Caseware UK (AP4) 2022.0.179 2022.0.179 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-04-01falseNo description of principal activity1012falsetrue 03230721 2022-04-01 2023-03-31 03230721 2021-04-01 2022-03-31 03230721 2023-03-31 03230721 2022-03-31 03230721 c:Director1 2022-04-01 2023-03-31 03230721 c:Director3 2022-04-01 2023-03-31 03230721 c:Director4 2022-04-01 2023-03-31 03230721 c:Director5 2022-04-01 2023-03-31 03230721 c:Director5 2023-03-31 03230721 c:Director6 2022-04-01 2023-03-31 03230721 c:Director6 2023-03-31 03230721 c:Director8 2022-04-01 2023-03-31 03230721 c:Director9 2022-04-01 2023-03-31 03230721 c:Director9 2023-03-31 03230721 c:Director10 2022-04-01 2023-03-31 03230721 c:Director10 2023-03-31 03230721 c:Director11 2022-04-01 2023-03-31 03230721 c:Director11 2023-03-31 03230721 c:Director12 2022-04-01 2023-03-31 03230721 c:Director12 2023-03-31 03230721 d:PlantMachinery 2022-04-01 2023-03-31 03230721 d:PlantMachinery 2023-03-31 03230721 d:PlantMachinery 2022-03-31 03230721 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03230721 d:OfficeEquipment 2022-04-01 2023-03-31 03230721 d:OfficeEquipment 2023-03-31 03230721 d:OfficeEquipment 2022-03-31 03230721 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03230721 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03230721 d:CurrentFinancialInstruments 2023-03-31 03230721 d:CurrentFinancialInstruments 2022-03-31 03230721 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03230721 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 03230721 d:RetainedEarningsAccumulatedLosses 2023-03-31 03230721 d:RetainedEarningsAccumulatedLosses 2022-03-31 03230721 c:FRS102 2022-04-01 2023-03-31 03230721 c:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03230721 c:FullAccounts 2022-04-01 2023-03-31 03230721 c:CompanyLimitedByGuarantee 2022-04-01 2023-03-31 03230721 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 03230721










Locate in Kent Limited
(A company limited by guarantee)








Unaudited

Directors' report and financial statements

Information for filing with the registrar

For the year ended 31 March 2023





 
Locate in Kent Limited

(A company limited by guarantee)
 

 
Directors' report
For the year ended 31 March 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Principal activities
Locate in Kent is the single point of contact for UK and international companies looking to set up, expand or
relocate in Kent and Medway.
Our role is to promote the county as a prime location for business and to ultimately attract investment to Kent and Medway from both within the UK and abroad. We do this by stimulating and responding to enquiries from potential inward investors, and converting these into projects, and ultimately completed deals. We also assist existing businesses seeking to expand within Kent and Medway and provide an important aftercare service to indigenous business.
Our service is free, confidential and impartial. Since 1997 we have helped over 1,000 businesses locate or expand in Kent leading to the creation of over 75,000 jobs in the county.
Locate in Kent continues to work closely with key stakeholders to ensure the continued success and achievement of the business in promoting the county and all it has to offer. 

Directors

The directors who served during the year were:

D C Brooks Wilson 
N Fenton 
A Griggs 
E Liddiard (resigned 24 October 2023)
M Marriner (appointed 1 April 2022)
M Varma 
J Beatton (resigned 7 April 2022)
G Cleary (resigned 31 August 2022)
R Hicks (resigned 25 April 2023)
S Warran-Smith (resigned 7 January 2023)
S Ryan (resigned 22 October 2023)
Current operational status
Our core delivery contract will come to an end on 31st March 2024. Despite the challenges presented to the 
organisation over the contract period resulting from the impact of Covid-19, higher interest rates, Brexit and the war in Ukraine, we are still able to forecast that we reasonably expect all targets to be achieved.
This year has seen a high level of personal commitment from the Board on a pro bono basis and the support from the staff in these difficult times has been appreciated.
Potential future developments
In preparing the financial statements the directors are mindful that despite our success, there may not be a new
tender or, we may be unsuccessful in securing a new contract. In this scenario we have contingency plans in place for the business to be brought to a solvent close after the end of the contract delivery date.  

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Page 1

 
Locate in Kent Limited

(A company limited by guarantee)
 

 
Directors' report (continued)
For the year ended 31 March 2023

This report was approved by the board on 24 November 2023 and signed on its behalf.
 





D C Brooks Wilson
Director

Page 2

 
Locate in Kent Limited
 
(A company limited by guarantee)
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Locate in Kent Limited for the year ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Locate in Kent Limited for the year ended 31 March 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

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 at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Locate in Kent Limited, as a body, in accordance with the terms of our engagement letter dated 6 September 2022Our work has been undertaken solely to prepare for your approval the financial statements of Locate in Kent Limited  and state those matters that we have agreed to state to the Board of directors of Locate in Kent Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Locate in Kent Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Locate in Kent 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 Locate in Kent Limited. You consider that Locate in Kent Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Locate in Kent 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.

  



Kreston Reeves LLP
Chartered Accountants
Canterbury
24 November 2023
Page 3

 
Locate in Kent Limited
 
(A company limited by guarantee)
Registered number: 03230721

Balance sheet
As at 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
830

  
-
830

Current assets
  

Debtors: amounts falling due within one year
 5 
241,708
376,872

Cash at bank and in hand
  
150,310
258,693

  
392,018
635,565

Creditors: amounts falling due within one year
 6 
(180,463)
(427,197)

Net current assets
  
 
 
211,555
 
 
208,368

Total assets less current liabilities
  
211,555
209,198

  

Net assets
  
211,555
209,198


Capital and reserves
  

Profit and loss account
  
211,555
209,198

  
211,555
209,198


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 November 2023.




D C Brooks Wilson
Director

The notes on pages 5 to 10 form part of these financial statements.

Page 4

 
Locate in Kent Limited

(A company limited by guarantee)
 

 
Notes to the financial statements
For the year ended 31 March 2023

1.


General information

Locate in Kent Limited is a private company limited by guarantee and is incorporated in England with registration number 03230721. The registered office address of the company is Franklin House, 10 Best Lane, Canterbury, Kent, United Kingdom, CT1 2JB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

These financial statements are rounded to the nearest pound.
The Company's functional and presentational currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Going concern

The future funding of the company is subject to it being successful in obtaining a new core contract for a further 3 year period beyond the end of the current core delivery contract which ends on 31 March 2024. Should the company not be successful the business will be brought to a solvent cessation at that date. The approach the Directors and the company have taken is designed to ensure that it can realise its assets and discharge its liabilities in the normal course of business even if a new contract is not won. However, given the ongoing efforts to win a new core contract, the directors continue to adopt the going concern basis of accounting.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 
Locate in Kent Limited

(A company limited by guarantee)
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33%
Office equipment
-
50%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
Locate in Kent Limited

(A company limited by guarantee)
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the
Page 7

 
Locate in Kent Limited

(A company limited by guarantee)
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2022 - 12).

Page 8

 
Locate in Kent Limited

(A company limited by guarantee)
 

 
Notes to the financial statements
For the year ended 31 March 2023

4.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
17,197
470
17,667


Additions
-
1,584
1,584


Disposals
-
(2,054)
(2,054)



At 31 March 2023

17,197
-
17,197



Depreciation


At 1 April 2022
16,536
301
16,837


Charge for the year on owned assets
661
376
1,037


Disposals
-
(677)
(677)



At 31 March 2023

17,197
-
17,197



Net book value



At 31 March 2023
-
-
-



At 31 March 2022
661
169
830


5.


Debtors

2023
2022
£
£


Trade debtors
215,183
346,315

Other debtors
1,404
542

Prepayments and accrued income
25,121
30,015

241,708
376,872


Page 9

 
Locate in Kent Limited

(A company limited by guarantee)
 

 
Notes to the financial statements
For the year ended 31 March 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
92,170
69,216

Other taxation and social security
35,019
76,544

Other creditors
6,580
281,437

Accruals and deferred income
46,694
-

180,463
427,197




7.


Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.


8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £26,231 (2022 - £33,353). Contributions totalling £3,724 (2022 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


9.


Related party transactions

All related party transactions during the current and prior periods, including key management personnel compensation, were made under normal market conditions.


10.


Controlling party

The directors consider there to be no ultimate controlling party.


Page 10