Company registration number 12955318 (England and Wales)
ASAP LOCKSMITHS SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
ASAP LOCKSMITHS SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ASAP LOCKSMITHS SERVICES LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2025
31 January 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
91,101
106,217
Current assets
Stocks
8,000
6,000
Debtors
4
25,799
29,408
Cash at bank and in hand
62,853
40,298
96,652
75,706
Creditors: amounts falling due within one year
5
(102,321)
(114,256)
Net current liabilities
(5,669)
(38,550)
Total assets less current liabilities
85,432
67,667
Creditors: amounts falling due after more than one year
6
(38,194)
(54,006)
Provisions for liabilities
(9,745)
(2,293)
Net assets
37,493
11,368
Capital and reserves
Called up share capital
145
145
Profit and loss reserves
37,348
11,223
Total equity
37,493
11,368
ASAP LOCKSMITHS SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2025
31 January 2025
- 2 -
For the financial year ended 31 January 2025 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 26 June 2025 and are signed on its behalf by:
Mr L C Austin
Mr S R Banfield
Director
Director
Company registration number 12955318 (England and Wales)
ASAP LOCKSMITHS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -
1
Accounting policies
Company information
ASAP Locksmiths Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ashton Business Centre, Unit 1, Ashton Road, Marsh Barton Trading Estate, Exeter, Devon, EX2 8LN.
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 and settlement discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
10% per annum on cost
Plant and equipment
10% per annum on cost
Computers
33% per annum on cost
Motor vehicles
20% per annum on book value
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.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ASAP LOCKSMITHS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 4 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
4
4
ASAP LOCKSMITHS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2024
7,323
123,873
131,196
Additions
5,606
5,606
At 31 January 2025
7,323
129,479
136,802
Depreciation and impairment
At 1 February 2024
2,261
22,718
24,979
Depreciation charged in the year
733
19,989
20,722
At 31 January 2025
2,994
42,707
45,701
Carrying amount
At 31 January 2025
4,329
86,772
91,101
At 31 January 2024
5,062
101,155
106,217
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
23,284
27,134
Other debtors
2,515
2,274
25,799
29,408
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
5,504
8,749
Taxation and social security
8,187
14,837
Other creditors
88,630
90,670
102,321
114,256
Included in other creditors is £15,814 (2024 £15,142) for net obligations under finance lease and hire purchase contracts which are secured on the assets concerned.
ASAP LOCKSMITHS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 6 -
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
38,194
54,006
Included in other creditors is £38,194 (2024 £54,006) for net obligations under finance lease and hire purchase contracts which are secured on the assets concerned.
7
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
One director
-
500
(500)
-
500
(500)
-
The advances were unsecured and repayable on demand.