Local Experts Ltd 13829106 false 2022-01-05 2023-01-31 2023-01-31 The principal activity of the company is retail of furniture, lighting and similar. Digita Accounts Production Advanced 6.30.9574.0 true true 13829106 2022-01-05 2023-01-31 13829106 2023-01-31 13829106 core:CurrentFinancialInstruments 2023-01-31 13829106 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 13829106 core:Non-currentFinancialInstruments 2023-01-31 13829106 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 13829106 core:Goodwill 2023-01-31 13829106 core:FurnitureFittingsToolsEquipment 2023-01-31 13829106 core:MotorVehicles 2023-01-31 13829106 bus:SmallEntities 2022-01-05 2023-01-31 13829106 bus:AuditExemptWithAccountantsReport 2022-01-05 2023-01-31 13829106 bus:FullAccounts 2022-01-05 2023-01-31 13829106 bus:SmallCompaniesRegimeForAccounts 2022-01-05 2023-01-31 13829106 bus:RegisteredOffice 2022-01-05 2023-01-31 13829106 bus:Director1 2022-01-05 2023-01-31 13829106 bus:PrivateLimitedCompanyLtd 2022-01-05 2023-01-31 13829106 bus:Agent1 2022-01-05 2023-01-31 13829106 core:Goodwill 2022-01-05 2023-01-31 13829106 core:FurnitureFittings 2022-01-05 2023-01-31 13829106 core:FurnitureFittingsToolsEquipment 2022-01-05 2023-01-31 13829106 core:MotorVehicles 2022-01-05 2023-01-31 13829106 core:OfficeEquipment 2022-01-05 2023-01-31 13829106 countries:EnglandWales 2022-01-05 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 13829106

Local Experts Ltd

trading as Dream Doors Sefton

Annual Report and Unaudited Financial Statements

for the Period from 5 January 2022 to 31 January 2023

 

Local Experts Ltd

trading as Dream Doors Sefton

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Local Experts Ltd

trading as Dream Doors Sefton

Company Information

Director

Mr Kevin Gorodkin

Registered office

71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

Accountants

Ikara Business Solutions Limited
1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Local Experts Ltd

trading as Dream Doors Sefton
for the Period Ended 31 January 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Local Experts Ltd for the period ended 31 January 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Local Experts Ltd, as a body, in accordance with the terms of our engagement letter dated 17 February 2022. Our work has been undertaken solely to prepare for your approval the accounts of Local Experts Ltd and state those matters that we have agreed to state to the Board of Directors of Local Experts Ltd, as a body, in this report in accordance with our engagement letter. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Local Experts Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Local Experts Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Local Experts Ltd. You consider that Local Experts Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Local Experts Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Ikara Business Solutions Limited
1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ

4 October 2023

 

Local Experts Ltd

trading as Dream Doors Sefton

(Registration number: 13829106)
Balance Sheet as at 31 January 2023

Note

2023
£

Fixed assets

 

Intangible assets

4

18,480

Tangible assets

5

30,289

 

48,769

Current assets

 

Stocks

6

15,000

Debtors

7

8,400

Cash at bank and in hand

 

39,945

 

63,345

Creditors: Amounts falling due within one year

8

(107,588)

Net current liabilities

 

(44,243)

Total assets less current liabilities

 

4,526

Creditors: Amounts falling due after more than one year

8

(35,583)

Net liabilities

 

(31,057)

Capital and reserves

 

Called up share capital

1

Profit and loss account

(31,058)

Shareholders' deficit

 

(31,057)

For the financial period ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Local Experts Ltd

trading as Dream Doors Sefton

(Registration number: 13829106)
Balance Sheet as at 31 January 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 4 October 2023
 

.........................................
Mr Kevin Gorodkin
Director

 

Local Experts Ltd

trading as Dream Doors Sefton

Notes to the Unaudited Financial Statements for the Period from 5 January 2022 to 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
United Kingdom

These financial statements were authorised for issue by the director on 4 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the shareholders that they will continue to give financial support to the company for twelve months from the date of signing these accounts.

On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above may not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustments to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Local Experts Ltd

trading as Dream Doors Sefton

Notes to the Unaudited Financial Statements for the Period from 5 January 2022 to 31 January 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & fittings

25% Reducing balance

Motor vehicles

25% Reducing balance

Office euipment

25% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Franchise Fee

Over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Local Experts Ltd

trading as Dream Doors Sefton

Notes to the Unaudited Financial Statements for the Period from 5 January 2022 to 31 January 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 5.

 

Local Experts Ltd

trading as Dream Doors Sefton

Notes to the Unaudited Financial Statements for the Period from 5 January 2022 to 31 January 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

23,100

23,100

At 31 January 2023

23,100

23,100

Amortisation

Amortisation charge

4,620

4,620

At 31 January 2023

4,620

4,620

Carrying amount

At 31 January 2023

18,480

18,480

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

Additions

23,748

16,637

40,385

At 31 January 2023

23,748

16,637

40,385

Depreciation

Charge for the period

5,937

4,159

10,096

At 31 January 2023

5,937

4,159

10,096

Carrying amount

At 31 January 2023

17,811

12,478

30,289

6

Stocks

2023
£

Work in progress

15,000

7

Debtors

 

Local Experts Ltd

trading as Dream Doors Sefton

Notes to the Unaudited Financial Statements for the Period from 5 January 2022 to 31 January 2023

2023
£

Prepayments

8,400

8,400

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Loans and borrowings

9

9,988

Trade creditors

 

52,663

Taxation and social security

 

5,786

Accruals and deferred income

 

955

Other creditors

 

38,196

 

107,588

Creditors: amounts falling due after more than one year

Note

2023
£

Due after one year

 

Loans and borrowings

9

35,583

A debenture has been lodged at Companies House, in favour of Natwest bank, with fixed and floating charges over all assets, dated 14 February 2022.

9

Loans and borrowings

2023
£

Non-current loans and borrowings

Bank borrowings

35,583

2023
£

Current loans and borrowings

Bank borrowings

9,988