REGISTERED NUMBER: |
Lusstech Limited |
Unaudited Financial Statements for the Year Ended 28th February 2023 |
REGISTERED NUMBER: |
Lusstech Limited |
Unaudited Financial Statements for the Year Ended 28th February 2023 |
Lusstech Limited (Registered number: 09042909) |
Contents of the Financial Statements |
for the year ended 28th February 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Lusstech Limited |
Company Information |
for the year ended 28th February 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
Lusstech Limited (Registered number: 09042909) |
Balance Sheet |
28th February 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their 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. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Lusstech Limited (Registered number: 09042909) |
Notes to the Financial Statements |
for the year ended 28th February 2023 |
1. | STATUTORY INFORMATION |
Lusstech Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
In light of the net liabilities at the year end, the directors have reviewed the company's ability to continue as a going concern. In performing the review the directors have taken into account current and future sources of income in the context of the company's stage in its business plan. The company is primarily funded throughout its infancy by a combination of grants and soft loans from its shareholders. The directors have indicated their willingness to continue to financially support the company. Having performed the review, the directors are of the opinion that the company meets the definition of a going concern. Accordingly the financial statements continue to be prepared on the going concern basis. |
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 |
Plant and machinery etc | - |
Government grants |
Government grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
Lusstech Limited (Registered number: 09042909) |
Notes to the Financial Statements - continued |
for the year ended 28th February 2023 |
2. | ACCOUNTING POLICIES - continued |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st March 2022 |
Additions |
At 28th February 2023 |
DEPRECIATION |
At 1st March 2022 |
Charge for year |
At 28th February 2023 |
NET BOOK VALUE |
At 28th February 2023 |
At 28th February 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | RELATED PARTY DISCLOSURES |
Included within other creditors is a loan of £308,235 (2022 £245,885) from Mr D Lussey. The loan is repayable on demand. |