Registration number:
Loc8um Limited
for the Year Ended 29 February 2024
Loc8um Limited
Contents
Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
Loc8um Limited
(Registration number: 11071335)
Abridged Balance Sheet as at 29 February 2024
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2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Current assets |
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Debtors |
- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
Loc8um Limited
(Registration number: 11071335)
Abridged Balance Sheet as at 29 February 2024
For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
Mr AJ Townsend
Director
Mr C D Redfern
Director
Loc8um Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales..
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Statement of compliance
These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis. Of the company's current liabilities at 29 February 2024, an amount is owed to the directors, who have agreed to continue to support the company, and not demand repayment of this amount to the extent that any such repayment would jeopardise the future of the company.
Revenue recognition
Turnover represents the amounts, excluding value added tax, derived from the provision of goods and services to customers during the year.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current 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 taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the
company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity
recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently
measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised
over its useful life which the directors consider to be 20 years.
Loc8um Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Application development |
10% straight line |
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Total |
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Cost or valuation |
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At 1 March 2023 |
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Additions acquired separately |
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At 29 February 2024 |
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Amortisation |
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At 1 March 2023 |
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Amortisation charge |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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