Company registration number 06345788 (England and Wales)
LOCKRITE LOCKSMITHS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
LOCKRITE LOCKSMITHS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LOCKRITE LOCKSMITHS LTD
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
9,820
5,252
Current assets
Debtors
5
316,279
257,222
Cash at bank and in hand
78,617
25,675
394,896
282,897
Creditors: amounts falling due within one year
6
(299,321)
(175,940)
Net current assets
95,575
106,957
Total assets less current liabilities
105,395
112,209
Provisions for liabilities
(2,052)
(884)
Net assets
103,343
111,325
Capital and reserves
Called up share capital
20
20
Profit and loss reserves
103,323
111,305
Total equity
103,343
111,325
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 21 May 2025 and are signed on its behalf by:
Mrs D M Jolliff
Director
Company registration number 06345788 (England and Wales)
LOCKRITE LOCKSMITHS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information
Lockrite Locksmiths Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 8 Christow Road, Marsh Barton, Exeter, Devon, EX2 8QP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Franchise Concept Model
straight line over 5 years
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% per annum on a straight line basis
Computer equipment
33.3% per annum on a straight line basis
Motor vehicles
25% per annum on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Equity instruments
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
LOCKRITE LOCKSMITHS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
18
14
LOCKRITE LOCKSMITHS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
3
Intangible fixed assets
Other
£
Cost
At 1 September 2023 and 31 August 2024
66,287
Amortisation and impairment
At 1 September 2023 and 31 August 2024
66,287
Carrying amount
At 31 August 2024
At 31 August 2023
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023
38,733
Additions
10,412
At 31 August 2024
49,145
Depreciation and impairment
At 1 September 2023
33,481
Depreciation charged in the year
5,844
At 31 August 2024
39,325
Carrying amount
At 31 August 2024
9,820
At 31 August 2023
5,252
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
300,878
239,237
Other debtors
15,401
17,985
316,279
257,222
LOCKRITE LOCKSMITHS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
135,840
108,933
Taxation and social security
78,601
45,433
Other creditors
84,880
21,574
299,321
175,940
7
Operating lease commitments
As lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Total commitments
77,545
52,322
8
Directors' transactions
Advances or credits have been granted by the company to its directors/participators as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Three participators
2.25
1,273
28,000
(29,273)
-
1,273
28,000
(29,273)
-
The loans are unsecured and repayable on demand.