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REGISTERED NUMBER: 03598256 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

New Local Ltd

New Local Ltd (Registered number: 03598256)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountant 7

New Local Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: A Travers
C L Kennedy
C D Mangan
R T Pollock
Professor C J Ham
J S McKinlay
R K Jain
M Kishinani
S Ben Omar
K M Kelly





SECRETARY:





REGISTERED OFFICE: 4th Floor
18 Cross Street
London
EC1N 8UN





REGISTERED NUMBER: 03598256 (England and Wales)





ACCOUNTANT: St James's Associates Limited
Statutory Auditors
Orion House
5 Upper St Martin's Lane
London
WC2H 9EA

New Local Ltd (Registered number: 03598256)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,021 9,124

CURRENT ASSETS
Debtors 5 482,979 441,160
Cash at bank 410,452 453,310
893,431 894,470
CREDITORS
Amounts falling due within one year 6 510,567 488,171
NET CURRENT ASSETS 382,864 406,299
TOTAL ASSETS LESS CURRENT
LIABILITIES

388,885

415,423

PROVISIONS FOR LIABILITIES - 1,547
NET ASSETS 388,885 413,876

RESERVES
Income and expenditure account 388,885 413,876
388,885 413,876

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

New Local Ltd (Registered number: 03598256)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2024 and were signed on its behalf by:





K M Kelly - Director


New Local Ltd (Registered number: 03598256)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

New Local Ltd is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The functional currency of the company is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates. Amounts in the financial statements are shown in round units of £1 unless otherwise indicated.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

New Local Ltd (Registered number: 03598256)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Grants received
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 18 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 20,373
Additions 699
At 31 March 2024 21,072
DEPRECIATION
At 1 April 2023 11,249
Charge for year 3,802
At 31 March 2024 15,051
NET BOOK VALUE
At 31 March 2024 6,021
At 31 March 2023 9,124

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 448,241 431,565
Other debtors 34,738 9,595
482,979 441,160

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 6,063 1,941
Taxation and social security 115,707 114,103
Other creditors 388,797 372,127
510,567 488,171

New Local Ltd (Registered number: 03598256)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. ULTIMATE CONTROLLING PARTY

The company is controlled by its members.

8. GUARANTEE

Every Member of the Association undertakes to contribute such an amount as may be required (not exceeding £1) to the Association's assets if it should be wound up while he or she is a member or within one year after he or she ceases to be a member, for payment of the Association's debts and liabilities contracted before he or she ceases to be a member, and of the costs, charges and expenses of winding up and for the adjustment of the rights of the contributories among themselves.

New Local Ltd

Report of the Accountant to the Directors of
New Local Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2024 set out on pages three to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to me.






St James's Associates Limited
Statutory Auditors
Orion House
5 Upper St Martin's Lane
London
WC2H 9EA


Date: .............................................