Company registration number 11474599 (England and Wales)
LESSICAS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
PAGES FOR FILING WITH REGISTRAR
LESSICAS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
LESSICAS LIMITED
BALANCE SHEET
- 1 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
467,120
525,286
Current assets
Debtors
4
18,001
Cash at bank and in hand
650
650
18,001
Creditors: amounts falling due within one year
5
(285,643)
(670,459)
Net current liabilities
(284,993)
(652,458)
Total assets less current liabilities
182,127
(127,172)
Creditors: amounts falling due after more than one year
6
(598,301)
(238,528)
Net liabilities
(416,174)
(365,700)
Capital and reserves
Called up share capital
7
40
40
Profit and loss reserves
(416,214)
(365,740)
Total equity
(416,174)
(365,700)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
LESSICAS LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 October 2023 and are signed on its behalf by:
Mr C Costelloe
Director
Company Registration No. 11474599
LESSICAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
- 3 -
1
Accounting policies
Company information
Lessicas Limited is a private company limited by shares incorporated in England and Wales. The registered office is Agility London Ebor Business Park, Millfield Lane, Nether Poppleton, York, YO26 6QY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have continued to adopt the going concern basis of accounting in preparing the financial statements, noting that £415,584 (2021: £159,092) of current trueand non-current liabilities disclosed in the accounts are due to the directors of the company. To support working capital, the directors have confirmed there is no intention to request repayment of these balances into the foreseeable future.
The directors’ loans increased in the year because of an early settlement of a finance lease which reduced leveraged debt to external parties on the balance sheet.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover represents revenue earned from ticket sales, event bookings, grip socks sales and the sale of food and drink from the on-site cafe provided in the normal course of business, and is shown net of VAT.
Income generated from the sale of gift cards is deferred on the balance sheet and reported at the present fair value consideration of future receipts . Income is recognised when it is probable the that the economic benefit will flow to the entity, i.e. on expiry, or on redemption when the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the cafe and the sale of socks is recognised when significant risk and rewards of ownership of the goods have passed to the buyer, the amount can be measured reliably, it is probable that the economic benefits associated with the transactions will flow to the entity and the costs incurred or to be incurred in respect of the transaction be measured reliably.
LESSICAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 4 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Straight line over the term of the leasehold to 2030
Plant and equipment
25% Reducing balance and straight line over the term of the leasehold to 2030
Fixtures and fittings
25% Reducing balance
Computers
33% Straight line
Office equipment
33% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed 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).
1.6
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.
1.7
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 balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors 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.
LESSICAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
LESSICAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
29
29
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Office equipment
Total
£
£
£
£
£
£
Cost
At 1 August 2021
204,048
400,566
52,245
1,862
9,117
667,838
Additions
7,664
6,524
1,800
805
2,567
19,360
At 31 July 2022
211,712
407,090
54,045
2,667
11,684
687,198
Depreciation
At 1 August 2021
40,082
76,755
20,002
872
4,841
142,552
Depreciation charged in the year
21,394
43,401
8,422
809
3,500
77,526
At 31 July 2022
61,476
120,156
28,424
1,681
8,341
220,078
Carrying amount
At 31 July 2022
150,236
286,934
25,621
986
3,343
467,120
At 31 July 2021
163,966
323,811
32,243
990
4,276
525,286
Included within fixed assets are a number of assets under finance lease, which are pledged as security against liabilities as shown in notes 5 and 6.
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
18,001
LESSICAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 7 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank overdraft
4,917
3,636
Trade creditors
57,217
144,447
Taxation and social security
77,116
28,991
Other creditors
146,393
493,385
285,643
670,459
Other creditors include finance leases due under one year of £61,526 (2021: £319,665) and are secured.
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans
49,081
49,081
Other creditors
549,220
189,447
598,301
238,528
Included within bank loans is a bounceback loan which is secured by way of government guarantee, with £49,081 (2021: £49,081) due after a year. Other creditors include finance leases due after one year of £73,579 (2021: £73,006) and are secured. Other creditors also includes loans from directors of £360,000 (2021: £nil) which are not expected to be repaid within one year of the balance sheet date, further details of which can be found in note 9.
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
40
40
40
40
Each share is entitled to full voting rights and payment of dividends and distributions.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
634,900
725,600
LESSICAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 8 -
9
Directors' transactions
During the year the Directors had loans with the Company. As at 31 July 2022 the Company owed the Directors £415,584 (2021: £159,092). These loans are interest free with no fixed date of repayment. This amount is held within Other Creditors.
LESSICAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 9 -
10
Prior period adjustment
Reconciliation of changes in equity
1 August
31 July
2020
2021
£
£
Adjustments to prior year
Operating lease restated to fixed assets
21,021
30,699
Equity as previously reported
(289,244)
(396,399)
Equity as adjusted before transition adjustments
(268,223)
(365,700)
Analysis of the effect upon equity
Profit and loss reserves
21,021
30,699
Reconciliation of changes in loss for the previous financial period
2021
£
Adjustments to prior year
Operating lease restated to fixed assets
9,678
Loss as previously reported
(107,155)
Loss as adjusted before transition adjustments
(97,477)
Notes to reconciliation
Following a review of operating leases reported in earlier periods, it was found that several agreements met the criteria of a finance lease under FRS102. In order to to correct the treatment of these agreements in the accounts a restatement of prior year was required impacting which resulted in:
1. The capitalisation of finance lease costs as tangible fixed assets. These assets were then depreciated, and the associated rental charge removed from the profit and loss account.
2. The recognition of a finance lease liability, and subsequent charging of interest expense to the profit and loss account.
The accounting for all restated finance leases was determined using the rate implicit in the lease.
Company Registration No. 11474599 (England and Wales)
LESSICAS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
PAGES FOR FILING WITH REGISTRAR