Digital Locksmiths Limited - Period Ending 2014-03-31

Registration number: 06188184

Digital Locksmiths Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2014
 

Graham Eardley
17 Wilsthorpe Road
Breaston
Derbyshire
DE72 3EA

Digital Locksmiths Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Digital Locksmiths Limited
for the Year Ended 31 March 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Digital Locksmiths Limited for the year ended 31 March 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Digital Locksmiths Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Digital Locksmiths Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Digital Locksmiths Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Digital Locksmiths Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Digital Locksmiths Limited. You consider that Digital Locksmiths Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Digital Locksmiths Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Graham Eardley
17 Wilsthorpe Road
Breaston
Derbyshire
DE72 3EA

3 September 2014

Page 1

Digital Locksmiths Limited
(Registration number: 06188184)
Abbreviated Balance Sheet at 31 March 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					25,161			7,096
Current assets
Debtors					61,671			105,955
Cash at bank and in hand					133,328			37,111
					194,999			143,066
Creditors: Amounts falling due within one year					(79,714)			(102,939)
Net current assets					115,285			40,127
Total assets less current liabilities					140,446			47,223
Provisions for liabilities					(3,525)			-
Net assets					136,921			47,223
Capital and reserves
Called up share capital		3			30,000			30,000
Profit and loss account					106,921			17,223
Shareholders' funds					136,921			47,223

For the year ending 31 March 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 3 September 2014 and signed on its behalf by:

.........................................
Mr Martin Sean Kelly
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Digital Locksmiths Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts.

Depreciation

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Asset class	Depreciation method and rate
Fixtures and fittings	25% straight line
Office equipment	25% straight line

Deferred tax

Full provision is made for deferred taxation resulting from the timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

Foreign currency

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

Pensions

The company operates a defined contribution money purchase pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

Page 3

Digital Locksmiths Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2013		37,351			37,351
Additions		22,710			22,710
At 31 March 2014		60,061			60,061
Depreciation
At 1 April 2013		30,255			30,255
Charge for the year		4,645			4,645
At 31 March 2014		34,900			34,900
Net book value
At 31 March 2014		25,161			25,161
At 31 March 2013		7,096			7,096

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
ordinary of £1 each		30,000			30,000			30,000			30,000

Page 4