Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31162023-01-01falseNo description of principal activity14truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10509409 2023-01-01 2023-12-31 10509409 2022-01-01 2022-12-31 10509409 2023-12-31 10509409 2022-12-31 10509409 c:Director2 2023-01-01 2023-12-31 10509409 d:FurnitureFittings 2023-01-01 2023-12-31 10509409 d:FurnitureFittings 2023-12-31 10509409 d:FurnitureFittings 2022-12-31 10509409 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10509409 d:OfficeEquipment 2023-01-01 2023-12-31 10509409 d:OfficeEquipment 2023-12-31 10509409 d:OfficeEquipment 2022-12-31 10509409 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10509409 d:ComputerEquipment 2023-01-01 2023-12-31 10509409 d:ComputerEquipment 2023-12-31 10509409 d:ComputerEquipment 2022-12-31 10509409 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10509409 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10509409 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 10509409 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 10509409 d:CurrentFinancialInstruments 2023-12-31 10509409 d:CurrentFinancialInstruments 2022-12-31 10509409 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10509409 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10509409 d:ShareCapital 2023-12-31 10509409 d:ShareCapital 2022-12-31 10509409 d:RetainedEarningsAccumulatedLosses 2023-12-31 10509409 d:RetainedEarningsAccumulatedLosses 2022-12-31 10509409 c:FRS102 2023-01-01 2023-12-31 10509409 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 10509409 c:FullAccounts 2023-01-01 2023-12-31 10509409 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10509409 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 10509409 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 10509409 2 2023-01-01 2023-12-31 10509409 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-01-01 2023-12-31 10509409 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 10509409









LIPOELASTIC LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
LIPOELASTIC LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LIPOELASTIC LTD
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of LIPOELASTIC LTD for the year ended 31 December 2023 which comprise  the Statement of Financial Position and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of LIPOELASTIC LTD, as a body, in accordance with the terms of our engagement letter dated 1 November 2017Our work has been undertaken solely to prepare for your approval the financial statements of LIPOELASTIC LTD and state those matters that we have agreed to state to the Board of Directors of LIPOELASTIC LTD, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LIPOELASTIC LTD and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that LIPOELASTIC LTD has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of LIPOELASTIC LTD. You consider that LIPOELASTIC LTD is exempt from the statutory audit requirement for the year.

  



Ashon
Chartered Accountants
125 Knoll Crescent
Northwood
Middlesex
HA6 1HX
7 March 2024
Page 1

 
LIPOELASTIC LTD
REGISTERED NUMBER: 10509409

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
76,476
86,035

Tangible assets
 5 
10,856
8,663

  
87,332
94,698

Current assets
  

Stocks
  
462,683
339,140

Debtors: amounts falling due within one year
 6 
270,659
232,681

Cash at bank and in hand
 7 
86,580
81,510

  
819,922
653,331

Creditors: amounts falling due within one year
 8 
(644,466)
(418,828)

Net current assets
  
 
 
175,456
 
 
234,503

Total assets less current liabilities
  
262,788
329,201

Provisions for liabilities
  

Deferred tax
 9 
(2,714)
(1,645)

  
 
 
(2,714)
 
 
(1,645)

Net assets
  
260,074
327,556


Capital and reserves
  

Called up share capital 
  
200,000
200,000

Profit and loss account
  
60,074
127,556

  
260,074
327,556


Page 2

 
LIPOELASTIC LTD
REGISTERED NUMBER: 10509409
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 March 2024.




................................................
Dalibor Švec
Director

The notes on pages 4 to 14 form part of these financial statements.

Page 3

 
LIPOELASTIC LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is a private company lmited by share capital, incorporated in England & Wales. The
company number and registered office address are:
Company number:            10509409
Registered office address: Unit 12-13
                                       8 Hornsey Street
                                       London
                                       England
                                       N7 8EG 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 4

 
LIPOELASTIC LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 
LIPOELASTIC LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

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

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 income.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 6

 
LIPOELASTIC LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Straight line basis
Office equipment
-
25%
Straight line basis
Computer equipment
-
25%
Straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 7

 
LIPOELASTIC LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The
Page 8

 
LIPOELASTIC LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Page 9

 
LIPOELASTIC LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 16 (2022 - 14).

Page 10

 
LIPOELASTIC LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Patents

£



Cost


At 1 January 2023
95,594



At 31 December 2023

95,594



Amortisation


At 1 January 2023
9,559


Charge for the year on owned assets
9,559



At 31 December 2023

19,118



Net book value



At 31 December 2023
76,476



At 31 December 2022
86,035



Page 11

 
LIPOELASTIC LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
7,515
6,750
10,640
24,905


Additions
483
1,857
6,514
8,854



At 31 December 2023

7,998
8,607
17,154
33,759



Depreciation


At 1 January 2023
4,771
4,769
6,702
16,242


Charge for the year on owned assets
2,000
1,155
3,506
6,661



At 31 December 2023

6,771
5,924
10,208
22,903



Net book value



At 31 December 2023
1,227
2,683
6,946
10,856



At 31 December 2022
2,744
1,981
3,938
8,663


6.


Debtors

2023
2022
£
£


Trade debtors
176,579
163,144

Other debtors
41,488
37,750

Prepayments and accrued income
52,592
31,787

270,659
232,681


Page 12

 
LIPOELASTIC LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
86,580
81,510

Less: bank overdrafts
-
(225)

86,580
81,285



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
225

Payments received on account
-
24

Trade creditors
494,082
345,771

Corporation tax
38,263
29,790

Other taxation and social security
90,565
39,880

Other creditors
6,151
849

Accruals and deferred income
15,405
2,289

644,466
418,828



9.


Deferred taxation




2023


£






At beginning of year
(1,646)


Utilised in year
(1,068)



At end of year
(2,714)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(2,714)
(1,646)

(2,714)
(1,646)

Page 13

 
LIPOELASTIC LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £5,932 (2022: £4,519).
Contributions totalling £1,712 (2022: £848) were payable to the fund at the reporting date and are included in creditors.

 
Page 14