Lockmetal Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09574119 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

Lockmetal Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G B Gates

J D Gates

A P Rowles

M P Stedman

REGISTERED OFFICE:

Westgate House

Verulam Road

Stafford

Staffordshire

ST16 3EA

REGISTERED NUMBER:

09574119 (England and Wales)

ACCOUNTANTS:

Pace Accountants

Noble House

Eaton Road

Hemel Hempstead

Hertfordshire

HP2 7UB

FIXED ASSETS

Intangible assets

4

2,667

4,667

Tangible assets

5

142,493

48,900

145,160

53,567

CURRENT ASSETS

Stocks

1,424,435

537,839

Debtors

6

1,198,929

3,150,180

Cash at bank

186,380

516,216

2,809,744

4,204,235

CREDITORS

Amounts falling due within one year

7

1,351,611

2,643,036

NET CURRENT ASSETS

1,458,133

1,561,199

TOTAL ASSETS LESS CURRENT LIABILITIES

1,603,293

1,614,766

PROVISIONS FOR LIABILITIES

16,283

653

NET ASSETS

1,587,010

1,614,113

CAPITAL AND RESERVES

Called up share capital

160,000

160,000

Retained earnings

1,427,010

1,454,113

SHAREHOLDERS' FUNDS

1,587,010

1,614,113

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 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 on 30 September 2019 and were signed on its behalf by:

M P Stedman - Director

1.	STATUTORY INFORMATION

Lockmetal 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

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 etc

-

25% on reducing balance

Stocks

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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2017 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2018

and 31 December 2018

10,000

AMORTISATION

At 1 January 2018

5,333

Charge for year

2,000

At 31 December 2018

7,333

NET BOOK VALUE

At 31 December 2018

2,667

At 31 December 2017

4,667

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2018

954

1,882

49,440

28,619

80,895

Additions

-

55,285

47,518

20,720

123,523

At 31 December 2018

954

57,167

96,958

49,339

204,418

DEPRECIATION

At 1 January 2018

474

712

10,955

19,854

31,995

Charge for year

120

7,023

16,168

6,619

29,930

At 31 December 2018

594

7,735

27,123

26,473

61,925

NET BOOK VALUE

At 31 December 2018

360

49,432

69,835

22,866

142,493

At 31 December 2017

480

1,170

38,485

8,765

48,900

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

145,324

3,108,229

Amounts owed by group undertakings

568,760

-

Other debtors

484,845

41,951

1,198,929

3,150,180

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade creditors

371,524

765,273

Amounts owed to group undertakings

-

1,337,054

Taxation and social security

297,754

293,635

Other creditors

682,333

247,074

1,351,611

2,643,036

8.	RELATED PARTY DISCLOSURES

During the year, total dividends of £244,000 (2017 - £38,284) were paid to the directors .

Aggregate transactions between related parties during the year amounted to £73,482 [2017

£1,134,147] . The balance outstanding at the year end amounted to £53,065 [2017 £857,320]

9.	ULTIMATE CONTROLLING PARTY

The controlling party is GB and JD Gates.

GB and JD Gates also trade as the Westgate Group