Registration number: 12883869

Lock 5 Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 9

Lock 5 Limited

(Registration number: 12883869)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	172,237	240,058
Current assets
Stocks	5	353,793	221,458
Debtors	6	203,153	562,333
Cash at bank and in hand		364,454	452,970
		921,400	1,236,761
Creditors: Amounts falling due within one year	7	(334,859)	(451,609)
Net current assets		586,541	785,152
Total assets less current liabilities		758,778	1,025,210
Creditors: Amounts falling due after more than one year	7	(123,621)	(301,360)
Provisions for liabilities		(43,059)	(54,270)
Net assets		592,098	669,580
Capital and reserves
Called up share capital	8	1	1
Retained earnings		592,097	669,579
Shareholders' funds		592,098	669,580

For the financial period ending 31 December 2024 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 accounts for the period in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 September 2025
 

Lock 5 Limited

(Registration number: 12883869)
Balance Sheet as at 31 December 2024

......................................... R C Mackay Director

Lock 5 Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 2 Limmers storage
Stakes Lane
Bishop Waltham
Hampshire
SO32 1TJ
United Kingdom

These financial statements were authorised for issue by the director on 30 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

Lock 5 Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 December 2024

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Ffittings, plant and other equipment	25% straight line
Motor vehicles	25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Lock 5 Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 December 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Lock 5 Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 December 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the period, was 20 (2023 - 16).

Lock 5 Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 December 2024

4	Tangible assets

	Fittings, plant and other equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 October 2023	325,969	54,332	380,301
Additions	56,698	-	56,698
Disposals	(2,502)	-	(2,502)
At 31 December 2024	380,165	54,332	434,497
Depreciation
At 1 October 2023	124,526	15,717	140,243
Charge for the period	113,067	16,979	130,046
Eliminated on disposal	(8,029)	-	(8,029)
At 31 December 2024	229,564	32,696	262,260
Carrying amount
At 31 December 2024	150,601	21,636	172,237
At 30 September 2023	201,443	38,615	240,058

5

Stocks

	2024 £	2023 £
Work in progress	43,012	24,815
Other inventories	310,781	196,643
	353,793	221,458

6

Debtors

	2024 £	2023 £
Trade debtors	173,441	533,529
Prepayments	11,712	10,804
Other debtors	18,000	18,000
	203,153	562,333

Lock 5 Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	9	24,946	28,120
Trade creditors		40,085	105,215
Taxation and social security		94,459	160,066
Accruals and deferred income		165,776	129,314
Other creditors		9,593	28,894
		334,859	451,609

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	9	123,621	301,360

Lock 5 Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 December 2024

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £0.01 each	100	1	100	1

9	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Hire purchase contracts	21,000	49,649
Other borrowings	102,621	251,711
	123,621	301,360

Current loans and borrowings

	2024 £	2023 £
Hire purchase contracts	24,946	28,120

10

Dividends

Interim dividends paid

		2024 £		2023 £
Interim dividend of £600.00 (2023 - £590.00) per each Ordinary shares		60,000		59,000