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Company registration number: 13512194
Locol Design Ltd
Unaudited filleted financial statements
31 December 2023
Locol Design Ltd
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Locol Design Ltd
Directors and other information
Directors Mr Brian Kutsch
Mr Carl Wilkinson
Mr Julian Good (Appointed 3 February 2023)
Company number 13512194
Registered office 4 Laureens Walk Nevill Road
Rottingdean, Brighton
Sussex
BN2 7HG
Locol Design Ltd
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 7,814 1,237
_______ _______
7,814 1,237
Current assets
Debtors 6 4,572 -
Cash at bank and in hand 37,878 5,495
_______ _______
42,450 5,495
Creditors: amounts falling due
within one year 7 ( 47,821) ( 6,601)
_______ _______
Net current liabilities ( 5,371) ( 1,106)
_______ _______
Total assets less current liabilities 2,443 131
_______ _______
Net assets 2,443 131
_______ _______
Capital and reserves
Called up share capital 3 2
Profit and loss account 2,440 129
_______ _______
Shareholders funds 2,443 131
_______ _______
For the year ending 31 December 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 March 2024 , and are signed on behalf of the board by:
Mr Carl Wilkinson
Director
Company registration number: 13512194
Locol Design Ltd
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 15 July 2021 2 ( 3,964) ( 3,962)
Profit for the year 15,493 15,493
_______ _______ _______
Total comprehensive income for the year - 15,493 15,493
Dividends paid and payable ( 11,400) ( 11,400)
_______ _______ _______
Total investments by and distributions to owners - ( 11,400) ( 11,400)
_______ _______ _______
At 31 December 2022 and 1 January 2023 2 129 131
Profit for the year 141,571 141,571
_______ _______ _______
Total comprehensive income for the year - 141,571 141,571
Issue of shares 1 1
Dividends paid and payable ( 139,260) ( 139,260)
_______ _______ _______
Total investments by and distributions to owners 1 ( 139,260) ( 139,259)
_______ _______ _______
At 31 December 2023 3 2,440 2,443
_______ _______ _______
Locol Design Ltd
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Laureens Walk Nevill Road, Rottingdean, Brighton, Sussex, BN2 7HG.
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.
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 services rendered, net of discounts and Value Added Tax.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
No provision for deferred taxation has been provided for in the financial statements, due to the amount not being material.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
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:
Fittings fixtures and equipment - 25 % straight line
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.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2023 1,649 1,649
Additions 9,319 9,319
_______ _______
At 31 December 2023 10,968 10,968
_______ _______
Depreciation
At 1 January 2023 412 412
Charge for the year 2,742 2,742
_______ _______
At 31 December 2023 3,154 3,154
_______ _______
Carrying amount
At 31 December 2023 7,814 7,814
_______ _______
At 31 December 2022 1,237 1,237
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 2,689 -
Other debtors 1,883 -
_______ _______
4,572 -
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 161 -
Corporation tax 42,526 2,638
Social security and other taxes 444 1,253
Other creditors 4,690 2,710
_______ _______
47,821 6,601
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Brian Kutsch ( 800) ( 798) ( 1,598)
Mr Carl Wilkinson ( 1,000) ( 598) ( 1,598)
Mr Julian Good ( 800) ( 584) ( 1,384)
_______ _______ _______
( 2,600) ( 1,980) ( 4,580)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Brian Kutsch ( 2,630) 1,830 ( 800)
Mr Carl Wilkinson ( 2,630) 1,630 ( 1,000)
Mr Julian Good - ( 800) ( 800)
_______ _______ _______
( 5,260) 2,660 ( 2,600)
_______ _______ _______