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Registered number: 01323911
Camlock Systems Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 01323911
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 75,064 72,366
Tangible Assets 5 303,866 307,469
378,930 379,835
CURRENT ASSETS
Stocks 6 772,471 978,756
Debtors 7 946,889 825,185
Cash at bank and in hand 459,322 624,313
2,178,682 2,428,254
Creditors: Amounts Falling Due Within One Year 8 (439,806 ) (505,639 )
NET CURRENT ASSETS (LIABILITIES) 1,738,876 1,922,615
TOTAL ASSETS LESS CURRENT LIABILITIES 2,117,806 2,302,450
Creditors: Amounts Falling Due After More Than One Year 9 (75,000 ) (232,561 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 12 (31,818 ) (31,818 )
NET ASSETS 2,010,988 2,038,071
CAPITAL AND RESERVES
Called up share capital 13 234,800 234,800
Share premium account 228,928 228,928
Capital redemption reserve 52,100 52,100
Profit and Loss Account 1,495,160 1,522,243
SHAREHOLDERS' FUNDS 2,010,988 2,038,071
Page 1
Page 2
For the year ending 31 December 2024 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Robin Carroll
Director
26/08/2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Camlock Systems Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01323911 . The registered office is 3 Park View, Compton Industrial Estate, Eastbourne, East Sussex, BN23 4QE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Research and Development
Expenditure on research and development is written off in the year it is incurred.
2.4. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are patents. They are amortised to the profit and loss account over their estimated economic life of 20 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2.5% straight line
Plant & Machinery 10%, 15%, 25% reducing balance
Fixtures & Fittings 10% straight line, 25% reducing balance
Computer Equipment 25% straight line
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.8. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 13 14
Sales, marketing and distribution 9 8
Manufacturing 9 12
31 34
4. Intangible Assets
Intellectual Property
£
Cost
As at 1 January 2024 123,418
Additions 8,328
As at 31 December 2024 131,746
Amortisation
As at 1 January 2024 51,052
Provided during the period 5,630
As at 31 December 2024 56,682
Net Book Value
As at 31 December 2024 75,064
As at 1 January 2024 72,366
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5. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2024 418,037 807,159 98,183 24,021 1,347,400
Additions - 25,787 20,332 5,593 51,712
Disposals - (11,950 ) - - (11,950 )
As at 31 December 2024 418,037 820,996 118,515 29,614 1,387,162
Depreciation
As at 1 January 2024 342,751 605,986 81,480 9,714 1,039,931
Provided during the period 10,451 31,494 4,399 6,573 52,917
Disposals - (9,552 ) - - (9,552 )
As at 31 December 2024 353,202 627,928 85,879 16,287 1,083,296
Net Book Value
As at 31 December 2024 64,835 193,068 32,636 13,327 303,866
As at 1 January 2024 75,286 201,173 16,703 14,307 307,469
Included above is an asset held under a hire purchase agreement with a net book value as follows:
2024 2023
£ £
Plant & Machinery 26,291 30,931
6. Stocks
2024 2023
£ £
Stock 772,471 978,756
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 489,827 412,252
Prepayments and accrued income 49,603 43,314
Other debtors 210,178 172,338
Amounts owed by group undertakings 197,281 197,281
946,889 825,185
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 7,561 11,342
Trade creditors 165,669 226,902
Bank loans and overdrafts 150,000 150,000
Corporation tax - 1,023
Other taxes and social security 46,614 45,653
VAT 48,563 53,845
Other creditors 21,399 14,749
Accruals and deferred income - 2,125
439,806 505,639
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 7,561
Bank loans 75,000 225,000
75,000 232,561
10. Secured Creditors
Of the creditors falling due within and after more than one year, the following amounts are secured by way of a fixed and floating charge over all the assets of the company.
2024 2023
£ £
Bank loans and overdrafts 225,000 375,000
11. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 7,561 11,342
Later than one year and not later than five years - 7,561
7,561 18,903
7,561 18,903
12. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 31,818 31,818
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13. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 234,800 234,800
Share capital comprises 2,348,000 ordinary shares of 10p each
14. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 32,000 31,750
Later than one year and not later than five years 36,000 68,000
68,000 99,750
15. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 95,000 90,000
16. Ultimate Controlling Party
The company's ultimate controlling party is Mr RJ Carroll by virtue of his shareholding in Carroll Industrial Holdings Limited, which owns 100% of the issued share capital in Camlock Group Limited, which in turn owns 100% of the issued share capital in Camlock Systems Limited.
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