REGISTERED NUMBER: 11089447 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Buckenham Locksmiths Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D Scarbrough

Mrs J A Scarbrough

Mrs H Romero

Mr J Romero

REGISTERED OFFICE:

130a Darkes Lane

Potters Bar

Hertfordshire

EN6 1AF

REGISTERED NUMBER:

11089447 (England and Wales)

ACCOUNTANTS:

CAS MCGEE LTD

Chartered Certified Accountants

130A Darkes Lane

Potters Bar

Hertfordshire

EN6 1AF

FIXED ASSETS

Tangible assets

4

21,334

24,965

CURRENT ASSETS

Stocks

5

25,927

29,819

Debtors

6

28,559

23,005

Cash at bank and in hand

5,210

7,262

59,696

60,086

CREDITORS

Amounts falling due within one year

7

25,478

12,756

NET CURRENT ASSETS

34,218

47,330

TOTAL ASSETS LESS CURRENT LIABILITIES

55,552

72,295

PROVISIONS FOR LIABILITIES

8

5,420

6,110

NET ASSETS

50,132

66,185

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Share premium

10

57,611

57,611

Retained earnings

10

(8,479

)

7,574

SHAREHOLDERS' FUNDS

50,132

66,185

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 9 September 2025 and were signed on its behalf by:

Mr D Scarbrough - Director

1.	STATUTORY INFORMATION

Buckenham Locksmiths Limited 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.

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.

Tangible fixed assets

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

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Debtors

Short term debtors are measured at a transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised costs determined using the effective interest method, less any impairments losses for bad and doubtful debts.

Provisions

Provisions (ie./ liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

and 31 December 2024

29,569

7,934

9,790

47,293

DEPRECIATION

At 1 January 2024

12,180

4,488

5,660

22,328

Charge for year

1,739

860

1,032

3,631

At 31 December 2024

13,919

5,348

6,692

25,959

NET BOOK VALUE

At 31 December 2024

15,650

2,586

3,098

21,334

At 31 December 2023

17,389

3,446

4,130

24,965

5.

STOCKS

31.12.24

31.12.23

£

£

Stocks

25,927

29,819

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

20,590

9,975

Tax

2,063

2,063

Prepayments

2,284

7,345

Rent deposits

3,622

3,622

28,559

23,005

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

7,363

1,189

Social security and other taxes

377

1,334

Pension

760

440

VAT

5,363

6,882

Directors' current accounts

9,094

1,101

Accrued expenses

2,521

1,810

25,478

12,756

8.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

Accelerated capital allowances

5,420

6,110

Deferred

tax

£

Balance at 1 January 2024

6,110

Provided during year

(690

)

Balance at 31 December 2024

5,420

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

1,000

Ordinary

£1

1,000

1,000

10.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 January 2024

7,574

57,611

65,185

Deficit for the year

(16,053

)

(16,053

)

At 31 December 2024

(8,479

)

57,611

49,132

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24

31.12.23

£

£

Mr D Scarbrough and Mrs J A Scarbrough

Balance outstanding at start of year

1,101

852

Amounts advanced

7,987

249

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

9,088

1,101

As at the close of business at 31st December 2024, the company owed the the director's the amount of £9,088 (2023: £1,101).

This amount was lent to the company interest free and without any other repayment terms attached to it.

12.	EVENTS AFTER THE REPORTING PERIOD

There were no essential either adjusting events or non-adjusting events in the period of time elapsing between the balance sheet date and the date on which these financial statements are prepared. The impact of COVID-19 is described in the Going Concern Consideration Note.

The ongoing Russia-Ukraine conflict has resulted in going concern becoming a significant risk. The United States and Europe have avoided direct military conflict with Russia amid its conflict with Ukraine. They have however used a set of financial sanctions to limit Russia's access to financial resources. The impact of the sanctions may result in difficulties for the company to operate. Neither Buckenham Locksmiths Limited nor the owners are currently on the sanctions list at the time of this report, however this may change as the situation changes.

The ongoing Israel-Gaza and middle east conflicts have resulted in having no major impact to cause any significant operational risks and that the company continues to assess the nature and extent of risks and uncertainties arising from these events.