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Company registration number: 06514057
Lucky Plaza Limited
Trading as Supra
Unaudited filleted financial statements
31 March 2023
Lucky Plaza Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Notes to the financial statements
Lucky Plaza Limited
Directors and other information
Director Mr Dylan Alkaff
Company number 06514057
Registered office 5 Calico Row
Plantation Wharf
Battersea
London
SW11 3YH
Business address 71 Chamberlayne Road
London
NW10 3ND
Accountant Reza Samii Chartered Accountant
19 Cornerways
1 Daylesford Avenue
London
SW15 5QP
Lucky Plaza Limited
Chartered accountant's report to the director on the preparation of the
unaudited statutory financial statements of Lucky Plaza Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Lucky Plaza Limited for the year ended 31 March 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
My work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Reza Samii Chartered Accountant
19 Cornerways
1 Daylesford Avenue
London
SW15 5QP
14 December 2023
Lucky Plaza Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 2,772 880
_______ _______
2,772 880
Current assets
Stocks 170,277 82,878
Debtors 6 157,104 147,962
Cash at bank and in hand 24,796 43,883
_______ _______
352,177 274,723
Creditors: amounts falling due
within one year 7 ( 94,610) ( 82,865)
_______ _______
Net current assets 257,567 191,858
_______ _______
Total assets less current liabilities 260,339 192,738
_______ _______
Net assets 260,339 192,738
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 260,239 192,638
_______ _______
Shareholder funds 260,339 192,738
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 December 2023 , and are signed on behalf of the board by:
Mr Dylan Alkaff
Director
Company registration number: 06514057
Lucky Plaza Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Lucky Plaza Limited, 5 Calico Row, Plantation Wharf, Battersea, London, SW11 3YH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer Equipment - 20 % straight line
Fittings fixtures and equipment - 20 % straight line
Leasehold Improvements - Over the term of the lease
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Leasehold Improvements Total
£ £ £ £
Cost
At 1 April 2022 1,937 6,325 8,298 16,560
Additions 1,358 1,838 - 3,196
Disposals - ( 6,325) - ( 6,325)
_______ _______ _______ _______
At 31 March 2023 3,295 1,838 8,298 13,431
_______ _______ _______ _______
Depreciation
At 1 April 2022 1,613 6,325 7,742 15,680
Charge for the year 380 368 556 1,304
Disposals - ( 6,325) - ( 6,325)
_______ _______ _______ _______
At 31 March 2023 1,993 368 8,298 10,659
_______ _______ _______ _______
Carrying amount
At 31 March 2023 1,302 1,470 - 2,772
_______ _______ _______ _______
At 31 March 2022 324 - 556 880
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 10,348 5,206
Amounts owed by group undertakings and undertakings in which the company has a participating interest 146,756 142,756
_______ _______
157,104 147,962
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 59,035 39,688
Corporation tax 22,760 27,150
Social security and other taxes 8,728 11,625
Other creditors 4,087 4,402
_______ _______
94,610 82,865
_______ _______
A fixed and floating charge was created on 17th November 2021 in favour of National Westminster Bank Plc covering all company's property and assets.
8. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Later than 1 year and not later than 5 years 24,000 24,000
_______ _______
9. Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £11,101 (2022: £1,014).
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Romeo Rocky Realty Limited 24,000 - 146,756 142,756
_______ _______ _______ _______
During the year the company advanced a further £4,000 on top of the existing interest free and unsecured loan of £142,756 advanced last year to Romeo Rocky Realty Limited, a UK registered company controlled and owned by the director. Furthermore, the company paid £24,000 worth of commercial rent, considered to be the market rate, to Romeo Rocky Realty Limited towards rent charges of its trading premises.
11. Controlling party
The company was controlled throughout the current and previous period by its sole director as shown in the directors' report on page 1.