Lock17 Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: SC332809

LOCK17 LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2022

LOCK17 LIMITED

BALANCE SHEET

31 March 2022

	2022		2021
Note	£	£	£

FIXED ASSETS

Tangible assets	4		732,680	743,211

CURRENT ASSETS

Stocks		11,957	–
Debtors	5	23,773	77,738
Cash at bank		133,222	37,835
		---------	---------
		168,952	115,573

CREDITORS: amounts falling due within one year	6	580,696		613,914
		---------		---------
NET CURRENT LIABILITIES			411,744	498,341
			---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES			320,936	244,870

PROVISIONS

Deferred taxation	39,437	41,882
	---------	---------
NET ASSETS	281,499	202,988
	---------	---------

CAPITAL AND RESERVES

Called up share capital	1,000	1,000
Profit and loss account	280,499	201,988
	---------	---------
SHAREHOLDER FUNDS	281,499	202,988
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the year ending 31st March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has 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 .

LOCK17 LIMITED

BALANCE SHEET (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 14 December 2022 , and are signed on behalf of the board by:

Julie Openshaw

Director

Company registration number: SC332809

LOCK17 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31st MARCH 2022

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in Scotland. The address of the registered office is North Lodge Thainstone, Inverurie, Aberdeenshire, AB51 5NT. On 15th October 2021, the company changed its name by a special resolution from Blue Manta Limited to Lock17 Limited.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of Preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going Concern

The directors are of the opinion that the company can continue to meet it obligations as they fall due for the foreseeable future. As a consequence, the directors have prepared the financial statements on the going concern basis.

Revenue Recognition

Turnover comprises rent receivable and is credited to the Profit and Loss Account on an accruals basis. Legal and contractual services revenue is measured at fair value of the consideration received or receivable and represent amounts receivable for services rendered. Revenue from rental services is recognised when the outcome of a transaction can be measured reliably and it is probable that the economic benefit associated with the transaction will flow to the company. When the outcome of the transaction involving the rendering of services cannot be measured reliably, revenue shall be recognised only to the extent of the expenses recognised that are recoverable. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.

Corporation Tax

Current tax, including UK corporation tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay or receive more tax in the future. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	10% straight line
Motor vehicles	-	25% reducing balance
Office equipment	-	25% straight line

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 stock to its present location and condition.

Financial Instruments

The following assets and liabilities are classified as financial instruments bank, trade debtors, trade creditors and loans from related parties. Cash at bank in the balance sheet is held on demand. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to the supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an an impairment loss is recognised in the profit and loss account. Loans from related parties are measured at the undiscounted amounts payable.

Investment Property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

4. TANGIBLE ASSETS

	Investment property	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1st April 2021	466,020	127,635	149,677	–	743,332
Additions	5,745	34,810	–	6,486	47,041
Disposals	–	( 5,281)	–	–	( 5,281)
	---------	---------	---------	-------	---------
At 31st March 2022	471,765	157,164	149,677	6,486	785,092
	---------	---------	---------	-------	---------
Depreciation
At 1st April 2021	–	121	–	–	121
Charge for the year	–	14,013	37,419	1,211	52,643
Disposals	–	( 352)	–	–	( 352)
	---------	---------	---------	-------	---------
At 31st March 2022	–	13,782	37,419	1,211	52,412
	---------	---------	---------	-------	---------
Carrying amount
At 31st March 2022	471,765	143,382	112,258	5,275	732,680
	---------	---------	---------	-------	---------
At 31st March 2021	466,020	127,514	149,677	–	743,211
	---------	---------	---------	-------	---------

Tangible assets held at valuation

The market value of the investment property at 31st March 2022 is considered to be the same as the cost price of the property.

5. DEBTORS

	2022	2021
	£	£
Trade debtors	19,500	41,246
Other debtors	4,273	36,492
	--------	--------
	23,773	77,738
	--------	--------

6. CREDITORS: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	15,907	32,815
Social security and other taxes	29,597	–
Connected company creditor	–	579,449
Other creditors	535,192	1,650
	---------	---------
	580,696	613,914
	---------	---------

7. OPERATING LEASES

As lessor

The total future minimum lease payments receivable under non-cancellable operating leases are as follows:

	2022	2021
	£	£
Not later than 1 year	64,500	109,200
Later than 1 year and not later than 5 years	10,750	436,800
Later than 5 years	–	846,300
	--------	------------
	75,250	1,392,300
	--------	------------