Locus Management Solutions Limited - Accounts to registrar (filleted) - small 18.2
Locus Management Solutions Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
| FOR |
| LOCUS MANAGEMENT SOLUTIONS LIMITED |
| LOCUS MANAGEMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 05339846) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 3 |
| Notes to the Financial Statements | 5 |
| LOCUS MANAGEMENT SOLUTIONS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| LOCUS MANAGEMENT SOLUTIONS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| ACCOUNTANTS: |
| Chartered Accountants |
| Crane Court |
| 302 London Road |
| Ipswich |
| Suffolk |
| IP2 0AJ |
| LOCUS MANAGEMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 05339846) |
| STATEMENT OF FINANCIAL POSITION |
| 31 MARCH 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| RESERVES |
| Income and expenditure account |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| LOCUS MANAGEMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 05339846) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31 MARCH 2022 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| LOCUS MANAGEMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 05339846) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 1. | STATUTORY INFORMATION |
| Locus Management Solutions Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents annual levy payments received from businesses in the Ipswich Business Improvement District, voluntary contributions and other income generated in the course of promoting Ipswich. |
| Levy payments are recognised on a straight line basis over the year to which they relate with any necessary adjustments being made through deferred income. |
| Tangible fixed assets |
| Improvements to property | - |
| Radio Equipment | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and bank facilities. |
| Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement. |
| Pension costs and other post-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. |
| LOCUS MANAGEMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 05339846) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Government grants |
| Grants are accounted for using the accrual model. |
| Grants relating to revenue are recognised in the Statement of Income and Retained Earnings in the same period as the related costs for which the grant is intended to compensate. Where there are no related costs the grant is recognised in the period in which it becomes receivable. |
| Grants relating to assets are recognised in the Statement of Income and Retained Earnings over the expected useful life of the asset. |
| Related undertakings |
| The company has three related companies namely All About Ipswich Limited, Ipswich Central Limited and Explore Suffolk Limited. These dormant companies are limited by guarantee and the company has limited its guarantee to £1 for each company. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Radio | and | Computer |
| property | Equipment | fittings | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 April 2021 |
| Additions |
| At 31 March 2022 |
| DEPRECIATION |
| At 1 April 2021 |
| Charge for year |
| At 31 March 2022 |
| NET BOOK VALUE |
| At 31 March 2022 |
| At 31 March 2021 |
| LOCUS MANAGEMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 05339846) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 5. | FIXED ASSET INVESTMENTS |
| Interest |
| in joint |
| venture |
| £ |
| COST |
| Additions |
| At 31 March 2022 |
| NET BOOK VALUE |
| At 31 March 2022 |
| The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
| Joint venture |
| Registered office: The Master's House,19 Lower Brook Street, Ipswich, Suffolk, IP4 1AQ |
| Nature of business: |
| % |
| Class of shares: | holding |
| The company has entered into a joint venture arrangement with the director P Clement and his wife Mrs V Clement. The joint venture involves the formation of a new company known as Master's House Holdings Limited ("JVC") whose purpose is to acquire the property from which the company currently operates and then to subsequently commercially lease the property to the company. Each venturer has agreed to subscribe for 2 Ordinary £1 shares and to loan the JVC £60,000 to part facilitate the property purchase. The joint venture agreement was dated 10 February 2022 with the JVC completing the property purchase on 14 April 2022. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Other debtors |
| LOCUS MANAGEMENT SOLUTIONS LIMITED (REGISTERED NUMBER: 05339846) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Levies received in advance |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | OTHER FINANCIAL COMMITMENTS |
| The company has provided a cross guarantee in respect of a £159,000 bank loan taken out by the joint venture company Master's House Holdings Limited (see note 6 for details of the joint venture company). |
| 9. | LIMITED BY GUARANTEE |
| The company is limited by guarantee. Each member of the company has agreed to contribute £1 in the event of a winding up. |