1st Call Locksmiths Limited - Period Ending 2019-03-31

1st Call Locksmiths Limited - Period Ending 2019-03-31


1st Call Locksmiths Limited07021894false2018-04-012019-03-312019-03-31The principal activity of the company is locksmith services.Digita Accounts Production Advanced 6.24.8820.0Softwaretrue070218942018-04-012019-03-31070218942019-03-3107021894core:RetainedEarningsAccumulatedLosses2019-03-3107021894core:ShareCapital2019-03-3107021894core:CurrentFinancialInstrumentscore:WithinOneYear2019-03-3107021894bus:SmallEntities2018-04-012019-03-3107021894bus:AuditExemptWithAccountantsReport2018-04-012019-03-3107021894bus:AbridgedAccounts2018-04-012019-03-3107021894bus:RegisteredOffice2018-04-012019-03-3107021894bus:Director12018-04-012019-03-3107021894bus:Director22018-04-012019-03-3107021894bus:PrivateLimitedCompanyLtd2018-04-012019-03-3107021894core:ComputerEquipment2018-04-012019-03-3107021894core:FurnitureFittings2018-04-012019-03-3107021894core:MotorVehicles2018-04-012019-03-3107021894countries:AllCountries2018-04-012019-03-31070218942018-03-31070218942018-03-3107021894core:RetainedEarningsAccumulatedLosses2018-03-3107021894core:ShareCapital2018-03-3107021894core:CurrentFinancialInstrumentscore:WithinOneYear2018-03-31iso4217:GBP

Registration number: 07021894

1st Call Locksmiths Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2019

Mansell & Co
Chartered Certified Accountants
5 Ducketts Wharf
South Street
Bishops Stortford
Hertfordshire
CM23 3AR

 

1st Call Locksmiths Limited

Contents

Company Information

1

Abridged Balance Sheet

2

Notes to the Abridged Financial Statements

3 to 5

 

1st Call Locksmiths Limited

Company Information

Directors

Robert Clive Jackson

Clare Jackson

Registered office

Unit K94
1-3 Wyvern Estate
Beverley Way
New Malden
Surrey
KT3 4PH

Accountants

Mansell & Co
Chartered Certified Accountants
5 Ducketts Wharf
South Street
Bishops Stortford
Hertfordshire
CM23 3AR

 

1st Call Locksmiths Limited

(Registration number: 07021894)
Abridged Balance Sheet as at 31 March 2019

Note

2019
£

2018
£

Fixed assets

 

Tangible assets

3

3,014

4,858

Current assets

 

Stocks

4

6,575

6,575

Debtors

96,324

81,123

Cash at bank and in hand

 

1,565

1,179

 

104,464

88,877

Creditors: Amounts falling due within one year

(106,924)

(70,718)

Net current (liabilities)/assets

 

(2,460)

18,159

Net assets

 

554

23,017

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

454

22,917

Total equity

 

554

23,017

For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 20 December 2019 and signed on its behalf by:
 

.........................................
Robert Clive Jackson
Director

.........................................
Clare Jackson
Director

 
 

1st Call Locksmiths Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2019

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Unit K94
1-3 Wyvern Estate
Beverley Way
New Malden
Surrey
KT3 4PH
United Kingdom

These financial statements were authorised for issue by the Board on 20 December 2019.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

1st Call Locksmiths Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2019

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Computer equipment

50% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

1st Call Locksmiths Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2019

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Tangible assets

Total
£

Cost or valuation

At 1 April 2018

13,570

Additions

1,219

At 31 March 2019

14,789

Depreciation

At 1 April 2018

8,712

Charge for the year

3,063

At 31 March 2019

11,775

Carrying amount

At 31 March 2019

3,014

At 31 March 2018

4,858

4

Stocks

2019
£

2018
£

Other inventories

6,575

6,575