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Company registration number: 06085990
LOCALPHONE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 October 2024
LOCALPHONE LIMITED
Contents
Directors report
Accountant's report
Statement of financial position
Notes to the financial statements
LOCALPHONE LIMITED
Directors report
Period ended 31 October 2024
The directors present their report and the unaudited financial statements of the company for the period ended 31 October 2024.
Directors
The directors who served the company during the period were as follows:
Mr S L Kay
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 17 April 2025 and signed on behalf of the board by:
Mr S L Kay
Director
LOCALPHONE LIMITED
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Localphone Limited
Period ended 31 October 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the period ended 31 October 2024 which comprise the statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. 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 from information and explanations supplied to me.
R M F Pola FCA
Jenemi Associates Limited
2 Low Road
Congham
Kings Lynn
Norfolk
PE32 1AE
17 April 2025
LOCALPHONE LIMITED
Statement of financial position
31 October 2024
31/10/24 30/11/23
Note £ £ £ £
Fixed assets
Tangible assets 5 10,746 -
Investments 6 1,467,287 1,467,287
_______ _______
1,478,033 1,467,287
Current assets
Debtors 7 117,814 128,276
Cash at bank and in hand 33,379 36,403
_______ _______
151,193 164,679
Creditors: amounts falling due
within one year 8 ( 963,120) ( 967,331)
_______ _______
Net current liabilities ( 811,927) ( 802,652)
_______ _______
Total assets less current liabilities 666,106 664,635
_______ _______
Net assets 666,106 664,635
_______ _______
Capital and reserves
Called up share capital 9 557,834 557,834
Share premium account 1 1
Profit and loss account 108,271 106,800
_______ _______
Shareholders funds 666,106 664,635
_______ _______
For the period ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 April 2025 , and are signed on behalf of the board by:
Mr S L Kay
Director
Company registration number: 06085990
LOCALPHONE LIMITED
Notes to the financial statements
Period ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 4 Paradise Street, Sheffield, S1 2DF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and 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 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Nil %
Fittings fixtures and equipment - 20 % straight line
Website - Nil %
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Tax on profit
Major components of tax expense
Period Year
ended ended
31/10/24 30/11/23
£ £
Current tax:
UK current tax expense 200 129
_______ _______
Tax on profit 200 129
_______ _______
5. Tangible assets
Fixtures, fittings and equipment Domains Total
£ £ £
Cost
At 1 December 2023 632,106 91,725 723,831
Additions - 10,746 10,746
_______ _______ _______
At 31 October 2024 632,106 102,471 734,577
_______ _______ _______
Depreciation
At 1 December 2023 and 31 October 2024 632,106 91,725 723,831
_______ _______ _______
Carrying amount
At 31 October 2024 - 10,746 10,746
_______ _______ _______
At 30 November 2023 - - -
_______ _______ _______
6. Investments
Other investments Total
£ £
Cost
At 1 December 2023 and 31 October 2024 1,467,287 1,467,287
_______ _______
Impairment
At 1 December 2023 and 31 October 2024 - -
_______ _______
Carrying amount
At 31 October 2024 1,467,287 1,467,287
_______ _______
At 30 November 2023 1,467,287 1,467,287
_______ _______
7. Debtors
31/10/24 30/11/23
£ £
Trade debtors 20,938 38,747
Other debtors 96,876 89,529
_______ _______
117,814 128,276
_______ _______
8. Creditors: amounts falling due within one year
31/10/24 30/11/23
£ £
Trade creditors 900,664 931,137
Corporation tax 200 129
Social security and other taxes 57,051 28,081
Other creditors 5,205 7,984
_______ _______
963,120 967,331
_______ _______
9. Called up share capital
Authorised share capital
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 557,834 557,834 557,834 557,834
_______ _______ _______ _______
Issued, called up and fully paid
31/10/24 30/11/23
No £ No £
Ordinary shares of £ 1.00 each 557,834 557,834 557,834 557,834
_______ _______ _______ _______