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Company registration number: 06085990
LOCALPHONE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 November 2023
LOCALPHONE LIMITED
Contents
Directors report
Accountant's report
Statement of financial position
Notes to the financial statements
LOCALPHONE LIMITED
Directors report
Year ended 30 November 2023
The directors present their report and the unaudited financial statements of the company for the year ended 30 November 2023.
Directors
The directors who served the company during the year were as follows:
Mr S L Kay
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 15 March 2024 and signed on behalf of the board by:
Mr S L Kay
Director
LOCALPHONE LIMITED
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Localphone Limited
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Localphone Limited for the year ended 30 November 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am 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 Localphone Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Localphone Limited and state those matters that we have agreed to state to the board of directors of Localphone Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Localphone Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Localphone 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 Localphone Limited. You consider that Localphone Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Localphone Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Robert Pola
Chartered Accountant
2 Low Road
Congham
Kings Lynn
Norfolk
PE32 1AE
15 March 2024
LOCALPHONE LIMITED
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Investments 6 1,839,757 1,839,757
_______ _______
1,839,757 1,839,757
Current assets
Debtors 7 204,498 221,547
Cash at bank and in hand 36,403 128,791
_______ _______
240,901 350,338
Creditors: amounts falling due
within one year 8 ( 1,416,023) ( 1,526,836)
_______ _______
Net current liabilities ( 1,175,122) ( 1,176,498)
_______ _______
Total assets less current liabilities 664,635 663,259
_______ _______
Net assets 664,635 663,259
_______ _______
Capital and reserves
Called up share capital 9 557,834 557,834
Share premium account 1 1
Profit and loss account 106,800 105,424
_______ _______
Shareholders funds 664,635 663,259
_______ _______
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 March 2024 , and are signed on behalf of the board by:
Mr S L Kay
Director
Company registration number: 06085990
LOCALPHONE LIMITED
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 4 Paradise Street, Sheffield, S1 2DF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Nil %
Fittings fixtures and equipment - 20 % straight line
Website - Nil %
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 129 8,656
Adjustments in respect of previous periods - 79
_______ _______
Tax on profit 129 8,735
_______ _______
5. Tangible assets
Fixtures, fittings and equipment Domains Total
£ £ £
Cost
At 1 December 2022 and 30 November 2023 632,106 91,725 723,831
_______ _______ _______
Depreciation
At 1 December 2022 and 30 November 2023 632,106 91,725 723,831
_______ _______ _______
Carrying amount
At 30 November 2023 - - -
_______ _______ _______
At 30 November 2022 - - -
_______ _______ _______
6. Investments
Other investments Other loans Total
£ £ £
Cost
At 1 December 2022 and 30 November 2023 1,467,287 372,470 1,839,757
_______ _______ _______
Impairment
At 1 December 2022 and 30 November 2023 - - -
_______ _______ _______
Carrying amount
At 30 November 2023 1,467,287 372,470 1,839,757
_______ _______ _______
At 30 November 2022 1,467,287 372,470 1,839,757
_______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 38,747 49,183
Other debtors 165,751 172,364
_______ _______
204,498 221,547
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 1,379,829 1,478,335
Corporation tax 129 8,656
Social security and other taxes 28,081 28,609
Other creditors 7,984 11,236
_______ _______
1,416,023 1,526,836
_______ _______
9. Called up share capital
Authorised share capital
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 557,834 557,834 557,834 557,834
_______ _______ _______ _______
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 557,834 557,834 557,834 557,834
_______ _______ _______ _______