Company registration number 05199185 (England and Wales)
LOC8TOR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
LOC8TOR LIMITED
COMPANY INFORMATION
Director
A W Richards
Secretary
M S Richards
Company number
05199185
Registered office
5 Technology Park
Colindeep Lane
London
United Kingdom
NW9 6BX
Accountants
Grunberg & Co Limited
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX
LOC8TOR LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
LOC8TOR LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,543,032
1,543,765
Tangible assets
4
7,143
7,135
1,550,175
1,550,900
Current assets
Stocks
5
149,198
101,272
Debtors
6
16,238
10,618
Cash at bank and in hand
1,036
33,664
166,472
145,554
Creditors: amounts falling due within one year
7
(267,901)
(261,229)
Net current liabilities
(101,429)
(115,675)
Total assets less current liabilities
1,448,746
1,435,225
Creditors: amounts falling due after more than one year
8
(1,097,893)
(1,184,504)
Net assets
350,853
250,721
Capital and reserves
Called up share capital
11,000
11,000
Share premium account
839,610
839,610
Profit and loss reserves
(499,757)
(599,889)
Total equity
350,853
250,721

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

LOC8TOR LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 NOVEMBER 2024
30 November 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 27 March 2025
A W Richards
Director
Company registration number 05199185 (England and Wales)
LOC8TOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
1
Accounting policies
Company information

Loc8tor Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Technology Park, Colindeep Lane, London, United Kingdom, NW9 6BX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents net invoiced sales of goods, excluding value added tax. Income is recognised at the point of sale.

1.3
Research and development expenditure

Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets other than goodwill

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation commences once the assets become available for use.

Patents & licences
Patent and licence costs are amortised over ten years, on a straight line basis.
Development costs
Development costs are amortised over five years, on a straight line basis.
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
33% on reducing balance
Fixtures and fittings
25% on reducing balance
Computers
25% on reducing balance
Ride-to-work scheme
20% on reducing balance
LOC8TOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial asset and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 

Financial assets that are measured at cost and amortized cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognized in profit or loss.

 

Debtors

Basic financial assets, including trade and other debtors are measured at transaction price, less any impairment.

 

Cash and cash equivalents

Cash and cash equivalents represented by cash in hand and deposits held at call with financial institutions, are measured at amortized cost.

 

Creditors

Basic financial liabilities, including trade and other creditors, are recognized at transaction price.

1.9
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.

LOC8TOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

 

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
3
Intangible fixed assets
Patents & licences
Development costs
Total
£
£
£
Cost
At 1 December 2023 and 30 November 2024
116,558
1,951,862
2,068,420
Amortisation and impairment
At 1 December 2023
115,092
409,563
524,655
Amortisation charged for the year
733
-
0
733
At 30 November 2024
115,825
409,563
525,388
Carrying amount
At 30 November 2024
733
1,542,299
1,543,032
At 30 November 2023
1,466
1,542,299
1,543,765
LOC8TOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Ride-to-work scheme
Total
£
£
£
£
£
Cost
At 1 December 2023
17,362
10,905
76,230
583
105,080
Additions
-
0
1,914
-
0
-
0
1,914
At 30 November 2024
17,362
12,819
76,230
583
106,994
Depreciation and impairment
At 1 December 2023
17,039
10,608
70,186
112
97,945
Depreciation charged in the year
107
194
1,511
94
1,906
At 30 November 2024
17,146
10,802
71,697
206
99,851
Carrying amount
At 30 November 2024
216
2,017
4,533
377
7,143
At 30 November 2023
323
297
6,044
471
7,135
5
Stocks
2024
2023
£
£
Stocks
149,198
101,272
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
252
-
0
Other debtors
10,345
4,480
Prepayments and accrued income
5,641
6,138
16,238
10,618
LOC8TOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
55,914
45,311
Trade creditors
120,986
114,325
Taxation and social security
9,955
41,226
Directors' current account
6,000
-
Other creditors
75,046
60,367
267,901
261,229
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
13,547
23,547
Other borrowings
988,450
1,065,061
Other creditors
95,896
95,896
1,097,893
1,184,504

The bank loan is secured by a fixed and floating charge, dated 11 June 2013, over the assets of the company.

Other loans are secured by a fixed and floating charge, dated 19 June 2019, over the assets of the company.

9
Deferred tax

A deferred tax asset of £237,015 (2023: £262,776) at a rate of 25% has not been recognised in respect of tax losses of £948,059 (2023: £1,051,103) as it cannot be certain when profits will be made to utilise these losses.

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