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Company No: 11784895 (England and Wales)

LOCUS SERVICES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

LOCUS SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

LOCUS SERVICES LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2025
LOCUS SERVICES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2025
DIRECTOR Mr. Robert Jon Gorham
REGISTERED OFFICE 16 Back Lane Wicken
Ely
CB7 5YL
United Kingdom
BUSINESS ADDRESS 16 Back Lane
Wicken
Ely
Cambridgeshire
CB7 5YL
COMPANY NUMBER 11784895 (England and Wales)
ACCOUNTANT Corbett Accountants Limited
Bakersfield
82 Station Road
Soham
Ely
Cambridgeshire
CB7 5DZ
LOCUS SERVICES LIMITED

BALANCE SHEET

As at 31 March 2025
LOCUS SERVICES LIMITED

BALANCE SHEET (continued)

As at 31 March 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 3 899,010 683,113
899,010 683,113
Current assets
Stocks 3,200 2,900
Debtors 4 137,610 80,859
Cash at bank and in hand 54,292 143,835
195,102 227,594
Creditors: amounts falling due within one year 5 ( 149,944) ( 114,186)
Net current assets 45,158 113,408
Total assets less current liabilities 944,168 796,521
Creditors: amounts falling due after more than one year 6 ( 497,751) ( 394,151)
Provision for liabilities 7 ( 33,225) ( 31,856)
Net assets 413,192 370,514
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 413,092 370,414
Total shareholder's funds 413,192 370,514

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Locus Services Limited (registered number: 11784895) were approved and authorised for issue by the Director on 29 May 2025. They were signed on its behalf by:

Mr. Robert Jon Gorham
Director
LOCUS SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
LOCUS SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Locus Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 16 Back Lane Wicken, Ely, CB7 5YL, United Kingdom. The principal place of business is 16 Back Lane, Wicken, Ely, Cambridgeshire, CB7 5YL.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Vehicles 20 % reducing balance
Tools and equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including the director 5 5

3. Tangible assets

Land and buildings Vehicles Tools and equipment Total
£ £ £ £
Cost
At 01 April 2024 549,263 130,010 83,369 762,642
Additions 205,602 32,209 14,939 252,750
Disposals 0 ( 2,500) 0 ( 2,500)
At 31 March 2025 754,865 159,719 98,308 1,012,892
Accumulated depreciation
At 01 April 2024 0 50,085 29,444 79,529
Charge for the financial year 0 22,264 13,770 36,034
Disposals 0 ( 1,681) 0 ( 1,681)
At 31 March 2025 0 70,668 43,214 113,882
Net book value
At 31 March 2025 754,865 89,051 55,094 899,010
At 31 March 2024 549,263 79,925 53,925 683,113

4. Debtors

2025 2024
£ £
Trade debtors 130,699 69,177
Other debtors 6,911 11,682
137,610 80,859

5. Creditors: amounts falling due within one year

2025 2024
£ £
Bank loans 13,500 8,262
Trade creditors 26,323 27,759
Amounts owed to director 165 1,816
Corporation tax 25,022 33,112
Other taxation and social security 19,138 16,934
Obligations under finance leases and hire purchase contracts 31,101 17,895
Other creditors 34,695 8,408
149,944 114,186

6. Creditors: amounts falling due after more than one year

2025 2024
£ £
Bank loans 454,290 342,839
Obligations under finance leases and hire purchase contracts 43,461 51,312
497,751 394,151

National Westminster Bank Plc has 3 fixed and floating charges over the property of the company. The company's secured creditors amount to £467,790 ( 2024 £351,101).

7. Provision for liabilities

2025 2024
£ £
Deferred tax 33,225 31,856

8. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's director

2025 2024
£ £
The director charged the company for use of office during the year. 2,400 2,400
Included within creditors is a director's loan. The loan is interest free and there are no repayment terms. 165 1,816
Dividends were paid in the year in respect of shares held by the company's director. 45,000 37,000