Company registration number 08686119 (England and Wales)
LIONEL EQUITY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LIONEL EQUITY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LIONEL EQUITY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
31 December 2023
30 September 2022
as restated
Notes
£
£
£
£
Fixed assets
Investments
4
250,000
250,000
Current assets
Debtors
6
260
260
Creditors: amounts falling due within one year
7
(250,150)
(250,000)
Net current liabilities
(249,890)
(249,740)
Net assets
110
260
Capital and reserves
Called up share capital
8
10
10
Profit and loss reserves
100
250
Total equity
110
260

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 period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The Director acknowledges her 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 period 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 17 April 2024
Desiree Perez
Director
Company registration number 08686119 (England and Wales)
LIONEL EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Lionel Equity Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fifth Floor, Clareville House, 26-27 Oxendon Street, St James's, London, SW1Y 4EL.

1.1
Reporting period

These financial statements are for the 15 month period from 1 October 2022 to 31 December 2023. The comparative period is the year ended 30 September 2022.

 

The company extended its year end to 31 December to be the same financial year end as connected companies. These financial statements are for a period longer than 12 months. The comparative amounts presented in the financial statements are for a 12 month period and therefore not entirely comparable.

1.2
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.

1.3
Going concern

These financial statements are prepared on the going concern basis. The Director has a reasonable expectation that the company will continue in operational existence for the foreseeable future, as the parent company has agreed not to seek collection of its loan until such time as the company is able to repay such and has agreed to continue to support the company. The financial statements do not reflect any adjustments that would result should the company cease to be a going concern.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

LIONEL EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.

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, loans from fellow group companies and preference shares that are classified as debt, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the Director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

LIONEL EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
3
Employees

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

2023
2022
Number
Number
Total
-
0
-
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
250,000
250,000
5
Associates

The company holds more than 20% of the share capital of the following companies:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Trapstar International Limited
UK
A Ordinary
25.00
-
Trapstar Collective Limited
UK
Ordinary
-
25.00
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
260
260
7
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
250,000
250,000
Other creditors
150
-
0
250,150
250,000
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary shares of £1 each
10
10
LIONEL EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
9
Parent company

The immediate and ultimate parent company is Lionel Overseas LLC, a company incorporated in the USA. The parent company does not prepare consolidated financial statements.

10
Prior period adjustment

An accounting error arose in the company's financial statements for the year ended 30 September 2022 as both a dividend receivable and a dividend payable were understated by £500,000. The comparative amounts presented in these financial statements have been restated to show the correct amount of dividends receivable and dividends payable. The effect of correcting this error had no impact on the opening capital and reserves at 1 October 2021.

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