Registered number
13384279
LOPAY LTD
Unaudited Filleted Accounts
31 May 2023
LOPAY LTD
Company Information
Directors
Mr R Carter
Mr R Batsford
Mr A De Haes (appointed on 19 April 2023)
Checkfer Limited (resigned on 1 October 2022)
Accountants
Key Business Consultants LLP
Unit 5 Drakes Courtyard
291 Kilburn High Road
London
NW6 7JR
Bankers
Barclays Bank UK PLC
Registered office
20-22 Wenlock Road
London
N1 7GU
Registered number
13384279
LOPAY LTD
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of LOPAY LTD for the year ended 31 May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of LOPAY LTD for the year ended 31 May 2023 which comprise of the Profit and Loss Account, the 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, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Key Business Consultants LLP
Chartered Accountants
Unit 5 Drakes Courtyard
291 Kilburn High Road
London
NW6 7JR
9 November 2023
LOPAY LTD
Registered number: 13384279
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 2 -
Tangible assets 4 7,079 -
7,081 -
Current assets
Debtors 5 1,084,756 1
Cash at bank and in hand 3,418,179 -
4,502,935 1
Creditors: amounts falling due within one year 6 (1,091,624) -
Net current assets 3,411,311 1
Net assets 3,418,392 1
Capital and reserves
Called up share capital 7,308 1
Share premium 5,343,148 -
Profit and loss account (1,932,064) -
Shareholders' funds 3,418,392 1
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr R Carter
Director
Approved by the board on 9 November 2023
LOPAY LTD
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). These accounts have been prepared under the going concern basis due to the shareholders' continued financial support.
Turnover
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. 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.
Intangible fixed assets
Intangible fixed assets denote assigment of Intellectual Property Rights and Trademarks assigned by Checkfer Ltd for consideration of £1 each. These are measured at cost and not subject to any amortization or impairment.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment 25% reducing balance
Office equipment & hardwares 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
1 Accounting policies (cont.)
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 11 2
3 Intangible fixed assets £
Trademarks & Intellectual Property Rights:
Cost
Additions 2
At 31 May 2023 2
Amortisation
At 31 May 2023 -
Net book value
At 31 May 2023 2
4 Tangible fixed assets
Computer equipment Office equipment and hardware Total
£ £ £
Cost
Additions 2,602 4,762 7,364
At 31 May 2023 2,602 4,762 7,364
Depreciation
Charge for the year 116 169 285
At 31 May 2023 116 169 285
Net book value
At 31 May 2023 2,486 4,593 7,079
5 Debtors 2023 2022
£ £
Other debtors 1,084,756 1
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 217,420 -
Taxation and social security costs 28,429 -
Other creditors 845,775 -
1,091,624 -
7 Related party transactions
During the year, the company received loans totalling £149,758 (2022: £nil) and at the year end is owed £nil (2022: £nil) from Checkfer Limited, a company under common control, in interest free, repayable on demand loans. The final balance of £149,758 was written off during the year.

As at 31 May 2023, the company owed the director, Mr R Carter £34,800 (2022: £nil) in interest free, repayable on demand loans.
8 Controlling party
The ultimate controlling parties throughout the year were Mr R Carter and Mr R Batsford.
9 Other information
LOPAY LTD is a private company limited by shares and incorporated in England. Its registered office is:
20-22 Wenlock Road
London
N1 7GU
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