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REGISTERED NUMBER: 07246155 (England and Wales)















Financial Statements for the Year Ended 31 August 2023

for

Lounge Seventy Two Ltd

Lounge Seventy Two Ltd (Registered number: 07246155)

Contents of the Financial Statements
for the Year Ended 31 August 2023










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Lounge Seventy Two Ltd

Company Information
for the Year Ended 31 August 2023







DIRECTOR: P J Parkinson





REGISTERED OFFICE: 12 Bath Street
Cheltenham
Glos
GL50 1YE





REGISTERED NUMBER: 07246155 (England and Wales)





ACCOUNTANTS: Angela Paull and Co Ltd
1 Court Mews
London Road
Charlton Kings
Cheltenham
Glos
GL52 6HS

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Lounge Seventy Two Ltd


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lounge Seventy Two Ltd for the year ended 31 August 2023 which comprise the Income Statement, Balance Sheet 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Lounge Seventy Two Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lounge Seventy Two Ltd and state those matters that we have agreed to state to the director of Lounge Seventy Two Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lounge Seventy Two Ltd and its director for our work or for this report.

It is your duty to ensure that Lounge Seventy Two Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lounge Seventy Two Ltd. You consider that Lounge Seventy Two Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lounge Seventy Two 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 financial statements.






Angela Paull and Co Ltd
1 Court Mews
London Road
Charlton Kings
Cheltenham
Glos
GL52 6HS


12 October 2023

Lounge Seventy Two Ltd (Registered number: 07246155)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,610 5,615

CURRENT ASSETS
Stocks 44,098 26,428
Debtors 5 24,792 75,085
Cash at bank and in hand 1,315 50,197
70,205 151,710
CREDITORS
Amounts falling due within one year 6 170,665 152,833
NET CURRENT LIABILITIES (100,460 ) (1,123 )
TOTAL ASSETS LESS CURRENT LIABILITIES (95,850 ) 4,492

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings (96,850 ) 3,492
(95,850 ) 4,492

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Lounge Seventy Two Ltd (Registered number: 07246155)

Balance Sheet - continued
31 August 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 October 2023 and were signed by:





P J Parkinson - Director


Lounge Seventy Two Ltd (Registered number: 07246155)

Notes to the Financial Statements
for the Year Ended 31 August 2023


1. STATUTORY INFORMATION

Lounge Seventy Two Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Lounge Seventy Two Ltd (Registered number: 07246155)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2022 - 27 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings Totals
£    £    £    £   
COST
At 1 September 2022
and 31 August 2023 9,404 62,818 79,467 151,689
DEPRECIATION
At 1 September 2022 5,407 62,818 77,849 146,074
Charge for year 600 - 405 1,005
At 31 August 2023 6,007 62,818 78,254 147,079
NET BOOK VALUE
At 31 August 2023 3,397 - 1,213 4,610
At 31 August 2022 3,997 - 1,618 5,615

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Other debtors 24,792 75,085

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade creditors 45,918 47,604
Taxation and social security 115,875 100,824
Other creditors 8,872 4,405
170,665 152,833