Registered number
12506435
Loukil Ltd
Unaudited Filleted Accounts
31 August 2023
TEMPLETONS UK LIMITED
CHARTERED ACCOUNTANTS
309 HOE STREET
WALTHAMSTOW
LONDON E17 9BG
Loukil Ltd
Registered number: 12506435
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 33,111 -
Current assets
Stocks 755,448 234,795
Debtors 4 63,168 142,317
Cash at bank and in hand 6,045 46,786
824,661 423,898
Creditors: amounts falling due within one year 5 (584,214) (256,775)
Net current assets 240,447 167,123
Total assets less current liabilities 273,558 167,123
Creditors: amounts falling due after more than one year 6 (25,485) -
Net assets 248,073 167,123
Capital and reserves
Called up share capital 50,000 50,000
Profit and loss account 198,073 117,123
Shareholder's funds 248,073 167,123
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Aaron Lotfi David Loukil
Director
Approved by the board on 24 November 2023
Loukil Ltd
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15 % reducing balance
Motor Vehicle 15 % reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
Additions 107 38,847 38,954
At 31 August 2023 107 38,847 38,954
Depreciation
Charge for the year 16 5,827 5,843
At 31 August 2023 16 5,827 5,843
Net book value
At 31 August 2023 91 33,020 33,111
4 Debtors 2023 2022
£ £
Trade debtors 47,464 66,070
Amounts owed by group undertakings and undertakings in which the company has a participating interest 8,000 8,000
Deferred tax asset 704 -
Other debtors 7,000 68,247
63,168 142,317
5 Creditors: amounts falling due within one year 2023 2022
£ £
Overdraft and Credit card balances 17,393 10,209
Trade creditors 280,966 120,890
Amounts owed to group undertakings and undertakings in which the company has a participating interest 126,000 -
Taxation and social security costs 116,352 103,124
Other creditors 43,503 22,552
584,214 256,775
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 25,485 -
7 Related party transactions
Ellerman Vision Ltd 2023 2022
£ £
Mr Lewis Martindale is a director in both companies.
Loukil Ltd rents its warehouse and office from Ellerman vision Ltd
Amount charged during the year 80,840 76,660
Amount receivable from Ellerman Vision Ltd ( disclosed 8,000 8,000
under debtors in note 4 above)
Connect A2B Limited 2023 2022
£ £
Mr Lewis Martindale is a director in both companies.
Loukil Ltd rents vehicles from Connect A2B Limited
Amount charged during the year 16,907 2,137
Amount due to Cars4all Services Ltd ( disclosed under trade 12,461 17,071
creditors in note 5 above)
Flats 4 All Limited
An associated company incorporated in the UK
Loan amount due to Flats 4 All Limited ( disclosed under creditors 126,000 8,000
in note 5 above)
8 Controlling party
The company was under the control of Aaron L D Loukil , a Director and shareholder throughout the year.
9 Other information
Loukil Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Ellerman House
Woodall Road
Enfield
England
EN3 4LQ
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