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Registered number: 05846813










CITY LOCKS (NORWICH) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
CITY LOCKS (NORWICH) LIMITED
 
 
COMPANY INFORMATION


Directors
Mr L P Burton 
Mr A J Moneypenny 




Registered number
05846813



Registered office
12 Church Street

Cromer

Norfolk

NR27 9ER




Accountants
MA Partners LLP
Chartered Accountants

12 Church Street

Cromer

Norfolk

NR27 9ER





 
CITY LOCKS (NORWICH) LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 10


 
CITY LOCKS (NORWICH) LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CITY LOCKS (NORWICH) LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of City Locks (Norwich) Limited for the year ended 31 December 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of City Locks (Norwich) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of City Locks (Norwich) Limited and state those matters that we have agreed to state to the Board of directors of City Locks (Norwich) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than City Locks (Norwich) Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that City Locks (Norwich) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of City Locks (Norwich) Limited. You consider that City Locks (Norwich) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of City Locks (Norwich) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
12 Church Street
Cromer
Norfolk
NR27 9ER
8 July 2025
Page 1

 
CITY LOCKS (NORWICH) LIMITED
REGISTERED NUMBER: 05846813

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
898

  
-
898

Current assets
  

Stocks
  
-
2,250

Debtors: amounts falling due within one year
 5 
47,234
54,252

Cash at bank and in hand
  
-
40,216

  
47,234
96,718

Creditors: amounts falling due within one year
 6 
-
(42,928)

Net current assets
  
 
 
47,234
 
 
53,790

Total assets less current liabilities
  
47,234
54,688

Creditors: amounts falling due after more than one year
 7 
-
(9,583)

Provisions for liabilities
  

Deferred tax
 9 
-
(225)

  
 
 
-
 
 
(225)

Net assets
  
47,234
44,880


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
47,134
44,780

  
47,234
44,880


Page 2

 
CITY LOCKS (NORWICH) LIMITED
REGISTERED NUMBER: 05846813
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 July 2025.




Mr L P Burton
Mr A J Moneypenny
Director
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
CITY LOCKS (NORWICH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The Company is a United Kingdom company limited by shares.  It is both incorporated and domiciled in England and Wales.  The address of its registered office is 12 Church Street, Cromer, Norfolk, NR27 9ER.
The company's principal activity is that of a locksmith.  Its principal place of business is Caston Industrial Estate, Salhouse Road, Norwich, NR7 9AG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
CITY LOCKS (NORWICH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
CITY LOCKS (NORWICH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Office equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
CITY LOCKS (NORWICH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 7).


4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£





At 1 January 2024
3,324
802
4,126


Disposals
(3,324)
(802)
(4,126)



At 31 December 2024

-
-
-





At 1 January 2024
2,425
802
3,227


Disposals
(2,425)
(802)
(3,227)



At 31 December 2024

-
-
-



Net book value



At 31 December 2024
-
-
-



At 31 December 2023
898
-
898

Page 7

 
CITY LOCKS (NORWICH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Debtors

2024
2023
£
£


Trade debtors
-
3,407

Amounts owed by joint ventures and associated undertakings
47,234
-

Other debtors
-
50,845

47,234
54,252



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
5,000

Trade creditors
-
8,064

Amounts owed to joint ventures
-
24,746

Corporation tax
-
1,547

Other taxation and social security
-
2,171

Accruals and deferred income
-
1,400

-
42,928



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
9,583

-
9,583


Page 8

 
CITY LOCKS (NORWICH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
5,000


-
5,000

Amounts falling due 1-2 years

Bank loans
-
5,000


-
5,000


Amounts falling due after more than 5 years

Bank loans
-
4,583

-
4,583

-
14,583



9.


Deferred taxation




2024


£






At beginning of year
(225)


Charged to profit or loss
225



At end of year
-

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
-
(225)

-
(225)

Page 9

 
CITY LOCKS (NORWICH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



11.


Related party transactions

On 1 August 2024, the Company ceased trading and transferred its trade to fellow subsidiary Norwich Glass Company Limited . The Company is now a dormant company within the parent group of LBAM Group Limited.

 
Page 10