities 2023-10-01 2024-09-30 11990893 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 11990893 bus:FilletedAccounts 2023-10-01 2024-09-30 11990893 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 11990893 bus:RegisteredOffice 2023-10-01 2024-09-30 11990893 bus:Director1 2023-10-01 2024-09-30 11990893 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 11990893 core:FurnitureFittings 2023-10-01 2024-09-30 11990893 core:LandBuildings core:ShortLeaseholdAssets 2023-10-01 2024-09-30 11990893 core:LeaseholdImprovements 2023-10-01 2024-09-30 11990893 countries:EnglandWales 2023-10-01 2024-09-30 11990893 2023-09-30 11990893 core:FurnitureFittings 2023-09-30 11990893 core:LandBuildings core:ShortLeaseholdAssets 2023-09-30 11990893 2022-10-01 2023-09-30 11990893 2023-09-30 11990893 core:CurrentFinancialInstruments 2023-09-30 11990893 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 11990893 core:FurnitureFittings 2023-09-30 11990893 core:LandBuildings core:ShortLeaseholdAssets 2023-09-30 iso4217:GBP xbrli:pure

Registration number: 11990893

Hand & Lock (London) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Hand & Lock (London) Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Hand & Lock (London) Limited

(Registration number: 11990893)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

86,386

82,627

Current assets

 

Stocks

259,000

149,000

Debtors

5

309,198

214,088

Cash at bank and in hand

 

324,270

246,635

 

892,468

609,723

Creditors: Amounts falling due within one year

6

(889,089)

(655,744)

Net current assets/(liabilities)

 

3,379

(46,021)

Total assets less current liabilities

 

89,765

36,606

Provisions for liabilities

(13,038)

-

Net assets

 

76,727

36,606

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

75,727

35,606

Shareholders' funds

 

76,727

36,606

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

 

Hand & Lock (London) Limited

(Registration number: 11990893)
Statement of Financial Position as at 30 September 2024 (continued)

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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 31 March 2025 and signed on its behalf by:
 


Mr J R Macleod
Director

 

Hand & Lock (London) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
86 Margaret Street
London
W1W 8TE

Principal activity

The principal activity of the company is is that of embroidery.

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 Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 financial statements have been prepared on a going concern basis.

 

Hand & Lock (London) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

 

Hand & Lock (London) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property improvements

10 years straight line

Fittings, fixtures and equipment

25% reducing balance

Impairment

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.

 

Hand & Lock (London) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2023 - 27).

 

Hand & Lock (London) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

4

Tangible assets

Property improvements
£

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 1 October 2023

30,891

94,251

125,142

Additions

-

31,810

31,810

Disposals

-

(6,000)

(6,000)

At 30 September 2024

30,891

120,061

150,952

Depreciation

At 1 October 2023

6,178

36,337

42,515

Charge for the year

3,089

21,587

24,676

Eliminated on disposal

-

(2,625)

(2,625)

At 30 September 2024

9,267

55,299

64,566

Carrying amount

At 30 September 2024

21,624

64,762

86,386

At 30 September 2023

24,713

57,914

82,627

5

Debtors

2024
£

2023
£

Trade debtors

195,569

186,561

Other debtors

54,171

7,694

Prepayments

59,458

19,833

309,198

214,088

 

Hand & Lock (London) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

153,418

74,083

Taxation and social security

65,974

72,625

Accruals and deferred income

357,289

168,493

Other creditors

312,408

340,543

889,089

655,744

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.