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Registration number: 10702334

Luk London Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 April 2022 to 31 August 2023

 

Luk London Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Luk London Ltd

Company Information

Director

Dr LA Athwal

Registered office

Suite A4
Skylon Court Coldnose Road
Rotherwas
Hereford
HR2 6JS

Accountants

Boon and Worth Limited
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

 

Luk London Ltd

(Registration number: 10702334)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,281

2,073

Current assets

 

Debtors

6

393,844

272,962

Cash at bank and in hand

 

23,935

169,066

 

417,779

442,028

Creditors: Amounts falling due within one year

7

(37,595)

(49,913)

Net current assets

 

380,184

392,115

Total assets less current liabilities

 

381,465

394,188

Creditors: Amounts falling due after more than one year

7

(22,520)

(33,664)

Provisions for liabilities

(320)

(394)

Net assets

 

358,625

360,130

Capital and reserves

 

Called up share capital

8

300

300

Retained earnings

358,325

359,830

Shareholders' funds

 

358,625

360,130

 

Luk London Ltd

(Registration number: 10702334)
Balance Sheet as at 31 August 2023

For the financial period ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 27 February 2024
 

.........................................
Dr LA Athwal
Director

 

Luk London Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite A4
Skylon Court Coldnose Road
Rotherwas
Hereford
HR2 6JS
England

These financial statements were authorised for issue by the director on 27 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Luk London Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 August 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Straight line method

Office equipment

20% Straight line method

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Luk London Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 August 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2022 - 1).

 

Luk London Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 August 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

11,000

11,000

At 31 August 2023

11,000

11,000

Amortisation

At 1 April 2022

11,000

11,000

At 31 August 2023

11,000

11,000

Carrying amount

At 31 August 2023

-

-

5

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2022

2,599

2,795

5,394

At 31 August 2023

2,599

2,795

5,394

Depreciation

At 1 April 2022

2,599

722

3,321

Charge for the period

-

792

792

At 31 August 2023

2,599

1,514

4,113

Carrying amount

At 31 August 2023

-

1,281

1,281

At 31 March 2022

-

2,073

2,073

 

Luk London Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 August 2023

6

Debtors

2023
£

2022
£

Other debtors

393,144

272,962

Prepayments

700

-

393,844

272,962

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

64

64

Taxation and social security

30,731

48,289

Accruals and deferred income

6,800

1,560

37,595

49,913

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

22,520

33,664

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

300

300

300

300

         
 

Luk London Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 August 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,520

33,664

10

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Dr LA Athwal

2,075

155,975

(149,125)

8,926

         
       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Dr LA Athwal

9,087

85,030

(92,041)

2,075

         
       

 

Director's remuneration

The director's remuneration for the period was as follows:

2023
£

2022
£

Remuneration

17,000

9,600

Contributions paid to money purchase schemes

165,052

14,226

182,052

23,826