Company Registration No. 07670063 (England and Wales)
Lara Limited
Unaudited accounts
for the year ended 30 June 2023
Lara Limited
Unaudited accounts
Contents
Lara Limited
Company Information
for the year ended 30 June 2023
Company Number
07670063 (England and Wales)
Registered Office
Kentish base Salon
283 Kentish Town Road
London
Greater London
NW5 2AB
Accountants
Solid Ltd
Eagle House
163 City Road
London
EC1V 1NR
Lara Limited
Statement of financial position
as at 30 June 2023
Tangible assets
2,154
1,794
Cash at bank and in hand
2,110
16,241
Creditors: amounts falling due within one year
(16,507)
(21,377)
Net current (liabilities)/assets
(2,052)
6,665
Called up share capital
100
100
Profit and loss account
2
8,359
Shareholders' funds
102
8,459
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 23 August 2023 and were signed on its behalf by
Laura Xhema
Director
Company Registration No. 07670063
Lara Limited
Notes to the Accounts
for the year ended 30 June 2023
Lara Limited is a private company, limited by shares, registered in England and Wales, registration number 07670063. The registered office is Kentish base Salon, 283 Kentish Town Road, London, Greater London, NW5 2AB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Cash and cash equivalents
Cash and cash equivalents are basic financial instruments 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.
Stock has been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
over 4 years
Lara Limited
Notes to the Accounts
for the year ended 30 June 2023
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 July 2022
2,515
-
2,515
At 30 June 2023
2,515
1,230
3,745
Charge for the year
629
241
870
At 30 June 2023
1,350
241
1,591
At 30 June 2023
1,165
989
2,154
At 30 June 2022
1,794
-
1,794
Amounts falling due within one year
Accrued income and prepayments
1,913
3,543
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
2,486
-
Trade creditors
4,485
5,732
Taxes and social security
3,615
7,153
Loans from directors
-
4,398
7
Operating lease commitments
2023
2022
At 30 June 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
32,000
32,000
Later than one year and not later than five years
35,000
35,000
Later than five years
38,000
38,000
Lara Limited
Notes to the Accounts
for the year ended 30 June 2023
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Interest free loan
-
32,279
31,322
957
At year end 2023, director's loan account was overdrawn by £957. The amount was cleared by way of dividends by end of September 2023
9
Average number of employees
During the year the average number of employees was 7 (2022: 6).