Lockfast (Edinburgh) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC338813 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Lockfast (Edinburgh) Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

1,142

7,283

CURRENT ASSETS

Stocks

2,475

2,650

Debtors

5

3,226

1,960

Cash at bank

2,269

3,495

7,970

8,105

CREDITORS

Amounts falling due within one year

6

(6,479

)

(8,453

)

NET CURRENT ASSETS/(LIABILITIES)

1,491

(348

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,633

6,935

CREDITORS

Amounts falling due after more than one year

7

(3,627

)

(5,465

)

PROVISIONS FOR LIABILITIES

(217

)

(1,384

)

NET (LIABILITIES)/ASSETS

(1,211

)

86

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(1,212

)

85

SHAREHOLDERS' FUNDS

(1,211

)

86

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 December 2023 and were signed on its behalf by:

Mr A Burt - Director

1.	STATUTORY INFORMATION

Lockfast (Edinburgh) Limited is a private company, limited by shares, domiciled in Scotland, registration number SC338813. The registered office is Unit 5, Gateway Business Park, Beancross Road, Grangemouth, FK3 8WX.

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 represents net invoiced sales of goods and services in respect of locksmiths, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost, 25% on reducing balance and 25% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

17,861

Additions

205

Disposals

(12,412

)

At 31 March 2023

5,654

DEPRECIATION

At 1 April 2022

10,578

Charge for year

1,837

Eliminated on disposal

(7,903

)

At 31 March 2023

4,512

NET BOOK VALUE

At 31 March 2023

1,142

At 31 March 2022

7,283

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

450

1,653

Other debtors

2,776

307

3,226

1,960

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

1,553

2,438

Trade creditors

2,412

2,217

Taxation and social security

1,394

2,784

Other creditors

1,120

1,014

6,479

8,453

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans

3,627

5,465

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.23

31.3.22

£

£

Bank loans

5,180

7,903

The bank loans are secured personally by the directors of the company.

9.	RELATED PARTY DISCLOSURES

At the year-end, companies under common control were due Nil (2022: Nil) by way of an interest free loan.