Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29false2023-03-01No description of principal activity44falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08399571 2023-03-01 2024-02-29 08399571 2024-02-29 08399571 2022-03-01 2023-02-28 08399571 2023-02-28 08399571 c:Director2 2023-03-01 2024-02-29 08399571 c:Director4 2023-03-01 2024-02-29 08399571 c:RegisteredOffice 2023-03-01 2024-02-29 08399571 d:ComputerEquipment 2023-03-01 2024-02-29 08399571 d:ComputerEquipment 2024-02-29 08399571 d:ComputerEquipment 2023-02-28 08399571 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 08399571 d:PatentsTrademarksLicencesConcessionsSimilar 2023-03-01 2024-02-29 08399571 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-01 2024-02-29 08399571 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-02-29 08399571 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-28 08399571 d:ComputerSoftware 2024-02-29 08399571 d:ComputerSoftware 2023-02-28 08399571 d:CurrentFinancialInstruments 2024-02-29 08399571 d:CurrentFinancialInstruments 2023-02-28 08399571 d:Non-currentFinancialInstruments 2024-02-29 08399571 d:Non-currentFinancialInstruments 2023-02-28 08399571 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 08399571 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 08399571 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 08399571 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 08399571 d:ShareCapital 2024-02-29 08399571 d:ShareCapital 2023-02-28 08399571 d:SharePremium 2024-02-29 08399571 d:SharePremium 2023-02-28 08399571 d:RetainedEarningsAccumulatedLosses 2024-02-29 08399571 d:RetainedEarningsAccumulatedLosses 2023-02-28 08399571 c:FRS102 2023-03-01 2024-02-29 08399571 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 08399571 c:FullAccounts 2023-03-01 2024-02-29 08399571 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 08399571 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2023-03-01 2024-02-29 08399571 d:ComputerSoftware d:InternallyGeneratedIntangibleAssets 2023-03-01 2024-02-29 08399571 d:InternallyGeneratedIntangibleAssets 2023-03-01 2024-02-29 08399571 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-03-01 2024-02-29 08399571 d:ComputerSoftware d:OwnedIntangibleAssets 2023-03-01 2024-02-29 08399571 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure
Company registration number: 08399571







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 FEBRUARY 2024


LOCAL TREASURES LIMITED






































img6f9e.png                        

 


LOCAL TREASURES LIMITED
 


 
COMPANY INFORMATION


Directors
Mr Nicholas Heyworth 
Mrs Sarah Heyworth 




Registered number
08399571



Registered office
102 Heath Road
Petersfield

Hampshire

GU31 4EL




Accountants
Menzies LLP
Chartered Accountants

Victoria House

50-58 Victoria Road

Farnborough

Hampshire

GU14 7PG





 


LOCAL TREASURES LIMITED
REGISTERED NUMBER:08399571



STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
489,280
373,619

Tangible assets
 5 
328
1,255

  
489,608
374,874

Current assets
  

Debtors: amounts falling due within one year
 6 
14,265
56,466

Cash at bank and in hand
  
107,854
3,325

  
122,119
59,791

Creditors: amounts falling due within one year
 7 
(172,891)
(226,516)

Net current liabilities
  
 
 
(50,772)
 
 
(166,725)

Total assets less current liabilities
  
438,836
208,149

Creditors: amounts falling due after more than one year
 8 
(231,514)
(134,579)

Provisions for liabilities
  

Deferred tax
  
(62,184)
(32,191)

  
 
 
(62,184)
 
 
(32,191)

Net assets
  
145,138
41,379


Capital and reserves
  

Called up share capital 
  
171
171

Share premium account
  
223,003
223,003

Profit and loss account
  
(78,036)
(181,795)

  
145,138
41,379

Page 1

 


LOCAL TREASURES LIMITED
REGISTERED NUMBER:08399571


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024

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 income and retained earnings 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: 




................................................
Mrs Sarah Heyworth
Director

Date: 19 November 2024

The notes on pages 3 to 8 form part of these financial statements.
Page 2

 


LOCAL TREASURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Local Treasures Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office, which is also the principal place of business, is disclosed on the company information page.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

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.

 
2.3

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

Page 3

 


LOCAL TREASURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Website costs
-
4
years
Development expenditure
-
10
years

 
2.7

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.

Page 4

 


LOCAL TREASURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

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:

Computer equipment
-
33%
straight line

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.

 
2.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average number of monthly employees, including directors, during the year was 4 (2023 - 4).

Page 5

 


LOCAL TREASURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Intangible assets






Development Costs
Website Costs
Total

£
£
£



Cost


At 1 March 2023
464,296
12,000
476,296


Additions - internal
170,696
-
170,696



At 29 February 2024

634,992
12,000
646,992



Amortisation


At 1 March 2023
90,677
12,000
102,677


Charge for the year on owned assets
55,035
-
55,035



At 29 February 2024

145,712
12,000
157,712



Net book value



At 29 February 2024
489,280
-
489,280



At 28 February 2023
373,619
-
373,619



Page 6

 


LOCAL TREASURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Tangible fixed assets







Computer equipment

£



Cost or valuation


At 1 March 2023
4,891



At 29 February 2024

4,891



Depreciation


At 1 March 2023
3,636


Charge for the year on owned assets
927



At 29 February 2024

4,563



Net book value



At 29 February 2024
328



At 28 February 2023
1,255


6.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
3,278
9,788

Other debtors
10,987
45,762

Prepayments and accrued income
-
916

14,265
56,466


Page 7

 


LOCAL TREASURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
41,094
28,558

Trade creditors
15,427
11,782

Corporation tax
685
-

Other taxation and social security
25,000
24,220

Other creditors
1,246
62,687

Accruals and deferred income
89,439
99,269

172,891
226,516


Included within bank loans within one year are amounts of £nil (2023 - £14,628) which are secured by personal guarantees by Directors.
Included within bank loans within one year are amounts of £20,570 (2023 - £nil) which are secured by a fixed and floating charge containing a negative pledge by Morgan Lloyd Trustees Limited.
Included within bank loans within one year are amounts of £8,523 (2023 - £6,393) which are secured by the Bounce Back Loan Scheme.


8.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
153,556
134,579

Other taxation and social security
77,958
-

231,514
134,579


Included within bank loans falling due after more than one year are amounts of £nil (2023 - £55,584) which are secured by personal guarantees by Directors.
Included within bank loans falling due after more than one year are amounts of £97,121 (2023 - £nil) which are secured by a fixed and floating charge containing a negative pledge by Morgan Lloyd Trustees Limited.
Included within bank loans falling due after more than one year are amounts of £36,996 (2023 - £43,607) which are secured by the Bounce Back Loan Scheme. Of this amount, £11,426 (2023 - £18,037) is due after more than five years.


9.


Transactions with directors

During the year, there were advances to directors of £10,987 (2023 - £nil) . The amount is considered repayable on demand and interest-free.

 
Page 8