LKRefresh Ltd
Registered number: 10046334
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 2,502
Investments 5 5,000 -
5,000 2,502
Current assets
Debtors 6 14,375 14,858
Cash at bank and in hand 24,629 25,930
39,004 40,788
Creditors: amounts falling due within one year 7 (13,472) (9,604)
Net current assets/(liabilities) 25,532 31,184
Total assets less current liabilities 30,532 33,686
Creditors: amounts falling due after more than one year 8 (30,365) (33,456)
Net assets 167 230
Capital and reserves
Called up share capital 100 100
Profit and loss account 67 130
Shareholder's funds 167 230
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Luke Kay
Director
Approved by the board on 11 May 2023
LKRefresh Ltd
Notes to the Accounts
for the year ended 31 March 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).
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
Measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery Over 4 years
Office equipment Over 4 years
Debtors
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 15,167
At 31 March 2023 15,167
Amortisation
At 1 April 2022 12,665
Provided during the year 2,502
At 31 March 2023 15,167
Net book value
At 31 March 2023 -
At 31 March 2022 2,502
Goodwill is being written off in equal annual instalments of 14.29% per annum.
4 Tangible fixed assets
Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 1 April 2022 398 256 654
At 31 March 2023 398 256 654
Depreciation
At 1 April 2022 398 256 654
At 31 March 2023 398 256 654
Net book value
At 31 March 2023 - - -
5 Investments
Other
investments
£
Cost
Additions 5,000
At 31 March 2023 5,000
6 Debtors 2023 2022
£ £
Other debtors 9,375 14,858
Loan 5,000 -
14,375 14,858
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 9,554 7,674
Bank loan - -
Net wages - -
Taxation and social security 237 181
Pensions - -
Accrual - -
Director's account (10,708) (18,554)
Corporation tax 12,808 14,008
VAT liability 1,581 6,295
Deferred VAT - -
Other loan < 1 year - -
13,472 9,604
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 30,365 33,456
Other loan > 1 year - -
9 Profit and loss account 2023
£
At 1 April 2022 130
Profit for the year 21,437
Dividend (21,500)
At 31 March 2023 67
10 Dividends 2023 2022
£ £
Dividends for which the company became liable during the year:
Dividends paid 21,500 30,000
21,500 30,000
11 Related party transactions
Included within the creditors at the year end is £10,708 (2022: £18,554) due from Mr Luke Kay, the company director. During the period the company paid £71,063 of expenses on behalf of the director and the director introduced £78,909.
12 Controlling party
The ultimate controlling party is the sole director Mr Luke Kay.
13 Other information
LKRefresh Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Suite 111c Cotton Exchange Building
Old Hall Street
Liverpool
L3 9JR
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