Registration number:
Lavval Group Limited
for the Period from 28 March 2022 to 26 March 2023
Lavval Group Limited
Contents
Company Information |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Profit and Loss Account |
|
Consolidated Balance Sheet |
|
Balance Sheet |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Lavval Group Limited
Company Information
Directors |
S Lavarini L Lavarini R Lavarini |
Company secretary |
R Lavarini |
Registered office |
|
Auditors |
|
Lavval Group Limited
Directors' Report for the Period from 28 March 2022 to 26 March 2023
The directors present their report and the for the period from 28 March 2022 to 26 March 2023.
Directors of the group
The directors who held office during the period were as follows:
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Small companies exemption
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
Approved and authorised by the
......................................... |
Lavval Group Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Lavval Group Limited
Independent Auditor's Report to the Members of Lavval Group Limited
Opinion
We have audited the financial statements of Lavval Group Limited (the 'parent company') and its subsidiaries (the 'group') for the period from 28 March 2022 to 26 March 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 26 March 2023 and of the group's profit for the period then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
• |
the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
• |
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group’s or the parent company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Lavval Group Limited
Independent Auditor's Report to the Members of Lavval Group Limited
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Directors' Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors’ remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit; or |
• | the directors were not entitled to prepare the financial statements and the directors' report in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Lavval Group Limited
Independent Auditor's Report to the Members of Lavval Group Limited
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• the Senior Statutory Auditor ensured that the audit team collectively had the appropriate competence, skills, and capabilities to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the relevant industry;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, and other legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where relevant; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls we:
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
• investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HM Revenue & Customs and relevant regulators.
There are inherent limitations in our audit procedures described above. The more remote that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Lavval Group Limited
Independent Auditor's Report to the Members of Lavval Group Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Lawford House
Albert Place
N3 1QA
Lavval Group Limited
Consolidated Profit and Loss Account for the Period from 28 March 2022 to 26 March 2023
Note |
52 week period ended |
52 week period ended |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
(8,112,379) |
(5,339,145) |
|
Other gains/losses |
(1) |
(2) |
|
Other operating income |
|
|
|
Operating profit/(loss) |
|
( |
|
Other interest receivable and similar income |
|
- |
|
Interest payable and similar expenses |
( |
( |
|
(16,790) |
(3,496) |
||
Profit/(loss) before tax |
|
( |
|
Profit/(loss) for the financial period |
|
( |
|
Profit/(loss) attributable to: |
|||
Owners of the company |
( |
( |
|
Non-controlling interests |
|
- |
|
|
( |
The group has no recognised gains or losses for the period other than the results above.
Lavval Group Limited
(Registration number: 05670290)
Consolidated Balance Sheet as at 26 March 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
( |
( |
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
88,098 |
88,098 |
|
Other reserves |
885 |
885 |
|
Profit and loss account |
(793,679) |
(733,543) |
|
Equity attributable to owners of the company |
(704,696) |
(644,560) |
|
Non-controlling interests |
- |
(394,647) |
|
Shareholders' deficit |
(704,696) |
(1,039,207) |
Lavval Group Limited
(Registration number: 05670290)
Consolidated Balance Sheet as at 26 March 2023
The financial statements have been prepared in accordance within the provisions applicable to companies subject to the small companies' regime within Part 15 of the Companies Act 2006 and in accordance with Section 1A of Financial Reporting Standard 102 applicable in the UK and Republic of Ireland.
Approved and authorised by the
.........................................
Director
Lavval Group Limited
(Registration number: 05670290)
Balance Sheet as at 26 March 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Investments |
|
|
|
Current assets |
|||
Cash at bank and in hand |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
88,098 |
88,098 |
|
Shareholders' funds |
88,098 |
88,098 |
As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company's profit for the period was £nil (2022-£nil).
The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime within Part 15 of the Companies Act 2006 and in accordance with Section 1A of the Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Approved and authorised by the
.........................................
Director
Lavval Group Limited
Consolidated Statement of Changes in Equity for the Period from 28 March 2022 to 26 March 2023
Equity attributable to the parent company
Share capital |
Other reserves |
Profit and loss account |
Total |
Non- controlling interests |
Total equity |
|
At 28 March 2022 |
|
|
( |
( |
( |
( |
(Loss)/profit for the period |
- |
- |
( |
( |
|
|
At 26 March 2023 |
|
|
( |
( |
- |
( |
Share capital |
Other reserves |
Profit and loss account |
Total |
Non- controlling interests |
Total equity |
|
At 30 March 2020 |
|
|
( |
( |
( |
( |
Loss for the period |
- |
- |
( |
( |
- |
( |
New share capital subscribed |
|
- |
- |
|
- |
|
At 27 March 2022 |
|
|
( |
( |
( |
( |
Lavval Group Limited
Statement of Changes in Equity for the Period from 28 March 2022 to 26 March 2023
Share capital |
Total |
|
At 28 March 2022 |
|
|
At 26 March 2023 |
|
|
Share capital |
Total |
|
At 30 March 2020 |
|
|
New share capital subscribed |
|
|
At 27 March 2022 |
|
|
Lavval Group Limited
Consolidated Statement of Cash Flows for the Period from 28 March 2022 to 26 March 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Profit/(loss) for the period |
|
( |
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Loss from disposals of investments |
|
|
|
Finance income |
( |
- |
|
Finance costs |
|
|
|
|
( |
||
Working capital adjustments |
|||
Increase in stocks |
( |
( |
|
Increase in debtors |
( |
( |
|
Increase in creditors |
|
|
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
- |
|
Acquisitions of tangible assets |
( |
( |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from issue of ordinary shares, net of issue costs |
- |
|
|
Repayments of bank borrowings |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 28 March |
|
|
|
Cash and cash equivalents at 26 March |
535,766 |
169,619 |
Lavval Group Limited
Statement of Cash Flows for the Period from 28 March 2022 to 26 March 2023
2023 |
2022 |
|
Cash flows from operating activities |
||
Profit/(loss) for the period |
- |
- |
Net cash flow from operating activities |
- |
- |
Cash flows from financing activities |
||
Proceeds from issue of ordinary shares, net of issue costs |
- |
|
Net increase in cash and cash equivalents |
- |
|
Cash and cash equivalents at 28 March |
|
- |
Cash and cash equivalents at 26 March |
98 |
98 |
Lavval Group Limited
Notes to the Financial Statements for the Period from 28 March 2022 to 26 March 2023
General information |
Lavval Group Limited is limited company domiciled and incorporated in England and Wales. The group consists of Lavval Group Limited and all of its trading subsidiaries.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
The company has taken advantage of the exemption allowed under the section 408 of the Companies Act 2006 and has not presented its own income statement in these financial statements.
Lavval Group Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. Exemptions have been taken in relation to share-based payments, financial instruments and remuneration of key management personnel.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in £.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its trading subsidiary undertakings drawn up to 26 March 2023.
Lavval Group Limited
Notes to the Financial Statements for the Period from 28 March 2022 to 26 March 2023
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the profit and loss account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
Having considered the financial results, cash reserves and current forecasts, the directors believe the group will have adequate resources to continue in operational existence and meet its liabilities as they fall due for a period of at least twelve months from the date these financial statements are approved. Accordingly, the directors consider the going concern basis to be appropriate for preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.
Lavval Group Limited
Notes to the Financial Statements for the Period from 28 March 2022 to 26 March 2023
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% straight line |
Short- term leasehold property |
over the period of the lease and 10% straight line on improvements |
Fixtures and fittings |
10-33.33% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Lavval Group Limited
Notes to the Financial Statements for the Period from 28 March 2022 to 26 March 2023
Asset class |
Amortisation method and rate |
Goodwill |
Over 10 years |
Investments
In the parent company balance sheet, investment in subsidiaries are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Lavval Group Limited
Notes to the Financial Statements for the Period from 28 March 2022 to 26 March 2023
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Revenue |
The analysis of the group's revenue for the period from continuing operations is as follows:
52 week period ended |
52 week period ended |
|
Sale of goods |
|
|
Other operating income |
The analysis of the group's other operating income for the period is as follows:
52 week period ended |
52 week period ended |
|
Government grants |
2,209 |
467,109 |
Management charges receivable |
96,983 |
12,000 |
Royalties receivable |
582,500 |
- |
Other operating income |
415,636 |
404,312 |
|
|
Lavval Group Limited
Notes to the Financial Statements for the Period from 28 March 2022 to 26 March 2023
Operating profit/(loss) |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Operating lease expense - property |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
52 week period ended |
52 week period ended |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Redundancy costs |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the group (including directors) during the period, analysed by category was as follows:
52 week period ended |
52 week period ended |
|
Administration and support |
|
|
Distribution |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the period was as follows:
52 week period ended |
52 week period ended |
|
Remuneration |
|
|
In respect of the highest paid director:
2023 |
2022 |
|
Remuneration |
|
|
Lavval Group Limited
Notes to the Financial Statements for the Period from 28 March 2022 to 26 March 2023
Auditors' remuneration |
52 week period ended |
52 week period ended |
|
Audit of these financial statements |
26,000 |
24,389 |
Taxation |
The tax on profit before tax for the period is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit/(loss) before tax |
|
( |
Corporation tax at standard rate |
|
( |
Effect of revenues exempt from taxation |
( |
- |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Tax (decrease)/increase from effect of capital allowances and depreciation |
( |
|
Tax increase from effect of unrelieved tax losses carried forward |
|
|
Total tax credit |
- |
( |
Lavval Group Limited
Notes to the Financial Statements for the Period from 28 March 2022 to 26 March 2023
Intangible assets |
Group
Goodwill |
Total |
|
Cost or valuation |
||
At 28 March 2022 |
|
|
At 26 March 2023 |
|
|
Amortisation |
||
At 28 March 2022 |
|
|
At 26 March 2023 |
|
|
Carrying amount |
||
At 26 March 2023 |
|
|
At 27 March 2022 |
|
|
The company had no intangible assets as at 26 March 2023 or 27 March 2022.
Lavval Group Limited
Notes to the Financial Statements for the Period from 28 March 2022 to 26 March 2023
Tangible assets |
Group
Land and buildings |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
|||
At 28 March 2022 |
|
|
|
Additions |
|
|
|
Disposals |
- |
( |
( |
At 26 March 2023 |
|
|
|
Depreciation |
|||
At 28 March 2022 |
|
|
|
Charge for the period |
|
|
|
Eliminated on disposal |
- |
( |
( |
At 26 March 2023 |
|
|
|
Carrying amount |
|||
At 26 March 2023 |
|
|
|
At 27 March 2022 |
|
|
|
Included within the net book value of land and buildings above is £102,528 (2022 - £102,111) in respect of short leasehold land and buildings.
The company had no tangible fixed assets at 26 March 2023 or 27 March 2022.
Lavval Group Limited
Notes to the Financial Statements for the Period from 28 March 2022 to 26 March 2023
Investments |
Group
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2023 |
2022 |
|||
Subsidiary undertakings |
||||
|
24 Cranbourn Street
|
|
|
|
United Kingdom |
||||
|
24 Cranbourn Street
|
|
|
|
United Kingdom |
* indicates direct investment of the company
Subsidiary undertakings
Spaghetti House Limited The principal activity of Spaghetti House Limited is |
The Original Spaghetti House Limtied The principal activity of The Original Spaghetti House Limtied is |
Lavval Group Limited
Notes to the Financial Statements for the Period from 28 March 2022 to 26 March 2023
Group subsidiaries |
£ |
Cost or valuation |
|
At 28 March 2022 |
548,575 |
Disposals |
(542,700) |
At 26 March 2023 |
5,875 |
Provision |
|
At 28 March 2022 |
548,573 |
Eliminated on disposals |
(542,699) |
At 26 March 2023 |
5,874 |
Carrying amount |
|
At 26 March 2023 |
1 |
At 27 March 2022 |
1 |
Company
2023 |
2022 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 29 March 2021 and 27 March 2022 |
|
Carrying amount |
|
At 26 March 2023 |
|
At 27 March 2022 |
|
Stocks |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Other inventories |
|
|
- |
- |
Lavval Group Limited
Notes to the Financial Statements for the Period from 28 March 2022 to 26 March 2023
Debtors |
Group |
Company |
|||
Current |
2023 |
2022 |
2023 |
2022 |
Trade debtors |
|
|
- |
- |
Other debtors |
|
|
- |
- |
Prepayments |
|
|
- |
- |
|
|
- |
- |
Cash and cash equivalents |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Cash on hand |
|
|
- |
- |
Cash at bank |
|
|
|
|
|
|
|
|
Creditors |
Group |
Company |
||||
Note |
2023 |
2022 |
2023 |
2022 |
|
Due within one year |
|||||
Loans and borrowings |
|
|
- |
- |
|
Trade creditors |
|
|
- |
- |
|
Amounts due to related parties |
|
|
- |
- |
|
Social security and other taxes |
|
|
- |
- |
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
Other payables |
|
|
- |
- |
|
Accruals |
|
|
- |
- |
|
|
|
- |
- |
||
Due after one year |
|||||
Loans and borrowings |
|
|
- |
- |
Lavval Group Limited
Notes to the Financial Statements for the Period from 28 March 2022 to 26 March 2023
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
88,000 |
|
88,000 |
|
|
98 |
|
98 |
|
|
|
|
Loans and borrowings |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Non-current loans and borrowings |
||||
Bank borrowings |
|
|
- |
- |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Current loans and borrowings |
||||
Bank borrowings |
|
|
- |
- |
Lavval Group Limited
Notes to the Financial Statements for the Period from 28 March 2022 to 26 March 2023
Group
Bank Borrowings
The bank borrowings relate to a Coronavirus Business Interruption Loan. The loan incurs interest of base rate plus a 2.5% margin per annum and is repayable in instalments, with the final instalment due in December 2026.
Obligations under leases |
Group
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
|
|
|
Related party transactions |
Group
Summary of transactions with other related parties
Included in other operating income is an amount of £84,983 (2022 - £nil) charged to an unincorporated business owned by a close family member of the directors. Also, included in other operating income are management fees receivable from companies owned and controlled by the directors of Lavval Group Limited amounting to £12,000 (2022- £12,000).
Included in other creditors is an amount of £603,131 (2022 - £603,131) owed by the company to companies owned and controlled by the directors of Lavval Group Limited.
During the period, the company rented a property from a company under common control, at an annual rent of £220,000 (2022 - £203,128).
The directors were the only key management personnel in the current and prior period.