REGISTERED NUMBER: 06655590 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 November 2024

for

Lock-Tec (UK) Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P Tattum

Mr G Whalley

REGISTERED OFFICE:

4-6 Castle Street

Northwich

Cheshire

CW8 1BA

REGISTERED NUMBER:

06655590 (England and Wales)

ACCOUNTANTS:

Buxton Accounting LLP

Chartered Accountants

98 Middlewich Road

Northwich

Cheshire

CW9 7DA

FIXED ASSETS

Intangible assets

4

24,000

30,000

Tangible assets

5

90,158

77,077

114,158

107,077

CURRENT ASSETS

Stocks

6

203,853

174,206

Debtors

7

225,867

116,397

Cash at bank and in hand

169,874

129,397

599,594

420,000

CREDITORS

Amounts falling due within one year

8

325,986

258,918

NET CURRENT ASSETS

273,608

161,082

TOTAL ASSETS LESS CURRENT LIABILITIES

387,766

268,159

CREDITORS

Amounts falling due after more than one year

9

(48,261

)

(58,463

)

PROVISIONS FOR LIABILITIES

11

(22,540

)

(14,645

)

NET ASSETS

316,965

195,051

CAPITAL AND RESERVES

Called up share capital

12

20

20

Retained earnings

316,945

195,031

SHAREHOLDERS' FUNDS

316,965

195,051

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

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

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 7 May 2025 and were signed on its behalf by:

Mr P Tattum - Director

Mr G Whalley - Director

1.	STATUTORY INFORMATION

Lock-Tec (UK) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of twenty years.

Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its useful economic life. Useful economic lives are reviewed at the end of each reporting period and revised if necessary, subject to the constraint that the revised life shall not exceed 20 years from the date of acquisition. The carrying amount at the date of revision is amortised over the revised estimate of the remaining useful economic life.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

10% on cost

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of th e contractual arrangement, as either 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2023

and 30 November 2024

120,000

AMORTISATION

At 1 December 2023

90,000

Amortisation for year

6,000

At 30 November 2024

96,000

NET BOOK VALUE

At 30 November 2024

24,000

At 30 November 2023

30,000

5.	TANGIBLE FIXED ASSETS

Long

Plant and

Motor

leasehold

machinery

vehicles

Totals

£

£

£

£

COST

At 1 December 2023

34,460

66,106

89,731

190,297

Additions

-

4,946

50,539

55,485

Disposals

-

(1,166

)

(22,656

)

(23,822

)

At 30 November 2024

34,460

69,886

117,614

221,960

DEPRECIATION

At 1 December 2023

33,654

45,540

34,026

113,220

Charge for year

806

4,916

17,624

23,346

Eliminated on disposal

-

(233

)

(4,531

)

(4,764

)

At 30 November 2024

34,460

50,223

47,119

131,802

NET BOOK VALUE

At 30 November 2024

-

19,663

70,495

90,158

At 30 November 2023

806

20,566

55,705

77,077

6.

STOCKS

2024

2023

£

£

Stocks

203,853

174,206

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

222,693

114,103

Other debtors

2,181

1,358

Prepayments

993

936

225,867

116,397

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

10,012

9,767

Hire purchase contracts

22,866

13,173

Trade creditors

180,260

178,700

Corporation tax

51,117

10,226

Social security and other taxes

3,055

5,622

VAT

35,083

22,850

Other creditors

13,661

7,620

Directors' current accounts

32

254

Accrued expenses

9,900

10,706

325,986

258,918

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

8,098

9,767

Bank loans - 2-5 years

-

8,586

Hire purchase contracts

40,163

40,110

48,261

58,463

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

18,110

28,120

Hire purchase contracts

63,029

53,283

81,139

81,403

The hire purchase obligations are secured against their relevant assets.

A bank facility with a balance of £18,110 (2023: £28,120) is subject to a UK Government guarantee. The facility is provided through the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank on behalf of and with the backing of the Secretary of State for Business, Energy and Industrial Strategy. The BBLS guarantee is provided to the lender.

11.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

22,540

14,645

Deferred

tax

£

Balance at 1 December 2023

14,645

Charge to Income Statement during year

7,895

Balance at 30 November 2024

22,540

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

20

Ordinary

£1

20

20

13.	OTHER FINANCIAL COMMITMENTS

The company has a lease commitment relating to the premises from which it operates amounting to £3,000 per calendar month.

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at the balance sheet date the directors were owed £32 (2023: £254).

15.	ULTIMATE CONTROLLING PARTY

The company is controlled by the Board of Directors.