Company Registration No. 03275614 (England and Wales)
LILY UK MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
PAGES FOR FILING WITH REGISTRAR
LILY UK MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
LILY UK MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2022
31 October 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
3
575,000
578,834
Cash at bank and in hand
391
1,752
575,391
580,586
Creditors: amounts falling due within one year
4
(657,879)
(672,758)
Net current liabilities
(82,488)
(92,172)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(82,490)
(92,174)
Total equity
(82,488)
(92,172)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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 and signed by the director and authorised for issue on 23 February 2024
A Badiani
Director
Company Registration No. 03275614
LILY UK MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
- 2 -
1
Accounting policies
Company information

Lily UK Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.

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, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The care home operated by the company was sold truein January 2020. At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to meet any outstanding liabilities, on the basis it is financially supported by the director and other related parties. As the company is no longer trading, the financial statements have been prepared on a basis other than going concern. Notwithstanding this, there are no material changes in the presentation or carrying values of the assets and liabilities, and no further liabilities need to be provided for as a result of the company ceasing to trade.

1.3
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
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.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

LILY UK MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
- 3 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.7
Government grants

Government grants, which include amounts received under the Coronavirus Job Retention Scheme, are recognised at the fair value of the grant received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. The income is recognised in other income on a systematic basis over the periods in which the associated costs are incurred, using the accrual model.

 

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Administration
1
1
1
1
LILY UK MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 4 -
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
575,000
578,834
4
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
16,747
39,019
Amounts due to group undertakings
123,630
123,630
Corporation tax
1,900
900
Other taxation and social security
26,380
87,093
Other creditors
485,532
415,966
Accruals and deferred income
3,690
6,150
657,879
672,758
5
Related party transactions

At the period end, the company owed £29,959 (2021: £19,023) to Thames Care Home Limited, was owed £158,054 (2021: £168,171) from Village Green Care Home Limited and £416,946 (2021: £410,661) from Anchorstone Services Limited, all of which are companies under the control of the director and his family.

 

At the period end, the amount due to the director amounted to £457,327 (2021: £398,695).

6
Controlling parties

The company's immediate parent company is Lily Invest Limited. The ultimate controlling party is The Sahara Trust, of which the director is a beneficiary.

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