Lockwood International Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04692342 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

LOCKWOOD INTERNATIONAL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr J Kendrew

Mr S Kendrew

Mrs T Kendrew

SECRETARY:

Mrs T Kendrew

REGISTERED OFFICE:

Unit 7 Croydon Street

Domestic Street Industrial Estate

Leeds

West Yorkshire

LS11 9RT

REGISTERED NUMBER:

04692342 (England and Wales)

ACCOUNTANTS:

Temporal Lennon & Company Limited

Chartered Accountants

Suite 1

1 The Crescent

Adel

Leeds

West Yorkshire

LS16 6AA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

7,233

9,644

7,233

9,644

CURRENT ASSETS

Stocks

33,395

31,635

Debtors

6

35,304

18,139

Cash at bank and in hand

245,198

185,934

313,897

235,708

CREDITORS

Amounts falling due within one year

7

74,761

75,705

NET CURRENT ASSETS

239,136

160,003

TOTAL ASSETS LESS CURRENT LIABILITIES

246,369

169,647

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

246,269

169,547

SHAREHOLDERS' FUNDS

246,369

169,647

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 19 June 2023 and were signed on its behalf by:

Mr S Kendrew - Director

1.	STATUTORY INFORMATION

Lockwood International 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 incorporation of the partnership formerly known as Lockwood International in 2003, is being written off 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.

Short leasehold

-

25% on reducing balance

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

68,000

AMORTISATION

At 1 April 2022

and 31 March 2023

68,000

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.	TANGIBLE FIXED ASSETS

Short

Plant and

Motor

Computer

leasehold

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2022

and 31 March 2023

12,153

40,160

23,447

25,965

101,725

DEPRECIATION

At 1 April 2022

12,062

38,728

17,033

24,258

92,081

Charge for year

23

358

1,604

426

2,411

At 31 March 2023

12,085

39,086

18,637

24,684

94,492

NET BOOK VALUE

At 31 March 2023

68

1,074

4,810

1,281

7,233

At 31 March 2022

91

1,432

6,414

1,707

9,644

6.

DEBTORS

31.3.23

31.3.22

£

£

Amounts falling due within one year:

Trade debtors

19,162

10,192

Other debtors

14,989

7,003

34,151

17,195

Amounts falling due after more than one year:

Other debtors

1,153

944

Aggregate amounts

35,304

18,139

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade creditors

7,761

6,015

Taxation and social security

60,220

62,907

Other creditors

6,780

6,783

74,761

75,705

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23

31.3.22

£

£

Mr J Kendrew

Balance outstanding at start of year

400

1,250

Amounts advanced

-

400

Amounts repaid

(400

)

(1,250

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

400

Mrs T Kendrew

Balance outstanding at start of year

175

700

Amounts advanced

-

175

Amounts repaid

(175

)

(700

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

175

The loan accounts are interest free and repayable on demand.