LOLU Limited 07973904 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is Fashion Digita Accounts Production Advanced 6.30.9574.0 true true 07973904 2022-04-01 2023-03-31 07973904 2023-03-31 07973904 bus:OrdinaryShareClass1 2023-03-31 07973904 core:RetainedEarningsAccumulatedLosses 2023-03-31 07973904 core:ShareCapital 2023-03-31 07973904 core:CurrentFinancialInstruments 2023-03-31 07973904 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07973904 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 07973904 core:MotorVehicles 2023-03-31 07973904 core:OtherPropertyPlantEquipment 2023-03-31 07973904 bus:SmallEntities 2022-04-01 2023-03-31 07973904 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07973904 bus:AbridgedAccounts 2022-04-01 2023-03-31 07973904 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 07973904 bus:RegisteredOffice 2022-04-01 2023-03-31 07973904 bus:Director1 2022-04-01 2023-03-31 07973904 bus:Director2 2022-04-01 2023-03-31 07973904 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 07973904 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07973904 bus:Agent1 2022-04-01 2023-03-31 07973904 core:Goodwill 2022-04-01 2023-03-31 07973904 core:NetGoodwill 2022-04-01 2023-03-31 07973904 core:MotorVehicles 2022-04-01 2023-03-31 07973904 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 07973904 core:PlantMachinery 2022-04-01 2023-03-31 07973904 countries:AllCountries 2022-04-01 2023-03-31 07973904 2022-03-31 07973904 core:MotorVehicles 2022-03-31 07973904 core:OtherPropertyPlantEquipment 2022-03-31 07973904 2021-04-01 2022-03-31 07973904 2022-03-31 07973904 bus:OrdinaryShareClass1 2022-03-31 07973904 core:RetainedEarningsAccumulatedLosses 2022-03-31 07973904 core:ShareCapital 2022-03-31 07973904 core:CurrentFinancialInstruments 2022-03-31 07973904 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 07973904 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 07973904 core:MotorVehicles 2022-03-31 07973904 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07973904

LOLU Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2023

 

LOLU Limited

Contents

Directors' Report

1

Accountants' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Unaudited Abridged Financial Statements

5 to 10

 

LOLU Limited

Directors' Report for the Year Ended 31 March 2023

The directors present their report and the abridged financial statements for the year ended 31 March 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr O J Arokodare

Dr O T Arokodare

Principal activity

The principal activity of the company is Fashion

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 23 February 2024 and signed on its behalf by:
 

.........................................
Mr O J Arokodare
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
LOLU Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of LOLU Limited for the year ended 31 March 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of LOLU Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of LOLU Limited and state those matters that we have agreed to state to the Board of Directors of LOLU Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LOLU Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that LOLU Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of LOLU Limited. You consider that LOLU 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 accounts of LOLU 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 accounts.

......................................

Abtax CA Limited
Certified Accountant
The Joiners Shop The Historic Dockyard
Main Gate Road
Chatham
Kent
ME4 4TZ

23 February 2024

 

LOLU Limited

(Registration number: 07973904)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

233

441

Tangible assets

5

14,980

19,634

 

15,213

20,075

Current assets

 

Stocks

6

25,000

25,000

Debtors

7

(8,600)

17,073

Cash at bank and in hand

 

4,099

1,151

 

20,499

43,224

Creditors: Amounts falling due within one year

(32,575)

(17,618)

Net current (liabilities)/assets

 

(12,076)

25,606

Total assets less current liabilities

 

3,137

45,681

Creditors: Amounts falling due after more than one year

(75,880)

(82,136)

Net liabilities

 

(72,743)

(36,455)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(72,843)

(36,555)

Shareholders' deficit

 

(72,743)

(36,455)

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

LOLU Limited

(Registration number: 07973904)
Abridged Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 23 February 2024 and signed on its behalf by:
 

.........................................

Mr O J Arokodare

Director

 

LOLU Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wa;es.

The address of its registered office is:
6 Elliots way
Chatham
Kent
ME4 6EF
United Kingdom

These financial statements were authorised for issue by the Board on 23 February 2024.

2

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company 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 company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

LOLU Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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 company 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

Plant and Machinery

33.33% Straight Line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’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:

Asset class

Amortisation method and rate

Goodwill

10% over 10 years

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 company will not be able to collect all amounts due according to the original terms of the receivables.

 

LOLU Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

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 company 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 company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

LOLU Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

 

LOLU Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2022

2,708

At 31 March 2023

2,708

Amortisation

At 1 April 2022

2,267

Amortisation charge

208

At 31 March 2023

2,475

Carrying amount

At 31 March 2023

233

At 31 March 2022

441

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

31,965

12,617

44,582

Additions

-

2,530

2,530

At 31 March 2023

31,965

15,147

47,112

Depreciation

At 1 April 2022

16,624

8,324

24,948

Charge for the year

5,419

1,765

7,184

At 31 March 2023

22,043

10,089

32,132

Carrying amount

At 31 March 2023

9,922

5,058

14,980

At 31 March 2022

15,341

4,293

19,634

6

Stocks

2023
£

2022
£

Other inventories

25,000

25,000

 

LOLU Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

7

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

ordinary shares of £1 each

100

100

100

100