Lolu Alloys Limited 10607455 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is wholesale of metals and metal ores Digita Accounts Production Advanced 6.30.9574.0 true 10607455 2023-03-01 2024-02-29 10607455 2024-02-29 10607455 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-02-29 10607455 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-02-29 10607455 core:CurrentFinancialInstruments 2024-02-29 10607455 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 10607455 core:Non-currentFinancialInstruments 2024-02-29 10607455 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 10607455 core:FurnitureFittings 2024-02-29 10607455 core:LandBuildings core:OwnedOrFreeholdAssets 2024-02-29 10607455 core:MotorVehicles 2024-02-29 10607455 bus:SmallEntities 2023-03-01 2024-02-29 10607455 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 10607455 bus:FullAccounts 2023-03-01 2024-02-29 10607455 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 10607455 bus:RegisteredOffice 2023-03-01 2024-02-29 10607455 bus:Director1 2023-03-01 2024-02-29 10607455 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 10607455 core:FurnitureFittings 2023-03-01 2024-02-29 10607455 core:LandBuildings 2023-03-01 2024-02-29 10607455 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 10607455 core:MotorVehicles 2023-03-01 2024-02-29 10607455 countries:AllCountries 2023-03-01 2024-02-29 10607455 2023-02-28 10607455 core:FurnitureFittings 2023-02-28 10607455 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 10607455 core:MotorVehicles 2023-02-28 10607455 2022-03-01 2023-02-28 10607455 2023-02-28 10607455 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-02-28 10607455 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-02-28 10607455 core:CurrentFinancialInstruments 2023-02-28 10607455 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 10607455 core:Non-currentFinancialInstruments 2023-02-28 10607455 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 10607455 core:FurnitureFittings 2023-02-28 10607455 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 10607455 core:MotorVehicles 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 10607455

Lolu Alloys Limited

Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Lolu Alloys Limited

(Registration number: 10607455)

Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

31,694

38,664

Current assets

 

Stocks

4

1,842

3,063

Debtors

5

325,214

649,283

Cash at bank and in hand

 

104,408

360,389

 

431,464

1,012,735

Creditors: Amounts falling due within one year

6

(383,303)

(995,431)

Net current assets

 

48,161

17,304

Total assets less current liabilities

 

79,855

55,968

Creditors: Amounts falling due after more than one year

6

(29,862)

(32,266)

Provisions for liabilities

(3,759)

(5,012)

Net assets

 

46,234

18,690

Capital and reserves

 

Called up share capital

3

5

Profit and loss account

46,231

18,685

Shareholders' funds

 

46,234

18,690

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Lolu Alloys Limited

(Registration number: 10607455)

Balance Sheet as at 29 February 2024

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 5 August 2024 and signed on its behalf by:
 

.........................................

Louise Lee
Director

 

Lolu Alloys Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

Accounting policies

Lolu Alloys Limited is a private company, limited by shares, domiciled in England and Wales, company number 10607455. The registered office is at The Cottage, Church Street, Amcotts, Scunthorpe, DN17 4AL.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Lolu Alloys Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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

Property improvements

5% straight line

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Lolu Alloys Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

3

Tangible assets

Property improvements
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost

At 1 March 2023

13,593

26,896

15,990

56,479

At 29 February 2024

13,593

26,896

15,990

56,479

Depreciation

At 1 March 2023

96

15,720

1,999

17,815

Charge for the year

679

2,793

3,498

6,970

At 29 February 2024

775

18,513

5,497

24,785

Carrying amount

At 29 February 2024

12,818

8,383

10,493

31,694

At 28 February 2023

13,497

11,176

13,991

38,664

 

Lolu Alloys Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Stocks

2024
£

2023
£

Other inventories

1,842

3,063

5

Debtors

2024
£

2023
£

Trade debtors

260,791

569,655

Other debtors

64,423

79,628

325,214

649,283

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

7

2,684

13,704

Trade creditors

 

311,882

941,005

Taxation and social security

 

23,797

36,493

Accruals and deferred income

 

41,600

1,498

Other creditors

 

3,340

2,731

 

383,303

995,431

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

29,862

32,266

 

Lolu Alloys Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

22,928

22,647

Hire purchase contracts

6,934

9,619

29,862

32,266

2024
£

2023
£

Current loans and borrowings

Bank borrowings

-

11,020

Hire purchase contracts

2,684

2,684

2,684

13,704