2024-03-31-accounts - Local Access Centre

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Registered number 1150401

LOCAL ACCESS CENTRE

Report and Accounts

31 March 2024

LOCAL ACCESS CENTRE Report and accounts Contents

	Page
Company information	1
Directors' report	1
Accountants' report	2
Profit and loss account	2
Balance sheet	3
Statement of changes in equity	4
Notes to the accounts	5

LOCAL ACCESS CENTRE Company Information

Trustees

Sarfraz Khan Valerie Helen Egan Jenny Parmar Devia Surti

Accountants

Business and Accountancy Assist Ltd 3 Fournier House 8 Tenby Street Jewellery Quarter Birmingham B1 3AJ

Registered office

8 Fournier House Unit 3 Tenby Street Birmingham England B1 3AJ

Registered number 1150401

LOCAL ACCESS CENTRE Registered number: 1150401 Directors' Report

The directors present their report and accounts for the year ended 31 March 2024.

Principal activities

The company's principal activity during the year continued to be other information service activities and educational support services

Trustees

The following persons served as directors during the year:

Sarfraz Khan Valerie Helen Egan Jenny Parmar Devia Surti

Small company provisions

This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

This report was approved by the board on 3 July 2024 and signed on its behalf.

Sarfraz Khan Trustee

LOCAL ACCESS CENTRE Accountants' Report

Accountants' report to the directors of LOCAL ACCESS CENTRE

You consider that the company is exempt from an audit for the year ended 31 March 2024. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.

In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.

We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.

Business and Accountancy Assist Ltd Accountants and Tax Advisors

3 Fournier House 8 Tenby Street Jewellery Quarter Birmingham B1 3AJ

3 July 2024

LOCAL ACCESS CENTRE Income and Expenditure Account for the year ended 31 March 2024

Income Cost of sales Gross profit Administrative expenses Other operating income Operating (loss)/profit Surplus/(defecit) before taxation Tax on (loss)/profit Surplus for the financial year	2024 £ 8,400 (89) 8,311 (10,878) - (2,567) (2,567) - (2,567)	2023 £ 26,503 (1,754) 24,749 (32,725) 33,490 25,514 25,514 - 25,514

LOCAL ACCESS CENTRE Registered number: Balance Sheet as at 31 March 2024 Notes Current assets Debtors 3 Cash at bank and in hand Creditors: amounts falling due within one year 4 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 5 Net assets Capital and reserves Called up share capital Profit and loss account Shareholders' funds	1150401 2024 £ 10,100 670 10,770 (2,988) 7,782 7,782 (283) 7,499 3 7,496 7,499	2023 £ 11,779 2,074 13,853 (3,267) 10,586 10,586 (520) 10,066 3 10,063 10,066

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.

Sarfraz Khan Trustees Approved by the board on 3 July 2024

LOCAL ACCESS CENTRE Statement of Changes in Equity for the year ended 31 March 2024

At 1 April 2022 Profit for the financial year At 31 March 2023 At 1 April 2023 Loss for the financial year At 31 March 2024	Share capital £ 3 3 3 3	Share premium £ - - - -	Re- valuation reserve £ - - - -	Profit and loss account £ (15,451) 25,514 10,063 10,063 (2,567) 7,496	Total £ (15,448) 25,514 10,066 10,066 (2,567) 7,499

LOCAL ACCESS CENTRE Notes to the Accounts for the year ended 31 March 2024

1 Accounting policies

Basis of preparation

The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Intangible fixed assets

Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Freehold buildings over 50 years Leasehold land and buildings over the lease term Plant and machinery over 5 years Fixtures, fittings, tools and equipment over 5 years

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

LOCAL ACCESS CENTRE Notes to the Accounts for the year ended 31 March 2024

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Taxation

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Leased assets

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

Pensions

Contributions to defined contribution plans are expensed in the period to which they relate.

2 Employees

2024 2023 Number Number

LOCAL ACCESS CENTRE Notes to the Accounts for the year ended 31 March 2024

Average number of persons employed by the company 3 Debtors Other debtors 4 Creditors: amounts falling due within one year Taxation and social security costs 5 Creditors: amounts falling due after one year Bank loans Other creditors Amounts owed by group undertakings and undertakings in which the company has a participating interest	0 2024 £ - 10,100 10,100 2024 £ 2,988 2024 £ 520 (237) 283	0 2023 £ 7,629 4,150 11,779 2023 £ 3,267 2023 £ 520 - 520

6 Other information

LOCAL ACCESS CENTRE is a private company limited by shares and incorporated in England. Its registered office is:

8 Fournier House

Unit 3 Tenby Street Birmingham England B1 3AJ

LOCAL ACCESS CENTRE

Detailed income and expenditure account for the year ended 31 March 2024

This schedule does not form part of the statutory accounts

Income Cost of sales Gross profit Administrative expenses Other operating income Operating surplus/(deficit) Surplus/(defecit) before taxation	2024 £ 8,400 (89) 8,311 (10,878) - (2,567) (2,567)	2023 £ 26,503 (1,754) 24,749 (32,725) 33,490 25,514 25,514

LOCAL ACCESS CENTRE Detailed income and expenditure account for the year ended 31 March 2024

This schedule does not form part of the statutory accounts

Income Income Cost of sales Other direct costs Administrative expenses Employee costs: Wages and salaries Pensions Employer's NI Temporary staff and recruitment Staff training and welfare Motor expenses General administrative expenses: Stationery and printing Bank charges Insurance Equipment expensed Repairs and maintenance Legal and professional costs: Accountancy fees Advertising and PR Other legal and professional Other operating income Other operating income	2024 £ 8,400 89 8,294 - 6 850 - 75 9,225 - 186 161 - 60 407 - 800 446 1,246 10,878 -	2023 £ 26,503 1,754 23,485 162 - - 440 266 24,353 400 244 161 338 209 1,352 2,399 4,156 465 7,020 32,725 33,490