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

REGISTERED NUMBER: 09574119 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

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

-

-

Tangible assets

5

152,390

109,369

152,390

109,369

CURRENT ASSETS

Stocks

1,696,224

1,172,753

Debtors

6

902,975

345,713

Cash at bank

247,003

1,248,697

2,846,202

2,767,163

CREDITORS

Amounts falling due within one year

7

1,492,877

719,759

NET CURRENT ASSETS

1,353,325

2,047,404

TOTAL ASSETS LESS CURRENT LIABILITIES

1,505,715

2,156,773

PROVISIONS FOR LIABILITIES

25,272

19,400

NET ASSETS

1,480,443

2,137,373

CAPITAL AND RESERVES

Called up share capital

10,000

160,000

Retained earnings

1,470,443

1,977,373

SHAREHOLDERS' FUNDS

1,480,443

2,137,373

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 30 September 2022 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

-

At varying rates on cost

Fixtures and fittings

-

At varying rates on cost

Motor vehicles

-

At variable rates on reducing balance

Computer equipment

-

At varying rates on cost

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 24 (2020 - 27 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2021

and 31 December 2021

10,000

AMORTISATION

At 1 January 2021

and 31 December 2021

10,000

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2021

2,385

57,045

143,239

44,357

247,026

Additions

36,696

11,134

46,960

9,678

104,468

Disposals

-

-

(35,499

)

-

(35,499

)

At 31 December 2021

39,081

68,179

154,700

54,035

315,995

DEPRECIATION

At 1 January 2021

1,123

28,643

75,082

32,809

137,657

Charge for year

2,634

11,936

28,795

7,336

50,701

Eliminated on disposal

-

-

(24,753

)

-

(24,753

)

At 31 December 2021

3,757

40,579

79,124

40,145

163,605

NET BOOK VALUE

At 31 December 2021

35,324

27,600

75,576

13,890

152,390

At 31 December 2020

1,262

28,402

68,157

11,548

109,369

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

365,774

42,772

Other debtors

537,201

302,941

902,975

345,713

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade creditors

643,165

216,717

Taxation and social security

59,202

162,663

Other creditors

790,510

340,379

1,492,877

719,759

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2021 and 31 December 2020:

31.12.21

31.12.20

£

£

A P Rowles

Balance outstanding at start of year

22,503

37,372

Amounts advanced

40,044

35,288

Amounts repaid

(51,520

)

(50,157

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

11,027

22,503

M P Stedman

Balance outstanding at start of year

6,761

28,871

Amounts advanced

34,844

27,952

Amounts repaid

(41,605

)

(50,062

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

6,761

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £142,600 (2020 - £144,000) were paid to the directors .

Aggregate transactions between related parties during the year amounted to £73,947 [2020 £66,466] . The balance outstanding at the year end amounted to £323,186 [2020 £206,149]