Registered number
12362340
LAURICH LTD
Unaudited Filleted Accounts
31 December 2021
LAURICH LTD
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of LAURICH LTD for the year ended 31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of LAURICH LTD for the year ended 31 December 2021 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Weber & Associates
Chartered Accountants
5 St John's Lane
London
EC1M 4BH
12 August 2022
LAURICH LTD
Registered number: 12362340
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 1,235 2,098
Current assets
Debtors 4 399 -
Cash at bank and in hand 16,036 163,518
16,435 163,518
Creditors: amounts falling due within one year 5 40,341 (52,718)
Net current assets 56,776 110,800
Total assets less current liabilities 58,011 112,898
Creditors: amounts falling due after more than one year 6 - (50,000)
Provisions for liabilities (235) (399)
Net assets 57,776 62,499
Capital and reserves
Called up share capital 100 100
Profit and loss account 57,676 62,399
Shareholder's funds 57,776 62,499
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 member has 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.
L. Ohayon
Director
Approved by the board on 12 August 2022
LAURICH LTD
Notes to the Accounts
for the year ended 31 December 2021
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 rendering of services. 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.
Going concern
The directors, having assessed the available information and after making appropriate enquiries, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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:
Fixtures, fittings, tools and equipment over 3 years
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.
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
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 2021 2020
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021 2,491
At 31 December 2021 2,491
Depreciation
At 1 January 2021 393
Charge for the year 863
At 31 December 2021 1,256
Net book value
At 31 December 2021 1,235
At 31 December 2020 2,098
4 Debtors 2021 2020
£ £
Other debtors 399 -
5 Creditors: amounts falling due within one year 2021 2020
£ £
Taxation and social security costs 106 32,650
Other creditors (40,447) 20,068
(40,341) 52,718
6 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans - 50,000
7 Other financial commitments 2021 2020
£ £
Total future minimum payments under non-cancellable operating leases 31,772 11,900
8 Related party transactions
As at the balance sheet date, the company was owed by Mr. L. Ohayon a sum of £40,388 (2020: a sum of £17,068 was owed by the company to Mr L. Ohayon). As at 12 August 2022, balance outstanding amounted to £14,500. The directors have confirmed that this remaining outstanding balance will also be settled by 30 September 2022.
9 Controlling party
Mr. L. Ohayon, the director of the company, controls the company as a result of controlling, directly or indirectly, 100 per cent of the issued share capital of the company.
10 Other information
LAURICH LTD is a private company limited by shares and incorporated in England. Its registered office is:
No 52
25 Gresse Street
W1T 1QP
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