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COMPANY REGISTRATION NUMBER: 05151222
L.U.S. Limited
Filleted Unaudited Financial Statements
30 September 2023
L.U.S. Limited
Statement of Financial Position
30 September 2023
30 Sep 23
30 Jun 23
Note
£
£
£
Current assets
Debtors
5
50,000
Cash at bank and in hand
12,046
1,926
--------
--------
12,046
51,926
Creditors: amounts falling due within one year
6
11,968
32,780
--------
--------
Net current assets
78
19,146
----
--------
Total assets less current liabilities
78
19,146
----
--------
Net assets
78
19,146
----
--------
Capital and reserves
Called up share capital
4
4
Profit and loss account
74
19,142
----
--------
Shareholders funds
78
19,146
----
--------
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 income and retained earnings has not been delivered.
For the period ending 30 September 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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 February 2024 , and are signed on behalf of the board by:
Mrs J M Lound
Director
Company registration number: 05151222
L.U.S. Limited
Notes to the Financial Statements
Period from 1 July 2023 to 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Oakley House, Tetbury Road, Cirencester, Glos, GL7 1US.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Equipment
-
25% reducing balance
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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 as a finance cost 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 period amounted to Nil (2023: 1 ).
5. Debtors
30 Sep 23
30 Jun 23
£
£
Other debtors
50,000
----
--------
6. Creditors: amounts falling due within one year
30 Sep 23
30 Jun 23
£
£
Corporation tax
11,358
5,638
Other creditors
610
27,142
--------
--------
11,968
32,780
--------
--------
7. Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
30 Sep 23
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mrs J M Lound
( 11)
42,408
( 42,880)
( 483)
----
--------
--------
----
30 Jun 23
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mrs J M Lound
( 2,709)
100,656
( 97,958)
( 11)
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---------
--------
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