4 8 February 2024 false false false false false false false false false true false false false false false true No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2021 - FRS102_2021 12,003 725 12,728 2,396 2,551 4,947 7,781 9,607 xbrli:pure xbrli:shares iso4217:GBP 13367944 2022-07-01 2023-06-30 13367944 2023-06-30 13367944 2022-06-30 13367944 2021-07-01 2022-06-30 13367944 2022-06-30 13367944 core:FurnitureFittings 2022-07-01 2023-06-30 13367944 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 13367944 bus:Director2 2022-07-01 2023-06-30 13367944 bus:Director1 2022-07-01 2023-06-30 13367944 core:WithinOneYear 2023-06-30 13367944 core:WithinOneYear 2022-06-30 13367944 core:FurnitureFittings 2022-06-30 13367944 core:FurnitureFittings 2023-06-30 13367944 core:ShareCapital 2023-06-30 13367944 core:ShareCapital 2022-06-30 13367944 core:RetainedEarningsAccumulatedLosses 2023-06-30 13367944 core:RetainedEarningsAccumulatedLosses 2022-06-30 13367944 core:FurnitureFittings 2022-06-30 13367944 bus:Director1 2022-06-30 13367944 bus:Director1 2023-06-30 13367944 bus:Director1 2022-06-30 13367944 bus:Director1 2021-07-01 2022-06-30 13367944 bus:SmallEntities 2022-07-01 2023-06-30 13367944 bus:Audited 2022-07-01 2023-06-30 13367944 bus:FullAccounts 2022-07-01 2023-06-30 13367944 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 13367944 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 13367944 bus:OrdinaryShareClass1 2023-06-30 13367944 bus:OrdinaryShareClass1 2022-06-30
COMPANY REGISTRATION NUMBER: 13367944
Lifos Advanced Battery Technology Limited
Filleted Financial Statements
30 June 2023
Lifos Advanced Battery Technology Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
7,781
9,607
Current assets
Stocks
305,400
119,251
Debtors
6
12,957
12,217
Cash at bank and in hand
35,804
91,777
---------
---------
354,161
223,245
Creditors: amounts falling due within one year
7
913,379
445,841
---------
---------
Net current liabilities
559,218
222,596
---------
---------
Total assets less current liabilities
( 551,437)
( 212,989)
---------
---------
Net liabilities
( 551,437)
( 212,989)
---------
---------
Capital and reserves
Called up share capital
8
100,000
100,000
Profit and loss account
9
( 651,437)
( 312,989)
---------
---------
Shareholders deficit
( 551,437)
( 212,989)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 8 February 2024 , and are signed on behalf of the board by:
M Simmons
Director
Company registration number: 13367944
Lifos Advanced Battery Technology Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Stafford Park 5, Telford, Shropshire, TF3 3AS, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest £.
Going concern
The directors are satisfied that the company is a going concern despite negative reserves at the balance sheet date because the company can rely on support from other group companies.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Salop Holdings Limited, which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 2 ).
5. Tangible assets
Fixtures and fittings
£
Cost
At 1 July 2022
12,003
Additions
725
--------
At 30 June 2023
12,728
--------
Depreciation
At 1 July 2022
2,396
Charge for the year
2,551
--------
At 30 June 2023
4,947
--------
Carrying amount
At 30 June 2023
7,781
--------
At 30 June 2022
9,607
--------
6. Debtors
2023
2022
£
£
Trade debtors
10,401
7,432
Other debtors
2,556
4,785
--------
--------
12,957
12,217
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
26,773
11,075
Amounts owed to group undertakings
844,548
408,203
Accruals and deferred income
25,326
9,558
Social security and other taxes
13,635
14,643
Director loan accounts
2,184
1,145
Other creditors
913
1,217
---------
---------
913,379
445,841
---------
---------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100,000
100,000
100,000
100,000
---------
---------
---------
---------
9. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses, net of dividends paid and other adjustments.
10. Summary audit opinion
The auditor's report for the year dated 8 February 2024 was unqualified .
The senior statutory auditor was Philippa Miller-Hawkes BA CA , for and on behalf of BSN Associates Limited .
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
A Williams
( 1,145)
1,145
( 2,184)
( 2,184)
-------
-------
-------
-------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
A Williams
( 1,145)
( 1,145)
----
----
-------
-------
12. Controlling party
The immediate controlling party is Salop Holdings Limited, a Company registered in England and Wales. The registered address is the same as the one given for this Company on the Company Information page. There is no one ultimate controlling party.