1 April 2024 v2025.82.1 limited_company_frs_102_section_1a_v1_1_3 companies_houseSoftwarefalsetruetruetrueNo description of principal activity0falsetruexbrli:purexbrli:sharesiso4217:GBP055400792024-04-012025-03-31055400792025-03-31055400792024-03-3105540079core:WithinOneYear2025-03-3105540079core:WithinOneYear2024-03-3105540079core:ShareCapital2025-03-3105540079core:ShareCapital2024-03-3105540079core:RetainedEarningsAccumulatedLosses2025-03-3105540079core:RetainedEarningsAccumulatedLosses2024-03-3105540079bus:Director12024-04-012025-03-3105540079bus:RegisteredOffice2024-04-012025-03-3105540079core:NetGoodwill2024-04-012025-03-3105540079core:FurnitureFittings2024-04-012025-03-31055400792023-04-012024-03-3105540079core:NetGoodwill2025-03-3105540079core:NetGoodwill2024-04-0105540079core:NetGoodwill2024-03-3105540079core:PlantMachinery2025-03-3105540079core:PlantMachinery2024-04-0105540079core:PlantMachinery2024-04-012025-03-3105540079core:PlantMachinery2024-03-310554007912024-04-012025-03-3105540079countries:EnglandWales2024-04-012025-03-3105540079bus:AuditExemptWithAccountantsReport2024-04-012025-03-3105540079bus:PrivateLimitedCompanyLtd2024-04-012025-03-3105540079bus:SmallEntities2024-04-012025-03-3105540079bus:FullAccounts2024-04-012025-03-31
Company registration number:
05540079
Gloucester Locksmiths Limited
Unaudited Filleted Financial Statements for the year ended
31 March 2025
Gloucester Locksmiths Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Gloucester Locksmiths Limited
Year ended
31 March 2025
As described on the statement of financial position, the Board of Directors of
Gloucester Locksmiths Limited
are responsible for the preparation of the
financial statements
for the year ended
31 March 2025
, which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
ABBEY ACCOUNTANCY LTD
North Warehouse, The Docks
The Docks
Gloucester
Glos
GL1 2EP
United Kingdom
Gloucester Locksmiths Limited
Statement of Financial Position
31 March 2025
20252024
Note££
Fixed assets    
Intangible assets 5
56,000
 
60,000
 
Tangible assets 6
36,029
 
48,038
 
92,029
 
108,038
 
Current assets    
Stocks
155,000
 
58,744
 
Debtors 7
169,004
 
170,838
 
Investments 8
3,479
  -  
Cash at bank and in hand
444,099
 
416,423
 
771,582
 
646,005
 
Creditors: amounts falling due within one year 9
(410,081
 )
(415,244
 )
Net current assets
361,501
 
230,761
 
Total assets less current liabilities 453,530   338,799  
Capital and reserves    
Called up share capital
4
 
4
 
Profit and loss account
453,526
 
338,795
 
Shareholders funds
453,530
 
338,799
 
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.
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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
10 September 2025
, and are signed on behalf of the board by:
G John
Director
Company registration number:
05540079
Gloucester Locksmiths Limited
Notes to the Financial Statements
Year ended
31 March 2025

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Unit 32
,
Sabre Close
,
Gloucester
,
Gloucestershire
,
GL2 4NZ
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

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.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation 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. However, the increase is recognised in profit or loss to the extent that 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. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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. However, the increase is recognised in profit or loss to the extent that 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. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
25% reducing balance

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.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
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.
All equity instruments regardless of significance, and other financial assets that are individually significant, 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 pension plan

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 Average number of employees

The average number of persons employed by the company during the year was nil (2024:
12
).

5 Intangible assets

Goodwill
£
Cost  
At
1 April 2024
and
31 March 2025
80,000
 
Amortisation  
At
1 April 2024
20,000
 
Charge
4,000
 
At
31 March 2025
24,000
 
Carrying amount  
At
31 March 2025
56,000
 
At 31 March 2024
60,000
 

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 April 2024
and
31 March 2025
116,328
 
Depreciation  
At
1 April 2024
68,290
 
Charge
12,009
 
At
31 March 2025
80,299
 
Carrying amount  
At
31 March 2025
36,029
 
At 31 March 2024
48,038
 

7 Debtors

20252024
££
Trade debtors
166,997
 
166,575
 
Other debtors
2,007
 
4,263
 
169,004
 
170,838
 

8 Investments

20252024
££
Other current asset investments
3,479
  -  

9 Creditors: amounts falling due within one year

20252024
££
Bank loans and overdrafts
33
 
33
 
Trade creditors
27,732
 
54,587
 
Taxation and social security
102,764
 
83,306
 
Other creditors
279,552
 
277,318
 
410,081
 
415,244