LOCATED PROPERTY LIMITED

Company Registration Number:
10385637 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 1 April 2023

End date: 31 March 2024

LOCATED PROPERTY LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

LOCATED PROPERTY LIMITED

Directors' report period ended 31 March 2024

The directors present their report with the financial statements of the company for the period ended 31 March 2024

Principal activities of the company

LocatED was incorporated on 20 September 2016. It is registered in England and Wales, and it is a property company launched to improve the capacity and capability available to the Department. The company does not enter into any research or development activities.

Political and charitable donations

No political or charitable donations made.

Company policy on disabled employees

LocatED is a Disability Confident employer and an Investors in People and Carers accredited company.



Directors

The directors shown below have held office during the whole of the period from
1 April 2023 to 31 March 2024

Lara Newman
Caroline Tolhurst
Julian Rudd-Jones
Phil Ellis
Alyson Gerner


The director shown below has held office during the period of
1 April 2023 to 31 December 2023

Michael Strong


The director shown below has held office during the period of
2 January 2024 to 31 March 2024

Mark Prisk


Secretary Alyson Gerner

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
8 November 2024

And signed on behalf of the board by:
Name: Lara Newman
Status: Director

LOCATED PROPERTY LIMITED

Profit And Loss Account

for the Period Ended 31 March 2024

2024 2023


£

£
Turnover: 0 0
Cost of sales: 0 0
Gross profit(or loss): 0 0
Distribution costs: 0 0
Administrative expenses: ( 8,105,000 ) ( 7,749,000 )
Other operating income: 0
Operating profit(or loss): (8,105,000) (7,749,000)
Interest receivable and similar income: 0 0
Interest payable and similar charges: 0 0
Profit(or loss) before tax: (8,105,000) (7,749,000)
Tax: 0 0
Profit(or loss) for the financial year: (8,105,000) (7,749,000)

LOCATED PROPERTY LIMITED

Balance sheet

As at 31 March 2024

Notes 2024 2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets:   0 0
Investments:   0 0
Total fixed assets: 0 0
Current assets
Stocks:   0 0
Debtors: 3 461,000 180,000
Cash at bank and in hand: 224,000 912,000
Investments:   0 0
Total current assets: 685,000 1,092,000
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 4 ( 1,578,000 ) ( 1,253,000 )
Net current assets (liabilities): (893,000) (161,000)
Total assets less current liabilities: (893,000) ( 161,000)
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): (893,000) (161,000)
Capital and reserves
Called up share capital: 1 1
Share premium account: 0 0
Other reserves: (893,001) (161,001 )
Profit and loss account: 0 0
Total Shareholders' funds: ( 893,000 ) (161,000)

The notes form part of these financial statements

LOCATED PROPERTY LIMITED

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 8 November 2024
and signed on behalf of the board by:

Name: Lara Newman
Status: Director

The notes form part of these financial statements

LOCATED PROPERTY LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

    Other accounting policies

    1.1 Statement of accounting policies and compliance LocatED Property Ltd is a limited liability company incorporated in England. LocatED is a company registered in England and Wales. The registered address is 20 Cranbourn Street, London, WC2H 7AA. LocatED has prepared these accounts for the period to 31 March 2024 in accordance with the Companies Act 2006 and International Financial Reporting Standards (IFRS), and, as appropriate, in relation to the financial statements and selected disclosures within the Annual Report only, the Government Financial Reporting Manual (FReM) and other guidance issued by HMT where the disclosure requirements of these go beyond the Companies Act 2006. The accounting policies contained in the FReM apply IFRS as adapted or interpreted for the public sector. Where the manual permits a choice of accounting policy, LocatED has selected the accounting policy most appropriate to the particular circumstances of LocatED to give a true and fair view. LocatED has applied these policies consistently in dealing with items considered material in relation to the accounts and has produced the accounts using accruals accounting. The figures are rounded to the nearest £000, and all figures are presented in £ sterling. Regarding IFRS 17 Accounting for Insurance Contracts, that became effective on the 1 January 2023, this will have no impact on LocatED’s financial reporting as LocatED has no insurance contracts. 1.2 Going concern These accounts have been prepared on a going concern basis, which assumes that the Company will continue in operational existence for the foreseeable future. The Directors have reviewed the forward plans of the Department. Funding from the Department, taking into account the amount required to meet LocatED’s liabilities falling due in the year, has already been included in the Department’s Estimate for the year. Parliament has approved the Estimate and there is no reason to believe that the Department’s sponsorship and future Parliamentary approval will not be forthcoming. In November 2022 HMT approved the business case for LocatED to continue up to 31 March 2025 however this could be extended until 31 March 2026 if the Department considered that LocatED was still required. The Department have confirmed that HMT have received a request to extend our Business Case approval for a further 12 months to the 31 March 2026. In addition, the Department has provided LocatED with a Keep Well agreement signed on behalf of the Secretary of State. The Keep Well agreement was last updated and signed on the 29 October 2024 and runs until 31 December 2026. This guarantees that if LocatED at any time determines that it will not have available to it sufficient cash or other liquid assets to meet its payment obligations in connection with its business activity, then it will promptly notify the Secretary of State (via the Department’s Accounting Officer) of the shortfall and the Secretary of State will make available to LocatED Property Limited, company number 10385637 LocatED.co.uk 48 LocatED, as soon as is reasonably practicable, funds sufficient to enable it to meet such payment obligations in full. LocatED will use the funds made available to it by the Secretary of State solely for the discharge when due of such payment obligations. The funds will be provided to LocatED in the form of a grant-in-aid. The Keep Well agreement was signed after the 31 March 2024. 1.3 Critical accounting judgements and key sources of estimation uncertainty LocatED has made judgements in the preparation of these accounts, with regard to accruals where no invoice has been received. LocatED based these judgements on historic and other factors that it believes to be reasonable. 1.4 Grant-in-aid from the sponsoring department LocatED has recorded all grant-in-aid by the Department as financing, since LocatED regards grant-in aid as contributions from LocatED’s controlling party giving rise to a financial interest. LocatED records grant-in-aid as financing in the statement of cash flows and credits grant-in-aid to the general fund. 1.5 Financial liabilities LocatED classifies financial liabilities, where appropriate, as financial liabilities measured at amortised cost (face value plus any discounts). Financial liabilities include trade and other payables. 1.6 Trade and other payables Trade and other payables, including accruals, are generally not interest bearing and LocatED states them at their face value on initial recognition. 1.7 Cash and Cash Equivalents Cash comprises cash in hand, held in LocatED’s bank account. In accordance with IAS 7 Statement of Cash Flows the Company presents balances as cash in the Statement of Financial Position and Statement of Cash Flows. 1.8 Employee benefits LocatED offers employees a defined contribution scheme where LocatED matches the employee’s contribution up to a maximum of 6% of gross salary, and this contribution is recorded as expenditure in the Statement of Comprehensive Net Expenditure. 1.9 Value Added Tax LocatED is not registered for VAT as it had no VAT taxable turnover in 2023-24. All expenses are presented inclusive of VAT. 1.10 Segmental reporting In accordance with IFRS 8: Operating Segments (IFRS 8), LocatED has considered the need to analyse its income and expenditure relating to operating segments. LocatED has assessed that all lines of operation fall within the same geographical location and regulatory environment as envisaged by IFRS 8. LocatED Property Limited, company number 10385637 49 LocatED.co.uk 1.11 Corporation Tax LocatED did not incur any Corporation Tax in 2023-24 as it made no supply of goods or services, so did not generate any taxable surplus; however, it will submit the statutory return to HMRC. 1.12 Structure of LocatED Ultimate parent and parent – the immediate parent undertaking and ultimate controlling party of LocatED is the Secretary of State for Education. LocatED’s accounts are consolidated into the Department’s accounts. 1.13 Shared Services LocatED’s operating model uses a range of shared services provided by the Department: Financial Accounting, Financial Management, Payments and Treasury Management, Information Technology and Property Management Services (in relation to LocatED’s office premises). LocatED is not charged for these services. 1.14 Income recognition Income is accounted for in accordance with IFRS 15: Revenue recognition, which states that revenue shall only be recognised once a performance obligation has been met. LocatED recognised income at a point in time when the sale of land has occurred.

LOCATED PROPERTY LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 54 53

LOCATED PROPERTY LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Debtors

2024 2023
£ £
Trade debtors 126,000 126,000
Prepayments and accrued income 335,000 54,000
Other debtors 0 0
Total 461,000 180,000
Debtors due after more than one year: 0 0

LOCATED PROPERTY LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 273,000 92,000
Taxation and social security 131,000 131,000
Accruals and deferred income 1,174,000 1,030,000
Other creditors 0
Total 1,578,000 1,253,000