Company registration number 04204569 (England and Wales)
LOSCA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
LOSCA LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
LOSCA LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Trade and other receivables
6
231,922
9,596,989
Investments
7
28,561
322,165
Cash and cash equivalents
310,909
38,451
571,392
9,957,605
Current liabilities
8
(69,661)
(60,526)
Net current assets
501,731
9,897,079
Provisions for liabilities
(20,650)
Net assets
501,731
9,876,429
Equity
Called up share capital
1
1
Other reserves
144,925
Retained earnings
501,730
9,731,503
Total equity
501,731
9,876,429
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 27 September 2023
Mr J Dahan
Director
Company Registration No. 04204569
LOSCA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Share capital
Fair value reserves
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 January 2021
1
95,244
9,677,923
9,773,168
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
103,262
103,262
Fair value reserve adjustment
-
49,681
(49,681)
-
Balance at 31 December 2021
1
144,925
9,731,504
9,876,430
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
33,707
33,707
Dividends
-
-
(9,408,406)
(9,408,406)
Fair value reserve adjustment
-
(144,925)
144,925
-
Balance at 31 December 2022
1
-
501,730
501,731
LOSCA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Company information
Losca Limited is a private company limited by shares incorporated in England and Wales with registration number 04204569. The registered office is Ramillies House, 2 Ramillies Street, London, W1F 7LN.
2
Compliance with accounting standard
These financial statements have been prepared in accordance with the provisions of FRS 102 section 1A for small entities. There were no material departures from the standard.
3
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
4
Accounting policies
4.1
Accounting convention
The financial statements have been prepared under the historical cost convention, modified to include investments at fair value. The principal accounting policies adopted are set out below.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
4.2
Revenue
Revenue represents income from investments in financial instruments.
Revenue is recognised when it can be measured reliably and 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.
4.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
4.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
LOSCA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
4
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
4.5
Current asset Investments
Listed investments are measured initially at fair value, which is normally the transaction price. Transaction costs are excluded if the investments are subsequently measured at fair value through profit and loss.
Subsequent to initial recognition, initial investments that are publicly traded or can be measured reliably are measured at fair value based on quoted price with changes recognised through profit and loss.
Works of art is measured at fair value.
4.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
Tax deferred or accelerated is accounted for in respect of all material timing difference.
During the year, there was a provision for deferred tax of £Nil (2021: £20,650) on the listed investments held by the company as at the year end.
LOSCA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
4
Accounting policies
(Continued)
- 5 -
4.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
6
Trade and other receivables
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
231,641
230,527
Other receivables
281
281
231,922
230,808
2022
2021
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
9,366,181
Total debtors
231,922
9,596,989
The total amount due from parent undertakings amounts to £231,641 (2021: £9,596,708) which includes interest.
7
Current asset investments
2022
2021
£
£
Investments
28,561
322,165
During the year all the listed investments have been sold. Investments include works of art measured at fair value of £28,561 (2021: £28,597).
LOSCA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
8
Current liabilities
2022
2021
£
£
Corporation tax
36,278
28,224
Other payables
28,264
28,264
Accruals and deferred income
5,119
4,038
69,661
60,526
Amount due to parent undertakings amounts to £28,264 (2021: £28,264), payable on demand.
9
Parent company
The company is wholly owned by Losca International Sarl, a company whose registered office is based in the Grand Duchy of Luxembourg.
10
Controlling party
The company is controlled by Jeremie Dahan by virtue of his 100% shareholding in Losca International Sarl.