Lonai Limited 14065011 false 2022-04-25 2023-04-30 2023-04-30 The principal activity of the company is the manufacturing, wholesale and retail of clothing Digita Accounts Production Advanced 6.30.9574.0 true true 14065011 2022-04-25 2023-04-30 14065011 2023-04-30 14065011 core:RetainedEarningsAccumulatedLosses 2023-04-30 14065011 core:ShareCapital 2023-04-30 14065011 core:CurrentFinancialInstruments 2023-04-30 14065011 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 14065011 bus:SmallEntities 2022-04-25 2023-04-30 14065011 bus:Audited 2022-04-25 2023-04-30 14065011 bus:FullAccounts 2022-04-25 2023-04-30 14065011 bus:SmallCompaniesRegimeForAccounts 2022-04-25 2023-04-30 14065011 bus:RegisteredOffice 2022-04-25 2023-04-30 14065011 bus:Director1 2022-04-25 2023-04-30 14065011 bus:PrivateLimitedCompanyLtd 2022-04-25 2023-04-30 14065011 countries:EnglandWales 2022-04-25 2023-04-30 iso4217:GBP xbrli:pure

Company registration number: 14065011

Lonai Limited

Filleted Annual Report and Financial Statements

for the Period from 25 April 2022 to 30 April 2023

 

Lonai Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 5

 

Lonai Limited

(Registration number: 14065011)
Balance Sheet as at 30 April 2023

Note

2023
£

Current assets

 

Stocks

4

25,757

Debtors

5

6,136

Cash at bank and in hand

 

114,439

 

146,332

Creditors: Amounts falling due within one year

6

(341,501)

Net liabilities

 

(195,169)

Capital and reserves

 

Called up share capital

100

Profit and loss account

(195,269)

Total equity

 

(195,169)

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the Board on 29 February 2024 and signed on its behalf by:
 


L C Woodward
Director

   
 

Lonai Limited

Notes to the Financial Statements
for the Period from 25 April 2022 to 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5 Fleet Place
London
EC4M 7RD

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 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

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.

These financial statements are presented in Sterling (£).

Going concern

The company made a loss during the year having incurred significant expenditure in building the business.

The shareholder has expressed their intention to continue to provide financial support to the company for at least the next twelve months as it follows its plan to become profitable. As a result the company will be able to pay debts as they fall due and on this basis the Directors have prepared the financial statements on a going concern basis.

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.

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.

 

Lonai Limited

Notes to the Financial Statements
for the Period from 25 April 2022 to 30 April 2023

Debtors

Other debtors are recognised initially at the transaction price. They are subsequently measured at
amortised cost using the effective interest method, less provision for impairment.

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.

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.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Reserves

Called up share capital represents the nominal value of shares that have been issued.

Profit and loss account includes all current and prior period profits and losses.

 

Lonai Limited

Notes to the Financial Statements
for the Period from 25 April 2022 to 30 April 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period was 5.

4

Stocks

2023
£

Work in progress

9,724

Goods in Transit

16,033

25,757

5

Debtors

Current

2023
£

Prepayments

1,753

Other debtors

4,383

 

6,136

 

Lonai Limited

Notes to the Financial Statements
for the Period from 25 April 2022 to 30 April 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Loans and borrowings

7

314,900

Trade creditors

 

901

Accruals and deferred income

 

25,700

 

341,501

7

Loans and borrowings

2023
£

Current loans and borrowings

Other borrowings

314,900

8

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 1 March 2024 was Robert Oram BFP FCA, who signed for and on behalf of Albert Goodman LLP.