REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2020 |
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ALBA LOCK AND SAFE COMPANY LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2020 |
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FOR |
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ALBA LOCK AND SAFE COMPANY LIMITED |
ALBA LOCK AND SAFE COMPANY LIMITED (REGISTERED NUMBER: SC276680) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2020 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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ALBA LOCK AND SAFE COMPANY LIMITED |
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COMPANY INFORMATION |
for the year ended 31 December 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Viewforth House |
189 Nicol Street |
Kirkcaldy |
Fife |
KY1 1PF |
ALBA LOCK AND SAFE COMPANY LIMITED (REGISTERED NUMBER: SC276680) |
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STATEMENT OF FINANCIAL POSITION |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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PROVISIONS FOR LIABILITIES | 10 | ( |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
ALBA LOCK AND SAFE COMPANY LIMITED (REGISTERED NUMBER: SC276680) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 December 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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ALBA LOCK AND SAFE COMPANY LIMITED (REGISTERED NUMBER: SC276680) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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Alba Lock And Safe Company Limited is a
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2. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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At 31 December 2020 the company had net liabilities of £161 (2019 - net assets £475). The company relies on the continued support of the directors to finance its day to day requirements. The directors consider it appropriate to prepare the financial statements on the going concern basis as they expect this support to continue for the foreseeable future. |
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The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
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TURNOVER |
Turnover represents the sales of goods and provision of services relating to safe installations, excluding value added tax. |
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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. |
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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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Motor vehicles | - |
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Computer equipment | - |
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GOVERNMENT GRANTS |
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. |
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Job Retention Scheme grants relates to staff that have been furloughed due to Covid-19. The Small Business Grant relates to assistance with business costs due to Covid-19. |
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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. |
ALBA LOCK AND SAFE COMPANY LIMITED (REGISTERED NUMBER: SC276680) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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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HIRE PURCHASE AND LEASING COMMITMENTS |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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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ALBA LOCK AND SAFE COMPANY LIMITED (REGISTERED NUMBER: SC276680) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2020 |
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4. | INTANGIBLE FIXED ASSETS |
Website |
£ |
COST |
At 1 January 2020 |
and 31 December 2020 |
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AMORTISATION |
At 1 January 2020 |
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Amortisation for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2020 |
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Disposals |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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ALBA LOCK AND SAFE COMPANY LIMITED (REGISTERED NUMBER: SC276680) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loans |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank overdraft |
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Bank loans |
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Hire purchase contracts | - | 6,395 |
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Svenska Handelsbanken AB (publ) holds a bond and floating charge over the assets of the company. |
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10. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax | 2,705 | 4,145 |
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Deferred |
tax |
£ |
Balance at 1 January 2020 |
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Accelerated capital allowance | (1,440 | ) |
Balance at 31 December 2020 |
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ALBA LOCK AND SAFE COMPANY LIMITED (REGISTERED NUMBER: SC276680) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2020 |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 December 2020 and 31 December 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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Included within 'Other debtors' is an amount of £15,237 (2019 - £18,768) due to the company from a director. Interest of 2.5% has been charged where the loan has exceeded £10,000 and there are no fixed terms of repayment. |