Company registration number 01515485 (England and Wales)
CALIFORNIA LONDON LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
CALIFORNIA LONDON LIMITED
COMPANY INFORMATION
Directors
Mr J E F Wood
Mrs L Wood
Company number
01515485
Registered office
9 Bonhill Street
London
EC2A 4DJ
Accountants
Begbies
9 Bonhill Street
London
EC2A 4DJ
CALIFORNIA LONDON LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Income statement
3
Statement of financial position
4
Statement of changes in equity
5
Notes to the financial statements
6 - 7
CALIFORNIA LONDON LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 August 2023.
Principal activities
The principal activity of the company continued to be that of share dealing and receiving investment income.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr J E F Wood
Mrs L Wood
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr J E F Wood
Director
1 December 2023
CALIFORNIA LONDON LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CALIFORNIA LONDON LIMITED FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of California London Limited for the year ended 31 August 2023 set out on pages 4 to 7 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 at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of California London Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of California London Limited and state those matters that we have agreed to state to the Board of Directors of California London Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than California London Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that California London Limited 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 loss of California London Limited. You consider that California London Limited 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 California London Limited. 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.
Begbies
1 December 2023
Chartered Accountants
9 Bonhill Street
London
EC2A 4DJ
CALIFORNIA LONDON LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
2023
2022
£
£
Turnover
7,592
90,794
Cost of sales
(59,674)
Gross profit
7,592
31,120
Administrative expenses
(23,386)
(22,780)
Operating (loss)/profit
(15,794)
8,340
Interest payable and similar expenses
(8,000)
(12,000)
Loss before taxation
(23,794)
(3,660)
Tax on loss
Loss for the financial year
(23,794)
(3,660)
The income statement has been prepared on the basis that all operations are continuing operations.
CALIFORNIA LONDON LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2023
31 August 2023
- 4 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
74,326
74,326
Debtors
4
138,169
137,545
Cash at bank and in hand
100,357
175,263
312,852
387,134
Creditors: amounts falling due within one year
5
(4,920)
(4,800)
Net current assets
307,932
382,334
Creditors: amounts falling due after more than one year
6
(284,924)
(328,924)
Net assets
23,008
53,410
Capital and reserves
Called up share capital
7
50,000
50,000
Profit and loss reserves
(26,992)
3,410
Total equity
23,008
53,410
For the financial year ended 31 August 2023 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.
The financial statements were approved by the board of directors and authorised for issue on 1 December 2023 and are signed on its behalf by:
Mr J E F Wood
Director
Company registration number 01515485 (England and Wales)
CALIFORNIA LONDON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2021
50,000
47,070
97,070
Year ended 31 August 2022:
Loss and total comprehensive income
-
(3,660)
(3,660)
Dividends
-
(40,000)
(40,000)
Balance at 31 August 2022
50,000
3,410
53,410
Year ended 31 August 2023:
Loss and total comprehensive income
-
(23,794)
(23,794)
Dividends
-
(6,608)
(6,608)
Balance at 31 August 2023
50,000
(26,992)
23,008
CALIFORNIA LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
1
Accounting policies
Company information
California London Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Bonhill Street, London, EC2A 4DJ.
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, rounded to the nearest £.
The financial statements have been prepared under the historical cost convention except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.
1.2
Turnover
Turnover from the sale of shares is recognised on the dealing date. and from investment income recognised when received.
1.3
Stocks
Stocks are stated at the lower of cost and estimated selling price.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.4
Cash at bank and in hand
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
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. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables 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 less any impairment.
Basic financial Liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price.
1.6
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.
CALIFORNIA LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
138,169
137,545
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
4,920
4,800
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
284,924
328,924
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000