LONDON SYSTEMS UK LIMITED


Director	Scott Boucher


Registered Address	Unit 4 The Flag Store
	23 Queen Elizabeth Street
	London
	SE1 2LP


Registered Number	06580086 (England and Wales)

Balance Sheet as at
31 May 2023

	Notes	2023		2022
		£	£	£	£
Fixed assets
Tangible assets	5		355,135		339,530
			355,135		339,530
Current assets
Debtors		242,945		211,950
Cash at bank and on hand		236,380		333,573
		479,325		545,523
Creditors amounts falling due within one year	8	(280,792)		(274,327)
Net current assets (liabilities)			198,533		271,196
Total assets less current liabilities			553,668		610,726
Creditors amounts falling due after one year	9		(286,698)		(399,401)
Provisions for liabilities	11		(35,505)		(41,762)
Net assets			231,465		169,563
Capital and reserves
Called up share capital			1,000		1,000
Revaluation reserve			59,500		59,500
Profit and loss account			170,965		109,063
Shareholders' funds			231,465		169,563

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Director on 3 October 2023, and are signed on its behalf by:

Scott Boucher
Director
Registered Company No. 06580086

LONDON SYSTEMS UK LIMITED

Notes to the Financial Statements
for the year ended 31 May 2023

1.	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Compliance with applicable reporting framework
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	Accounting policies

	Turnover policy
	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.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Land and buildings	-	10
Fixtures and fittings	33	5
Office Equipment	33	5

	Revenue recognition policy
	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.

Revenue recognition policy

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.

	Deferred tax policy
	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.

Deferred tax policy

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.

	Foreign currency translation and operations policy
	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.

Foreign currency translation and operations policy

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.

	Leases policy
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

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

	Valuation of financial instruments policy
	The company has elected to apply the provision of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with 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.

Valuation of financial instruments policy

The company has elected to apply the provision of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

4.	Employee information


		2023		2022
	Average number of employees during the year	11		12

5.	Property, plant and equipment

	Land & buildings	Fixtures & fittings	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 June 22	148,778	173,991	1,217,853	1,540,622
Additions	6,995	732	143,663	151,390
At 31 May 23	155,773	174,723	1,361,516	1,692,012
Depreciation and impairment
At 01 June 22	20,656	170,895	1,009,541	1,201,092
Charge for year	30,369	1,606	103,810	135,785
At 31 May 23	51,025	172,501	1,113,351	1,336,877
Net book value
At 31 May 23	104,748	2,222	248,165	355,135
At 31 May 22	128,122	3,096	208,312	339,530

6.	Provisions for impairment of tangible assets
	At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

7.	Debtors within one year

	2023	2022
	£	£
Trade debtors / trade receivables	94,759	76,614
Amounts owed by group undertakings	471	471
Amounts owed by associates and joint ventures / participating interests	-	15,339
Other debtors	18,816	18,527
Prepayments and accrued income	128,899	100,999
Total	242,945	211,950


	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.

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.

8.	Creditors within one year

	2023	2022
	£	£
Trade creditors / trade payables	208,467	131,162
Amounts owed to related parties	3,095	-
Taxation and social security	37,161	74,483
Accrued liabilities and deferred income	32,069	68,682
Total	280,792	274,327


	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.

9.	Creditors after one year

	2023	2022
	£	£
Bank borrowings and overdrafts	214,192	307,647
Other creditors	72,506	91,754
Total	286,698	399,401

10.	Finance lease and HP contracts after one year

		2023		2022
		£		£
	Finance lease and HP contracts	72,506		91,754

11.	Provisions for liabilities

	2023	2022
	£	£
Net deferred tax liability (asset)	35,505	41,762
Total	35,505	41,762