Locus Management Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05339846 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

LOCUS MANAGEMENT SOLUTIONS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

T G Baxter

P Clement

G F Woodward

Mrs V A Gillespie

T J Greenacre

Professor D J Muller

A F Harston

D W Bowden

Miss S R Alexander

Mrs L Bayliss

P D Copsey

Ms E DeGory

Ms M R Graham

REGISTERED OFFICE:

The Master's House

19 Lower Brook Street

Ipswich

Suffolk

IP4 1AQ

REGISTERED NUMBER:

05339846 (England and Wales)

ACCOUNTANTS:

Ballams

Chartered Accountants

Crane Court

302 London Road

Ipswich

Suffolk

IP2 0AJ

FIXED ASSETS

Tangible assets

4

31,017

37,686

CURRENT ASSETS

Debtors

5

239,071

72,976

Cash at bank and in hand

133,951

85,609

373,022

158,585

CREDITORS

Amounts falling due within one year

6

247,732

49,555

NET CURRENT ASSETS

125,290

109,030

TOTAL ASSETS LESS CURRENT LIABILITIES

156,307

146,716

RESERVES

Income and expenditure account

156,307

146,716

156,307

146,716

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

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.

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

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 13 October 2021 and were signed on its behalf by:

T G Baxter - Director

1.	STATUTORY INFORMATION

Locus Management Solutions Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

During the year the activities of the BID were significantly affected by the COVID-19 pandemic. Planned events and activities were cancelled or postponed and levy collections were considerably lower than the prior year. The consequence was that the directors elected to prioritise Covid measures (e.g. safety messages on floor vinyls, advice to businesses etc.) over place marketing costs for most of 2020. The company has however been able to continue operations throughout the pandemic and has taken advantage of the government support and assistance available. The directors will continue to forecast and monitor cashflows carefully and adjust expenditure accordingly. The directors consider that, at present, the going concern basis of accounting continues to be appropriate.

The current BID term finishes in Spring 2022. Until the result of the BID renewal vote is known in early 2022 there is a material uncertainty that the company will continue beyond March 2022.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

Straight line over 5 years

Fixtures and fittings

-

Straight line over 5 years

Computer equipment

-

Straight line over 3 years

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.

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 two related companies namely All About Ipswich Limited and Ipswich Central 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 9 (2020 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2020

25,772

95,880

122,980

244,632

Additions

4,774

1,978

4,914

11,666

Disposals

-

(28,862

)

(28,060

)

(56,922

)

At 31 March 2021

30,546

68,996

99,834

199,376

DEPRECIATION

At 1 April 2020

23,977

68,332

114,637

206,946

Charge for year

1,019

10,465

6,281

17,765

Eliminated on disposal

-

(28,292

)

(28,060

)

(56,352

)

At 31 March 2021

24,996

50,505

92,858

168,359

NET BOOK VALUE

At 31 March 2021

5,550

18,491

6,976

31,017

At 31 March 2020

1,795

27,548

8,343

37,686

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

233,588

45,156

Other debtors

5,483

27,820

239,071

72,976

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

28,203

26,160

Taxation and social security

32,096

15,696

Other creditors

187,433

7,699

247,732

49,555

7.	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.