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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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GREATER LONDON LOCKSMITHS LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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FOR |
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GREATER LONDON LOCKSMITHS LIMITED |
GREATER LONDON LOCKSMITHS LIMITED (REGISTERED NUMBER: 05318445) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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Company Information | 1 |
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Accountants' Report | 2 |
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Statement of Financial Position | 3 | to | 4 |
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Notes to the Financial Statements | 5 | to | 8 |
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GREATER LONDON LOCKSMITHS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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57 London Road |
High Wycombe |
Buckinghamshire |
HP11 1BS |
ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
GREATER LONDON LOCKSMITHS LIMITED |
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The following reproduces the text of the report prepared for the director in respect of the company's |
annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
only required to file a Statement of Financial Position. Readers are cautioned that the Income |
statement and certain other primary statements and the Report of the Director are not required to be |
filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval |
the financial statements of Greater London Locksmiths Limited for the year ended 29 February 2020 which |
comprise the Income statement, Statement of Financial Position, Statement of Changes in Equity and the |
related notes from the company's accounting records and from information and explanations you have given |
us. |
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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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the director of Greater London Locksmiths Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Greater London Locksmiths Limited and state those matters that we have agreed to state to the director of Greater London Locksmiths Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Greater London Locksmiths Limited and its director for our work or for this report. |
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It is your duty to ensure that Greater London Locksmiths Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Greater London Locksmiths Limited. You consider that Greater London Locksmiths Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Greater London 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 financial statements. |
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57 London Road |
High Wycombe |
Buckinghamshire |
HP11 1BS |
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GREATER LONDON LOCKSMITHS LIMITED (REGISTERED NUMBER: 05318445) |
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STATEMENT OF FINANCIAL POSITION |
29 FEBRUARY 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
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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. |
GREATER LONDON LOCKSMITHS LIMITED (REGISTERED NUMBER: 05318445) |
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STATEMENT OF FINANCIAL POSITION - continued |
29 FEBRUARY 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
were signed by: |
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GREATER LONDON LOCKSMITHS LIMITED (REGISTERED NUMBER: 05318445) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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1. | STATUTORY INFORMATION |
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Greater London Locksmiths Limited is a private company limited by shares and incorporated in |
England and Wales. The address of the company's registered office is 57 London Road, High |
Wycombe, Buckinghamshire, HP11 1BS. The principal place of business is Montrose, Stylecroft Road, |
Chalfont St Giles, Buckinghamshire, HP8 4HY. The registered number is 053184451 |
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The presentation currency of these financial statements is Sterling (£), being the currency of the |
primary economic market in which the entity operates (its functional currency). All amounts in these |
financial statements have been rounded to the nearest pound unless stated otherwise. |
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The significant accounting policies applied in the preparation of these financial statements are set out |
below. These policies have been consistently applied to all years presented unless otherwise stated. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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In light of the rapid global spread of the Coronavirus "COVID-19" in early 2020, the directors have |
reviewed budgets for the next twelve months. Following this review, the directors consider there to be |
little impact on the Company's ability to act as a going concern. |
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The directors have reviewed the supply chains, key customers and the capital resources available and |
consider that the company has adequate resources in place to continue trading for the next twelve |
months. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual |
arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any |
contract that evidences a residual interest in the assets of the company after deducting all of its |
liabilities. |
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GREATER LONDON LOCKSMITHS LIMITED (REGISTERED NUMBER: 05318445) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the statement of financial position date. |
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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. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 March 2019 |
and 29 February 2020 |
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DEPRECIATION |
At 1 March 2019 |
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Charge for year |
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At 29 February 2020 |
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NET BOOK VALUE |
At 29 February 2020 |
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At 28 February 2019 |
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GREATER LONDON LOCKSMITHS LIMITED (REGISTERED NUMBER: 05318445) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
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8. | OTHER FINANCIAL COMMITMENTS |
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Total financial commitments, guarantees and contingencies not included in the statement of financial |
position amount to £15,900 (2019 - 25,800), of which £15,900 relates to operating lease |
commitments. |
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9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 29 February 2020 |
and 28 February 2019: |
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2020 | 2019 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The loan is interest free and repayable on demand. |
GREATER LONDON LOCKSMITHS LIMITED (REGISTERED NUMBER: 05318445) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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10. | POST BALANCE SHEET EVENTS |
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Since the reporting date, the growth of the COVID-19 pandemic across the world has led to some |
doubts as to whether the company can continue as a going concern for the next twelve months. |
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Due to the nature of the business, there have been impacts on both the supply chain and ability to |
trade with customers who are also facing difficulties at this time. |
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The directors have reviewed budgets and forecasts and although there is an impact on the 2020 |
performance, this will not significantly impact going concern. Given the level of cash held by the |
company, reasonable levels of reserves and support of the shareholders, the company is in a position |
to continue as a going concern for the next twelve months. |