Lockfast (Edinburgh) Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC338813 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Lockfast (Edinburgh) Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

1,750

3,500

Tangible assets

5

1,502

2,187

3,252

5,687

CURRENT ASSETS

Stocks

6

1,250

1,250

Debtors

7

2,645

4,194

Cash at bank

819

327

4,714

5,771

CREDITORS

Amounts falling due within one year

8

(7,467

)

(10,411

)

NET CURRENT LIABILITIES

(2,753

)

(4,640

)

TOTAL ASSETS LESS CURRENT LIABILITIES

499

1,047

PROVISIONS FOR LIABILITIES

(301

)

(438

)

NET ASSETS

198

609

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

197

608

SHAREHOLDERS' FUNDS

198

609

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 11 December 2017 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 15 Collins Crescent, Dalgety Bay, Dunfermline KY11 9FG.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

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.

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost 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.

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 (2016 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

17,500

AMORTISATION

At 1 April 2016

14,000

Amortisation for year

1,750

At 31 March 2017

15,750

NET BOOK VALUE

At 31 March 2017

1,750

At 31 March 2016

3,500

5.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2016

and 31 March 2017

4,675

2,030

6,705

DEPRECIATION

At 1 April 2016

3,218

1,300

4,518

Charge for year

364

321

685

At 31 March 2017

3,582

1,621

5,203

NET BOOK VALUE

At 31 March 2017

1,093

409

1,502

At 31 March 2016

1,457

730

2,187

6.

STOCKS

31.3.17

31.3.16

£

£

Stocks

1,250

1,250

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

2,338

4,194

Directors' current accounts

307

-

2,645

4,194

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade creditors

944

109

Tax

1,730

3,843

VAT

668

1,119

Other creditors

3,585

625

Directors' current accounts

-

4,175

Accruals and deferred income

540

540

7,467

10,411

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2017 and

31 March 2016:

31.3.17

31.3.16

£

£

Mr A Burt

Balance outstanding at start of year

-

-

Amounts advanced

307

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

307

-