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Company registration number: 01261037
City Lock & Safe Limited
Unaudited filleted financial statements
31 October 2024
City Lock & Safe Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
City Lock & Safe Limited
Directors and other information
Directors Mr T M Clarke
Mr G T Clarke
Secretary A Pailin
Company number 01261037
Registered office 33 Buxton Road
Heaviley
Stockport
Cheshire
SK2 6LU
Business address 33 Buxton Road
Heaviley
Stockport
Cheshire
SK2 6LU
Accountants Downham Morris & Co
45/49 Greek Street
Stockport
Cheshire
SK3 8AX
Bankers Barclays Bank Plc
Manchester South Group
Stockport
Cheshire
City Lock & Safe Limited
Chartered certified accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of City Lock & Safe Limited
Year ended 31 October 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 Lock & Safe Limited for the year ended 31 October 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of City Lock & Safe 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 Lock & Safe Limited and state those matters that we have agreed to state to the board of directors of City Lock & Safe Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ ACCA_Global/Technical/fact/tf-163-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than City Lock & Safe Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that City Lock & Safe 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 Lock & Safe Limited. You consider that City Lock & Safe Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of City Lock & Safe 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.
Downham Morris & Co
Chartered Certified Accountants
45/49 Greek Street
Stockport
Cheshire
SK3 8AX
9 July 2025
City Lock & Safe Limited
Statement of financial position
31 October 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 71,107 82,376
_______ _______
71,107 82,376
Current assets
Stocks 36,286 36,883
Debtors 6 170,326 127,550
Cash at bank and in hand 4 956
_______ _______
206,616 165,389
Creditors: amounts falling due
within one year 7 ( 175,458) ( 137,240)
_______ _______
Net current assets 31,158 28,149
_______ _______
Total assets less current liabilities 102,265 110,525
Creditors: amounts falling due
after more than one year 8 ( 19,710) ( 24,833)
Provisions for liabilities ( 17,776) ( 20,594)
_______ _______
Net assets 64,779 65,098
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 64,679 64,998
_______ _______
Shareholders funds 64,779 65,098
_______ _______
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 July 2025 , and are signed on behalf of the board by:
.........................
Mr T M Clarke
Director
Company registration number: 01261037
City Lock & Safe Limited
Notes to the financial statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 33 Buxton Road, Heaviley, Stockport, Cheshire, SK2 6LU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 9 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £
Cost
At 1 November 2023 72,454 15,995 79,167 37,300 204,916
Additions 7,258 - - 630 7,888
_______ _______ _______ _______ _______
At 31 October 2024 79,712 15,995 79,167 37,930 212,804
_______ _______ _______ _______ _______
Depreciation
At 1 November 2023 40,771 13,085 35,428 33,255 122,539
Charge for the year 6,811 436 10,829 1,082 19,158
_______ _______ _______ _______ _______
At 31 October 2024 47,582 13,521 46,257 34,337 141,697
_______ _______ _______ _______ _______
Carrying amount
At 31 October 2024 32,130 2,474 32,910 3,593 71,107
_______ _______ _______ _______ _______
At 31 October 2023 31,683 2,910 43,739 4,045 82,377
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 53,649 38,153
Amounts owed by group undertakings 102,820 75,421
Other debtors 13,857 13,976
_______ _______
170,326 127,550
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 40,931 10,000
Trade creditors 51,467 51,113
Corporation tax 2,914 3,327
Social security and other taxes 27,251 15,904
Other creditors 52,895 56,896
_______ _______
175,458 137,240
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 19,710 24,833
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr T M Clarke ( 5,110) 1,278 ( 3,832)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr T M Clarke ( 5,279) 169 ( 5,110)
_______ _______ _______
No interest is payable on loan amounts due to and from directors and loans are repayable on demand.
10. Related party transactions
Dividends were paid to the directors and close family during the year totalling £1,500 (2023: £3,000).
11. Controlling party
During the year, the company was under the control of its parent company, CLS Group Limited.