Company Registration No. 10381196 (England and Wales)
LOCOL HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
LOCOL HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr D R Smith
Mrs L M Smith
Mr J Cruickshank
Company number
10381196
Registered office
Unit 6a Waterloo Industrial Estate
Waterloo Road
Bidford On Avon
Alcester
Warwickshire
B50 4JH
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
19 Church Green East
Redditch
Worcestershire
B98 8BZ
LOCOL HOLDINGS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
LOCOL HOLDINGS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LOCOL HOLDINGS LIMITED FOR THE YEAR ENDED 28 FEBRUARY 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Locol Holdings Limited for the year ended 28 February 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 http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Locol Holdings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Locol Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Locol Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Locol Holdings Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Locol Holdings 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 Locol Holdings Limited. You consider that Locol Holdings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Locol Holdings 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.

Ormerod Rutter Limited
29 September 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
LOCOL HOLDINGS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
748,428
767,395
Investments
4
100
100
748,528
767,495
Current assets
Debtors
5
3,033,671
2,914,041
Cash at bank and in hand
157,858
117,346
3,191,529
3,031,387
Creditors: amounts falling due within one year
6
(196,711)
(598,397)
Net current assets
2,994,818
2,432,990
Total assets less current liabilities
3,743,346
3,200,485
Provisions for liabilities
7
(6,991)
(8,623)
Net assets
3,736,355
3,191,862
Capital and reserves
Called up share capital
8
200
200
Profit and loss reserves
3,736,155
3,191,662
Total equity
3,736,355
3,191,862

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

LOCOL HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
Mr D R Smith
Mr J Cruickshank
Director
Director
Company Registration No. 10381196
LOCOL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
1
Accounting policies
Company information

Locol Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6a Waterloo Industrial Estate, Waterloo Road, Bidford On Avon, Alcester, Warwickshire, B50 4JH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services and rental provided in the normal course of business, and is shown net of VAT.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
Not provided
Improvements to property
5% on reducing balance
Plant and machinery
20% on reducing balance
Office equipment
20% on reducing balance
Computer equipment
33% on cost

No depreciation is provided on freehold property. This treatment may be a departure from the requirements of Companies Act 2006 concerning depreciation of fixed assets, however, the company follows a program of regular refurbishment and maintenance of its properties, which includes the reinstatement of the fabric of the buildings where necessary in order to maintain them to a high standard. Accordingly, in the opinion of the directors, any element of depreciation would be immaterial and no provision has been made, as the residual value would be in excess of cost.

LOCOL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (2022 - 3).

LOCOL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
3
Tangible fixed assets
Freehold property
Improvements to property
Plant and machinery
Office equipment
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 March 2022
514,435
272,778
10,256
28,888
40,401
866,758
Additions
-
0
-
0
-
0
926
3,385
4,311
At 28 February 2023
514,435
272,778
10,256
29,814
43,786
871,069
Depreciation and impairment
At 1 March 2022
-
0
56,012
258
17,075
26,018
99,363
Depreciation charged in the year
-
0
10,839
1,999
2,546
7,894
23,278
At 28 February 2023
-
0
66,851
2,257
19,621
33,912
122,641
Carrying amount
At 28 February 2023
514,435
205,927
7,999
10,193
9,874
748,428
At 28 February 2022
514,435
216,766
9,998
11,813
14,383
767,395
LOCOL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
4
Fixed asset investments
2023
2022
£
£
Investments
100
100
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 March 2022 & 28 February 2023
100
Carrying amount
At 28 February 2023
100
At 28 February 2022
100
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
57,304
42,866
Amounts owed by group undertakings
986,636
2,871,175
Other debtors
1,989,731
-
0
3,033,671
2,914,041
6
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
21,621
18,878
Other creditors
175,090
579,519
196,711
598,397
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
6,991
8,623
LOCOL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 8 -
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
80 Ordinary A of £1 each
80
80
80 Ordinary B of £1 each
80
80
20 Ordinary C of £1 each
20
20
10 Ordinary D of £1 each
10
10
10 Ordinary E of £1 each
10
10
200
200
9
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10
Ultimate controlling party

The ultimate controlling party is Mr D R Smith and Mrs L M Smith.

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