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Registration number: 07258114

Total Lockout (Safety) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Total Lockout (Safety) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Total Lockout (Safety) Limited

Company Information

Directors

S E Hughes

T R Hughes

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

Lloyds TSB PLC
Braintree
2-4 Bank Street
Braintree
Essex
CM7 7UN

Accountants

Lambert Chapman LLP
Chartered Accountants3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Total Lockout (Safety) Limited

(Registration number: 07258114)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

120,832

47,448

Investments

5

62

62

 

120,894

47,510

Current assets

 

Stocks

6

161,413

232,168

Debtors

7

234,408

406,195

Cash at bank and in hand

 

348,229

179,439

 

744,050

817,802

Creditors: Amounts falling due within one year

8

(168,951)

(252,954)

Net current assets

 

575,099

564,848

Total assets less current liabilities

 

695,993

612,358

Creditors: Amounts falling due after more than one year

8

(7,094)

(15,221)

Provisions for liabilities

(22,550)

(2,674)

Net assets

 

666,349

594,463

Capital and reserves

 

Called up share capital

9

150

150

Retained earnings

666,199

594,313

Shareholders' funds

 

666,349

594,463

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.

 

Total Lockout (Safety) Limited

(Registration number: 07258114)
Balance Sheet as at 30 September 2024

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 7 April 2025 and signed on its behalf by:
 

T R Hughes
Director

 

Total Lockout (Safety) 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 & Wales.

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB, United Kingdom.

The principal place of business is: 10 Warner Drive, Springwood Industrial Estate, Braintree, Essex, CM7 2YW.

These financial statements were authorised for issue by the Board on 7 April 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 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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of lock and safety products to customers on an accruals basis.

Government grants

Grants are recognised when the company has an entitlement to the funds and the conditions linked to the grants have been met.

Tax

Current Tax is recognised in the profit and loss account, 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 on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

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

 

Total Lockout (Safety) Limited

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

Depreciation

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

Asset class

Depreciation method and rate

Leasehold improvements

20% Straight Line Method

Plant and machinery

20% Straight Line Method

Fixtures and fittings

20% Straight Line Method

Motor vehicles

20% Reducing Balance Method

Office equipment

50% Straight Line Method

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

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.

 

Total Lockout (Safety) Limited

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

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 Profit and Loss Account 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 9).

 

Total Lockout (Safety) Limited

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

4

Tangible assets

Leasehold improvements
£

Fixtures, fittings and office equipment
£

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 October 2023

44,814

53,522

54,000

48,114

200,450

Additions

-

2,034

99,736

2,161

103,931

Disposals

-

-

(28,045)

-

(28,045)

At 30 September 2024

44,814

55,556

125,691

50,275

276,336

Depreciation

At 1 October 2023

31,798

49,321

26,648

45,234

153,001

Charge for the year

2,647

2,593

10,219

2,726

18,185

Eliminated on disposal

-

-

(15,682)

-

(15,682)

At 30 September 2024

34,445

51,914

21,185

47,960

155,504

Carrying amount

At 30 September 2024

10,369

3,642

104,506

2,315

120,832

At 30 September 2023

13,015

4,201

27,352

2,880

47,448

 

Total Lockout (Safety) Limited

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

5

Investments

2024
£

2023
£

Investments in subsidiaries

62

62

Subsidiaries

£

Cost or valuation

At 1 October 2023

62

Provision

Carrying amount

At 30 September 2024

62

At 30 September 2023

62

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Total Lockout Safety LLC

4600 140th Ave Suite 180, Clearwater, FL 33762

USA

Ordinary shares

100%

100%

6

Stocks

2024
£

2023
£

Products held for resale

161,413

232,168

 

Total Lockout (Safety) Limited

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

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

174,877

328,576

Amounts owed by group undertakings

4,962

3,202

Prepayments

 

12,579

11,990

Other debtors

 

41,990

62,427

 

234,408

406,195

The amounts owed by group undertakings are not subject to interest and the full balance may not be settled within one year.

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

3,293

4,194

Trade creditors

 

51,638

124,808

Taxation and social security

 

23,169

85,509

Accruals and deferred income

 

27,859

18,176

Other creditors

 

62,992

20,267

 

168,951

252,954


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £3,293 (2023 - £4,194).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

7,094

15,221


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £7,094 (2023 - £15,221).

 

Total Lockout (Safety) Limited

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

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

150

150

150

150

       

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

2,000

Hire purchase contracts

3,293

2,194

3,293

4,194

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

4,834

Hire purchase contracts

7,094

10,387

7,094

15,221

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £46,485 (2023 - £61,980).