Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31true2021-01-01falseSale of jewellery and other objects11trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02946975 2021-01-01 2021-12-31 02946975 2020-01-01 2020-12-31 02946975 2021-12-31 02946975 2020-12-31 02946975 c:Director1 2021-01-01 2021-12-31 02946975 d:OfficeEquipment 2021-01-01 2021-12-31 02946975 d:OfficeEquipment 2021-12-31 02946975 d:OfficeEquipment 2020-12-31 02946975 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 02946975 d:CurrentFinancialInstruments 2021-12-31 02946975 d:CurrentFinancialInstruments 2020-12-31 02946975 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 02946975 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 02946975 d:ShareCapital 2021-12-31 02946975 d:ShareCapital 2020-12-31 02946975 d:OtherMiscellaneousReserve 2021-01-01 2021-12-31 02946975 d:OtherMiscellaneousReserve 2021-12-31 02946975 d:OtherMiscellaneousReserve 2020-12-31 02946975 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 02946975 d:RetainedEarningsAccumulatedLosses 2021-12-31 02946975 d:RetainedEarningsAccumulatedLosses 2020-12-31 02946975 c:OrdinaryShareClass1 2021-01-01 2021-12-31 02946975 c:OrdinaryShareClass1 2021-12-31 02946975 c:OrdinaryShareClass1 2020-12-31 02946975 c:FRS102 2021-01-01 2021-12-31 02946975 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 02946975 c:FullAccounts 2021-01-01 2021-12-31 02946975 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 02946975











________________________________________________________________________________________


ILIAS LALAOUNIS LIMITED

________________________________________________________________________________________



UNAUDITED

ANNUAL REPORT

INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 
31 DECEMBER 2021

 
ILIAS LALAOUNIS LIMITED
REGISTERED NUMBER:02946975

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 4 
33
61

  
33
61

Current assets
  

Stocks
 5 
27,708
7,734

Debtors: amounts falling due within one year
 6 
871
14,336

Cash at bank and in hand
 7 
107,524
96,992

  
136,103
119,062

Creditors: amounts falling due within one year
 8 
(46,784)
(46,404)

Net current assets
  
 
 
89,319
 
 
72,658

Total assets less current liabilities
  
89,352
72,719

  

Net assets
  
89,352
72,719


Capital and reserves
  

Called up share capital 
 9 
1
1

Capital contribution
 10 
499,999
499,999

Profit and loss account
 10 
(410,648)
(427,281)

  
89,352
72,719


Page 1

 
ILIAS LALAOUNIS LIMITED
REGISTERED NUMBER:02946975
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements on pages 1 to 8 were approved and authorised for issue by the board and were signed on its behalf on 12 September 2022.




Dimitra Lalaouni
Director

Page 2

 
ILIAS LALAOUNIS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.Accounting policies

 
1.1

Statement of compliance

The Company's principal activity is the sale of jewellery and other objects.
Ilias Lalaounis Limited is a private company limited by shares and is incorporated and domiciled in England and Wales. The address of its registered office is 15 Whitehall, London, SW1A 2DD.

  
1.2

Basis of preparation

The financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Section 1A 'Small Entities' of Financial Reporting Standard 102, ‘the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’ (“FRS 102”) and the Companies Act 2006.  The financial statements have been prepared under the historical cost convention.
The preparation of financial statements requires the use of certain critical accounting estimates.  It also requires management to exercise its judgement in the process of applying the Company's accounting policies.  The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2.

  
1.3

Turnover

Revenue is recognised to the extent that the Company obtains the right to consideration in exchange for its performance.  Revenue is measured at the fair value of the consideration received or receivable, net of discounts, rebates and value added tax.  The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on delivery of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Sale of services
Revenue from a contract to provide services is recognised in the period in which the services are
provided in accordance with the stage of completion of the contract when all of the following
conditions are satisfied:

the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.


Page 3

 
ILIAS LALAOUNIS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.Accounting policies (continued)

  
1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.  Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use and dismantling and restoration costs.
 
Depreciation is calculated, using the straight line method, to allocate the cost of assets less their residual value over their estimated useful lives, as follows:
                Office equipment          -  5 years
             
The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.  The effect of any change is accounted for prospectively.
Subsequent costs are included in the assets’ carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the Company and the cost can be measured reliably.  Repairs and maintenance costs are expensed as incurred.
Tangible fixed assets are derecognised on disposal or when no future economic benefits are expected.  On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Profit and Loss Account and included in ‘administrative expenses’.

  
1.5

Stock

Stock is stated at the lower of cost and estimated selling price less costs to sell. Stock is recognised as an expense in the period in which the related revenue is recognised. 
Cost is determined on the first-in, first-out (FIFO) method. Cost includes all costs incurred in bringing the stock to its present location and condition. 
At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the Profit and Loss Account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the Profit and Loss Account.

Page 4

 
ILIAS LALAOUNIS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.Accounting policies (continued)

  
1.6

Taxation

Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the Profit and Loss Account. Current or deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is the amount of corporation tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
 
Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and profit on ordinary activities before taxation as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

  
1.7

Foreign currencies

Functional and presentation currency
The Company's functional and presentation currency is the pound sterling.
 
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.  At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction.  Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Profit and Loss Account under the heading to which they relate.

Page 5

 
ILIAS LALAOUNIS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.Accounting policies (continued)

 
1.8

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
 
Short term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Profit and Loss Account in 'administrative expenses'.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
Shareholder loans
Loans from shareholders with no stated interest rates are recorded at transaction price.
Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


2.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements management are required to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year.  However, the nature of estimation means that actual outcomes could differ from these estimates. Whilst management have made judgements, estimates and assumptions in preparing the financial statements, they consider that these have not had a significant effect on amounts recognised.
 

3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2020 - 1).


 

Page 6

 
ILIAS LALAOUNIS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2021
910



At 31 December 2021

910



Depreciation


At 1 January 2021
849


Charge for the year on owned assets
28



At 31 December 2021

877



Net book value



At 31 December 2021
33



At 31 December 2020
61


5.


Stocks

2021
2020
£
£

Finished goods and goods for resale
27,708
7,734



6.


Debtors

2021
2020
£
£


Trade debtors
-
13,470

Prepayments and accrued income
871
866

871
14,336


Page 7

 
ILIAS LALAOUNIS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

7.


Cash at bank and in hand

2021
2020
£
£

Cash at bank and in hand
107,524
96,992



8.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
33,177
29,162

Other taxation and social security
2,286
3,080

Other creditors
3,921
3,861

Accruals and deferred income
7,400
10,301

46,784
46,404



9.


Share capital

2021
2020
£
£
Authorised, allotted, called up and fully paid



1 (2020 - 1) Ordinary Shares share of £1.00
1
1



10.


Reserves

Capital contribution

The capital contribution account comprises capital injections from the owner. The capital contribution account is not a distributable reserve. 

Profit and loss account

The profit and loss account is a distributable reserve.

 
Page 8