1 January 2023 v2024.8.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBPSC2797802023-01-012023-12-31SC2797802023-12-31SC2797802022-12-31SC279780core:WithinOneYear2023-12-31SC279780core:WithinOneYear2022-12-31SC279780core:ShareCapital2023-12-31SC279780core:ShareCapital2022-12-31SC279780core:OtherReservesSubtotal2023-12-31SC279780core:OtherReservesSubtotal2022-12-31SC279780core:RetainedEarningsAccumulatedLosses2023-12-31SC279780core:RetainedEarningsAccumulatedLosses2022-12-31SC279780bus:Director12023-01-012023-12-31SC279780bus:RegisteredOffice2023-01-012023-12-31SC2797802022-01-012022-12-31SC27978012023-01-012023-12-31SC279780countries:Scotland2023-01-012023-12-31SC279780bus:AuditExemptWithAccountantsReport2023-01-012023-12-31SC279780bus:PrivateLimitedCompanyLtd2023-01-012023-12-31SC279780bus:SmallEntities2023-01-012023-12-31SC279780bus:FullAccounts2023-01-012023-12-31
Company registration number:
SC279780
Lokring Europe Ltd
Unaudited Filleted Financial Statements for the year ended
31 December 2023
Lokring Europe Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Lokring Europe Ltd
Year ended
31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
financial statements
of
Lokring Europe Ltd
for the year ended
31 December 2023
which comprise the income statement, statement of financial position, statement of changes in equity and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the ICAS, I am subject to its ethical and other professional requirements which are detailed at http://www.icas.com/​accountspreparationguidance.
This report is made solely to the Board of Directors of
Lokring Europe Ltd
, as a body, in accordance with the terms of my engagement letter dated 15 April 2021. My work has been undertaken solely to prepare for your approval the
financial statements
of
Lokring Europe Ltd
and state those matters that I have agreed to state to the Board of Directors of
Lokring Europe Ltd
, as a body, in this report in accordance with the requirements of the ICAS as detailed at http://www.icas.com/​accountspreparationguidance. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
Lokring Europe Ltd
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
Lokring Europe Ltd
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
Lokring Europe Ltd
. You consider that
Lokring Europe Ltd
is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Lokring Europe Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
James Bell & Co
Chartered Accounants
20 Wellington Square
Ayr
KA7 1EZ
Scotland
Date:
28 March 2024
Lokring Europe Ltd
Statement of Financial Position
31 December 2023
20232022
Note££
Current assets    
Stocks
47,073
 
34,186
 
Debtors 5
6,699,997
 
5,461,485
 
Cash at bank and in hand
295,586
 
469,706
 
7,042,656
 
5,965,377
 
Creditors: amounts falling due within one year 6
(499,675
)
(396,694
)
Net current assets
6,542,981
 
5,568,683
 
Total assets less current liabilities 6,542,981   5,568,683  
Capital and reserves    
Called up share capital
2
 
2
 
Other reserves
766,498
 
738,275
 
Profit and loss account
5,776,481
 
4,830,406
 
Shareholders funds
6,542,981
 
5,568,683
 
For the year ending
31 December 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 year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
28 March 2024
, and are signed on behalf of the board by:
W Lennon
Director
Company registration number:
SC279780
Lokring Europe Ltd
Notes to the Financial Statements
Year ended
31 December 2023

1 General information

The company is a private company limited by shares and is registered in Scotland. The address of the registered office is
20 Wellington Square
,
Ayr
,
Ayrshire
,
KA7 1EZ
, Scotland.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

4 Average number of employees

The average number of persons employed by the company during the year was
1
(2022:
1.00
).

5 Debtors

20232022
££
Trade debtors
1,244,058
 
1,311,867
 
Amounts owed by group undertakings and undertakings in which the company has a participating interest
5,455,939
 
4,149,618
 
6,699,997
 
5,461,485
 

6 Creditors: amounts falling due within one year

20232022
££
Taxation and social security
467,071
 
355,033
 
Other creditors
32,604
 
41,661
 
499,675
 
396,694