Caseware UK (AP4) 2022.0.179 2022.0.179 2022-11-302022-11-302021-12-01falseNo description of principal activity3624truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 5740292 2021-12-01 2022-11-30 5740292 2020-12-01 2021-11-30 5740292 2022-11-30 5740292 2021-11-30 5740292 c:Director1 2021-12-01 2022-11-30 5740292 d:FurnitureFittings 2021-12-01 2022-11-30 5740292 d:FurnitureFittings 2022-11-30 5740292 d:FurnitureFittings 2021-11-30 5740292 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-12-01 2022-11-30 5740292 d:ComputerEquipment 2021-12-01 2022-11-30 5740292 d:ComputerEquipment 2022-11-30 5740292 d:ComputerEquipment 2021-11-30 5740292 d:ComputerEquipment d:OwnedOrFreeholdAssets 2021-12-01 2022-11-30 5740292 d:OwnedOrFreeholdAssets 2021-12-01 2022-11-30 5740292 d:CurrentFinancialInstruments 2022-11-30 5740292 d:CurrentFinancialInstruments 2021-11-30 5740292 d:Non-currentFinancialInstruments 2022-11-30 5740292 d:Non-currentFinancialInstruments 2021-11-30 5740292 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 5740292 d:CurrentFinancialInstruments d:WithinOneYear 2021-11-30 5740292 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 5740292 d:Non-currentFinancialInstruments d:AfterOneYear 2021-11-30 5740292 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-11-30 5740292 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-11-30 5740292 d:ShareCapital 2022-11-30 5740292 d:ShareCapital 2021-11-30 5740292 d:SharePremium 2022-11-30 5740292 d:SharePremium 2021-11-30 5740292 d:RetainedEarningsAccumulatedLosses 2022-11-30 5740292 d:RetainedEarningsAccumulatedLosses 2021-11-30 5740292 c:FRS102 2021-12-01 2022-11-30 5740292 c:AuditExempt-NoAccountantsReport 2021-12-01 2022-11-30 5740292 c:FullAccounts 2021-12-01 2022-11-30 5740292 c:PrivateLimitedCompanyLtd 2021-12-01 2022-11-30 5740292 4 2021-12-01 2022-11-30 5740292 6 2021-12-01 2022-11-30 iso4217:GBP xbrli:pure

Registered number: 5740292









LOCALE ENTERPRISES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2022

 
LOCALE ENTERPRISES LIMITED
REGISTERED NUMBER: 5740292

BALANCE SHEET
AS AT 30 NOVEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
39,301
41,137

Investments
 5 
-
565,000

  
39,301
606,137

Current assets
  

Stocks
  
17,306
10,893

Debtors
 6 
133,041
101,921

Cash at bank and in hand
 7 
828,915
861,414

  
979,262
974,228

Creditors: amounts falling due within one year
 8 
(641,882)
(495,631)

Net current assets
  
 
 
337,380
 
 
478,597

Total assets less current liabilities
  
376,681
1,084,734

Creditors: amounts falling due after more than one year
 9 
(1,000,000)
(1,000,000)

Net (liabilities)/assets
  
(623,319)
84,734


Capital and reserves
  

Called up share capital 
  
14,762
14,762

Share premium account
  
1,686,330
1,686,330

Profit and loss account
  
(2,324,411)
(1,616,358)

  
(623,319)
84,734


Page 1

 
LOCALE ENTERPRISES LIMITED
REGISTERED NUMBER: 5740292
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2022

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 comprehensive income 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 by: 




D G C Smillie
Director

Date: 24 August 2023

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
LOCALE ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

1.


General information

The legal form of the entity is a private company limited by shares and is incorporated and domiciled in England and Wales.  The address of the company's registered office is 3b Belvedere Road, London, SE1 7GP.

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.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis. The company is dependent on the directors and shareholders for financial support, which the directors are confident will continue for a period of at least another 12 months following the approval of these financial statements.
As at 30 November 2022, the company was in a net liabilities position of £623,319. The directors and shareholders have indicated their present intention to provide adequate finance to enable the company to continue in operational existence, and on this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.

Page 3

 
LOCALE ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

 
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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
LOCALE ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.9

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:

Fixtures and fittings
-
20% on cost
Computer equipment
-
33.33% on cost

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.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 5

 
LOCALE ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

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.

 
2.13

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.

 
2.14

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 36 (2021 - 24).

Page 6

 
LOCALE ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 December 2021
50,816
1,243
52,059


Additions
12,130
-
12,130



At 30 November 2022

62,946
1,243
64,189



Depreciation


At 1 December 2021
10,756
165
10,921


Charge for the year on owned assets
13,557
410
13,967



At 30 November 2022

24,313
575
24,888



Net book value



At 30 November 2022
38,633
668
39,301



At 30 November 2021
40,059
1,078
41,137

Page 7

 
LOCALE ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 December 2021
3,616,832



At 30 November 2022

3,616,832



Impairment


At 1 December 2021
3,051,832


Charge for the period
565,000



At 30 November 2022

3,616,832



Net book value



At 30 November 2022
-



At 30 November 2021
565,000


6.


Debtors

2022
2021
£
£

Other debtors
86,927
73,954

Prepayments and accrued income
46,114
27,967

133,041
101,921



7.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
828,915
861,414

828,915
861,414


Page 8

 
LOCALE ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
138,477
94,162

Amounts owed to group undertakings
-
66,375

Corporation tax
12,108
4,607

Other taxation and social security
91,665
34,168

Other creditors
60,732
31,703

Accruals and deferred income
338,900
264,616

641,882
495,631



9.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Other loans
1,000,000
1,000,000

1,000,000
1,000,000



10.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due 2-5 years

Other loans
1,000,000
1,000,000

1,000,000
1,000,000


Included within other loans are interest free loan notes amounting to £1,000,000, which are repayable by 31 March 2028. 

 
Page 9