Lwlama Limited 04465328 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is that of manangement consultancy services. Digita Accounts Production Advanced 6.30.9574.0 true true 04465328 2022-07-01 2023-06-30 04465328 2023-06-30 04465328 core:RetainedEarningsAccumulatedLosses 2023-06-30 04465328 core:ShareCapital 2023-06-30 04465328 core:CurrentFinancialInstruments 2023-06-30 04465328 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 04465328 core:FurnitureFittings 2023-06-30 04465328 bus:SmallEntities 2022-07-01 2023-06-30 04465328 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 04465328 bus:FullAccounts 2022-07-01 2023-06-30 04465328 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 04465328 bus:RegisteredOffice 2022-07-01 2023-06-30 04465328 bus:CompanySecretaryDirector1 2022-07-01 2023-06-30 04465328 bus:Director2 2022-07-01 2023-06-30 04465328 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 04465328 core:FurnitureFittings 2022-07-01 2023-06-30 04465328 countries:EnglandWales 2022-07-01 2023-06-30 04465328 2022-06-30 04465328 core:FurnitureFittings 2022-06-30 04465328 2021-07-01 2022-06-30 04465328 2022-06-30 04465328 core:RetainedEarningsAccumulatedLosses 2022-06-30 04465328 core:ShareCapital 2022-06-30 04465328 core:CurrentFinancialInstruments 2022-06-30 04465328 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 04465328 core:FurnitureFittings 2022-06-30 iso4217:GBP xbrli:pure

Registration number: 04465328

Lwlama Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Lwlama Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Lwlama Limited

Company Information

Directors

Mr LW Lama

Mrs MA Lama

Company secretary

Mr LW Lama

Registered office

Maytree Cottage
Ewell Minnis
Dover
CT15 7DY

Accountants

Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

Lwlama Limited

(Registration number: 04465328)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

509

636

Current assets

 

Debtors

5

455,646

305,548

Cash at bank and in hand

 

130,494

316,393

 

586,140

621,941

Creditors: Amounts falling due within one year

6

(31,889)

(31,363)

Net current assets

 

554,251

590,578

Net assets

 

554,760

591,214

Capital and reserves

 

Called up share capital

100

100

Retained earnings

554,660

591,114

Shareholders' funds

 

554,760

591,214

 

Lwlama Limited

(Registration number: 04465328)
Balance Sheet as at 30 June 2023 (continued)

For the financial year ending 30 June 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.

Approved and authorised by the Board on 6 March 2024 and signed on its behalf by:
 

.........................................
Mr LW Lama
Company secretary and director

   
     
 

Lwlama Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

Lwlama Limited is a private company, limited by shares, registered in England and Wales. The company’s registered number is 04465328 and registered office address is as follows:

Maytree Cottage
Ewell Minnis
Dover
Kent
CT15 7DY

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

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 -'The Financial Reporting Standard applicable in the UK 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.

Going concern

The financial statements are prepared on a going concern basis and there are no material uncertainties that cast significant doubt on the company’s ability to continue as a going concern.

 

Lwlama Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Judgements

No judgements have been made in the process of applying the accounting policies that have had a significant effect on the amounts recognised in the financial statements.

No key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been made.

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.

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Finance income and costs policy

Interest income is recognised in profit or loss using the effective interest method.

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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.

 

Lwlama Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & fittings

20% on cost

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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Lwlama Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Lwlama Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 July 2022

954

954

At 30 June 2023

954

954

Depreciation

At 1 July 2022

318

318

Charge for the year

127

127

At 30 June 2023

445

445

Carrying amount

At 30 June 2023

509

509

At 30 June 2022

636

636

5

Debtors

Current

2023
£

2022
£

Other debtors

455,646

305,548

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

4,240

3,834

Accruals and deferred income

1,320

1,200

Other creditors

26,329

26,329

31,889

31,363

 

Lwlama Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

7

Related party transactions

During the year LW Lama and Mrs MA Lama, both directors and shareholders of the company, repaid the company £58,441 (2022: £16,586) and borrowed £55,769 (2022: £Nil). Interest of £2,671 (2022:£2,715) was charged on the loan during the year, calculated at 2.25%/ 2.00% (2022: 2.25%/2.00%). The amount due owed by the director at the balance sheet date was £118,783 (2022: £118,784).