1 01/04/2024 31/03/2025 2025-03-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2024-04-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 07305941 2024-04-01 2025-03-31 07305941 2025-03-31 07305941 2024-03-31 07305941 2023-04-01 2024-03-31 07305941 2024-03-31 07305941 2023-03-31 07305941 core:PlantMachinery 2024-04-01 2025-03-31 07305941 core:FurnitureFittingsToolsEquipment 2024-04-01 2025-03-31 07305941 core:MotorVehicles 2024-04-01 2025-03-31 07305941 bus:RegisteredOffice 2024-04-01 2025-03-31 07305941 bus:Director1 2024-04-01 2025-03-31 07305941 core:PlantMachinery 2024-03-31 07305941 core:FurnitureFittingsToolsEquipment 2024-03-31 07305941 core:MotorVehicles 2024-03-31 07305941 core:PlantMachinery 2025-03-31 07305941 core:FurnitureFittingsToolsEquipment 2025-03-31 07305941 core:MotorVehicles 2025-03-31 07305941 core:WithinOneYear 2025-03-31 07305941 core:WithinOneYear 2024-03-31 07305941 core:AfterOneYear 2024-03-31 07305941 core:ShareCapital 2025-03-31 07305941 core:ShareCapital 2024-03-31 07305941 core:RetainedEarningsAccumulatedLosses 2025-03-31 07305941 core:RetainedEarningsAccumulatedLosses 2024-03-31 07305941 core:PlantMachinery 2024-03-31 07305941 core:FurnitureFittingsToolsEquipment 2024-03-31 07305941 core:MotorVehicles 2024-03-31 07305941 bus:SmallEntities 2024-04-01 2025-03-31 07305941 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 07305941 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 07305941 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 07305941 bus:FullAccounts 2024-04-01 2025-03-31
Company registration number: 07305941
LOCKSMART LIMITED
Unaudited filleted financial statements
31 March 2025
LOCKSMART LIMITED
Directors and other information
Director Mark Thomas
Company number 07305941
Registered office The Grange
Yatton Keynell
Chippenham
Wiltshire
LOCKSMART LIMITED
Statement of financial position
31 March 2025
2025 2024
Note £ £ £ £
Fixed assets
Tangible assets 5 25,003 32,643
_______ _______
25,003 32,643
Current assets
Stocks 1,753 1,632
Debtors 6 12,445 12,408
Cash at bank and in hand 62,511 44,232
_______ _______
76,709 58,272
Creditors: amounts falling due
within one year 7 ( 69,119) ( 31,791)
_______ _______
Net current assets 7,590 26,481
_______ _______
Total assets less current liabilities 32,593 59,124
Creditors: amounts falling due
after more than one year 8 - ( 7,629)
Provisions for liabilities ( 3,658) ( 5,033)
_______ _______
Net assets 28,935 46,462
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 28,934 46,461
_______ _______
Shareholders funds 28,935 46,462
_______ _______
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 July 2025 , and are signed on behalf of the board by:
Mark Thomas
Director
Company registration number: 07305941
LOCKSMART LIMITED
Notes to the financial statements
Year ended 31 March 2025
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Locksmart Limited, The Grange, Yatton Keynell, Chippenham, Wiltshire.
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 statement of comprehensive income.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.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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 - 33 % straight line
Motor vehicles - 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
The company only enters into basic financial instruments transactions that result in the recognition of the financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2024: 1 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2024 6,845 8,609 39,427 54,881
Additions - 1,009 - 1,009
_______ _______ _______ _______
At 31 March 2025 6,845 9,618 39,427 55,890
_______ _______ _______ _______
Depreciation
At 1 April 2024 5,748 6,633 9,857 22,238
Charge for the year 239 1,017 7,393 8,649
_______ _______ _______ _______
At 31 March 2025 5,987 7,650 17,250 30,887
_______ _______ _______ _______
Carrying amount
At 31 March 2025 858 1,968 22,177 25,003
_______ _______ _______ _______
At 31 March 2024 1,097 1,976 29,570 32,643
_______ _______ _______ _______
6. Debtors
2025 2024
£ £
Trade debtors 988 966
Other debtors 11,457 11,442
_______ _______
12,445 12,408
_______ _______
7. Creditors: amounts falling due within one year
2025 2024
£ £
Trade creditors 1,308 1,412
Taxes 6,976 3,046
Other creditors 60,835 27,333
_______ _______
69,119 31,791
_______ _______
8. Creditors: amounts falling due after more than one year
2025 2024
£ £
Other creditors - 7,629
_______ _______