Registered number
06488082
L'Objet UK Ltd
Unaudited Filleted Accounts
31 December 2023
L'Objet UK Ltd
Registered number: 06488082
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 22,130 46,792
Current assets
Stocks 251,169 256,384
Debtors 4 365,417 285,659
Cash at bank and in hand 229,139 118,442
845,725 660,485
Creditors: amounts falling due within one year 5 (1,517,514) (1,510,688)
Net current liabilities (671,789) (850,203)
Total assets less current liabilities (649,659) (803,411)
Creditors: amounts falling due after more than one year 6 (27,342) (27,342)
Net liabilities (677,001) (830,753)
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account (687,001) (840,753)
Shareholders' funds (677,001) (830,753)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
J.G. Mansour
Director
Approved by the board on 26 March 2024
L'Objet UK Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Going concern
Although the company has a deficit on its profit and loss reserve, it is enjoying a strong and growing level of trade. The company is generating positive cashflows from its operational activities and is able to pay its debts as they fall due.

The company enjoys the support of its directors and shareholders, who have undertaken to continue this support for a period of not less than twelve months from the date of the approval of these accounts. The going concern accounting convention has therefore been adopted.
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 received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
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 20% straight line
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery
£
Cost
At 1 January 2023 133,100
Additions 2,494
At 31 December 2023 135,594
Depreciation
At 1 January 2023 86,308
Charge for the year 27,156
At 31 December 2023 113,464
Net book value
At 31 December 2023 22,130
At 31 December 2022 46,792
4 Debtors 2023 2022
£ £
Trade debtors 114,459 79,128
Deferred tax asset 149,978 186,451
Other debtors 100,980 20,080
365,417 285,659
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 3,957 691
Taxation and social security costs 30,728 28,288
Other creditors 1,482,829 1,481,709
1,517,514 1,510,688
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 27,342 27,342
7 Related party transactions
L'Objet UK Ltd purchased goods for resale from L'Objet USA LLC, a company under common ownership and control, totalling £139,682 (2022 - £187). These items were purchased on an arms-length basis and on normal commercial terms. At the balance sheet date £15,883 (2022 - £6,224) was due to L'Objet USA LLC.

L'Objet UK Ltd purchased goods for resale from L'Objet IOM Ltd, a company under common ownership and control, totalling £293,594 (2022 - £312,610). These items were purchased on an arms-length basis and on normal commercial terms. At the balance sheet date £1,468,679 (2022 - £1,479,678) was due to L'Objet IOM Ltd.
8 Controlling party
The company is controlled by its directors and shareholders, J.G. Mansour and E. Yifrach.
9 Other information
L'Objet UK Ltd is a private company limited by shares and incorporated in England. Its registered office is:
c/o Accountancy Edge Limited
12 Culm Close
Bideford
Devon
EX39 4AX
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