Company registration number 03682816 (England and Wales)
LOCKE ESTATES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
LOCKE ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
LOCKE ESTATES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,852
6,350
Investment property
4
2,590,000
2,590,000
2,594,852
2,596,350
Current assets
Debtors
5
2,812
1,674
Cash at bank and in hand
16,262
16,408
19,074
18,082
Creditors: amounts falling due within one year
6
(527,032)
(494,246)
Net current liabilities
(507,958)
(476,164)
Total assets less current liabilities
2,086,894
2,120,186
Creditors: amounts falling due after more than one year
7
(365,045)
(408,181)
Provisions for liabilities
(122,669)
(122,954)
Net assets
1,599,180
1,589,051
Capital and reserves
Called up share capital
100
100
Revaluation reserve
1,072,515
1,072,515
Distributable profit and loss reserves
526,565
516,436
Total equity
1,599,180
1,589,051

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 31 December 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.

LOCKE ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Mr R J Locke
Mr R A Locke
Director
Director
Company registration number 03682816 (England and Wales)
LOCKE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Locke Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Little Cimarron, Clayford, Wimborne, Dorset, BH21 7BJ.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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:

Fixtures and fittings
15% reducing balance
Computers
25% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Impairment of fixed assets

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.

LOCKE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

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

1.7
Taxation
Current tax

Current tax is recognised on taxable profit for the current and, where not previously recognised, 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

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.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases and hire purchase contracts are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
LOCKE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
20,479
3,701
34,845
59,025
Depreciation and impairment
At 1 January 2023
19,585
3,701
29,389
52,675
Depreciation charged in the year
134
-
0
1,364
1,498
At 31 December 2023
19,719
3,701
30,753
54,173
Carrying amount
At 31 December 2023
760
-
0
4,092
4,852
At 31 December 2022
894
-
0
5,456
6,350
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
2,590,000

Investment property was revalued on an open market basis by the directors as at 31 December 2023.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
1,395,738
1,395,738
Accumulated depreciation
-
-
Carrying amount
1,395,738
1,395,738
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
966
65
Other debtors
1,846
1,609
2,812
1,674
LOCKE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
45,527
43,693
Taxation and social security
4,463
5,637
Other creditors
477,042
444,916
527,032
494,246

Included within other creditors are balances due on hire purchase contracts of £285 (2022: £3,385) which are secured over the assets to which they relate.

 

The bank loans are secured by a fixed charge over the company's freehold properties.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
365,045
407,896
Other creditors
-
0
285
365,045
408,181

Included within other creditors are balances due on hire purchase contracts of £nil (2022: £285) which are secured over the assets to which they relate.

 

The bank loans are secured by a fixed charge over the company's freehold properties.

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
146,800
207,122
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