Lefktro U.K. Limited 04321141 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is that of the wholesale of olive oil and related products Digita Accounts Production Advanced 6.30.9574.0 true 04321141 2022-12-01 2023-11-30 04321141 2023-11-30 04321141 bus:CompanySecretaryDirector1 1 2023-11-30 04321141 bus:Director1 1 2023-11-30 04321141 bus:Director2 1 2023-11-30 04321141 bus:Director3 1 2023-11-30 04321141 core:CurrentFinancialInstruments 2023-11-30 04321141 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 04321141 core:Non-currentFinancialInstruments 2023-11-30 04321141 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 04321141 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-11-30 04321141 core:PatentsTrademarksLicencesConcessionsSimilar 2023-11-30 04321141 core:FurnitureFittings 2023-11-30 04321141 core:MotorVehicles 2023-11-30 04321141 bus:SmallEntities 2022-12-01 2023-11-30 04321141 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 04321141 bus:FilletedAccounts 2022-12-01 2023-11-30 04321141 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 04321141 bus:RegisteredOffice 2022-12-01 2023-11-30 04321141 bus:CompanySecretaryDirector1 2022-12-01 2023-11-30 04321141 bus:CompanySecretaryDirector1 1 2022-12-01 2023-11-30 04321141 bus:Director1 2022-12-01 2023-11-30 04321141 bus:Director1 1 2022-12-01 2023-11-30 04321141 bus:Director2 2022-12-01 2023-11-30 04321141 bus:Director2 1 2022-12-01 2023-11-30 04321141 bus:Director3 2022-12-01 2023-11-30 04321141 bus:Director3 1 2022-12-01 2023-11-30 04321141 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 04321141 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-01 2023-11-30 04321141 core:IntangibleAssetsOtherThanGoodwill 2022-12-01 2023-11-30 04321141 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-01 2023-11-30 04321141 core:FurnitureFittings 2022-12-01 2023-11-30 04321141 core:FurnitureFittingsToolsEquipment 2022-12-01 2023-11-30 04321141 core:MotorVehicles 2022-12-01 2023-11-30 04321141 countries:EnglandWales 2022-12-01 2023-11-30 04321141 2022-11-30 04321141 bus:CompanySecretaryDirector1 1 2022-11-30 04321141 bus:Director1 1 2022-11-30 04321141 bus:Director2 1 2022-11-30 04321141 bus:Director3 1 2022-11-30 04321141 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-11-30 04321141 core:PatentsTrademarksLicencesConcessionsSimilar 2022-11-30 04321141 core:FurnitureFittings 2022-11-30 04321141 core:MotorVehicles 2022-11-30 04321141 2021-12-01 2022-11-30 04321141 2022-11-30 04321141 bus:CompanySecretaryDirector1 1 2022-11-30 04321141 bus:Director1 1 2022-11-30 04321141 bus:Director2 1 2022-11-30 04321141 bus:Director3 1 2022-11-30 04321141 core:CurrentFinancialInstruments 2022-11-30 04321141 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 04321141 core:Non-currentFinancialInstruments 2022-11-30 04321141 core:Non-currentFinancialInstruments core:AfterOneYear 2022-11-30 04321141 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-11-30 04321141 core:PatentsTrademarksLicencesConcessionsSimilar 2022-11-30 04321141 core:FurnitureFittings 2022-11-30 04321141 core:MotorVehicles 2022-11-30 04321141 bus:CompanySecretaryDirector1 1 2021-12-01 2022-11-30 04321141 bus:Director1 1 2021-12-01 2022-11-30 04321141 bus:Director2 1 2021-12-01 2022-11-30 04321141 bus:Director3 1 2021-12-01 2022-11-30 04321141 bus:CompanySecretaryDirector1 1 2021-11-30 04321141 bus:Director1 1 2021-11-30 04321141 bus:Director2 1 2021-11-30 04321141 bus:Director3 1 2021-11-30 iso4217:GBP xbrli:pure

Registration number: 04321141

Lefktro U.K. Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Lefktro U.K. Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Lefktro U.K. Limited

(Registration number: 04321141)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,238

-

Tangible assets

5

6,403

3,811

 

7,641

3,811

Current assets

 

Stocks

6

1,592,768

1,190,170

Debtors

7

1,258,207

1,455,513

Cash at bank and in hand

 

623,284

363,221

 

3,474,259

3,008,904

Creditors: Amounts falling due within one year

8

(1,332,785)

(1,085,031)

Net current assets

 

2,141,474

1,923,873

Total assets less current liabilities

 

2,149,115

1,927,684

Creditors: Amounts falling due after more than one year

8

-

(125,000)

Provisions for liabilities

(950)

(450)

Net assets

 

2,148,165

1,802,234

Capital and reserves

 

Called up share capital

100

100

Retained earnings

2,148,065

1,802,134

Shareholders' funds

 

2,148,165

1,802,234

 

Lefktro U.K. Limited

(Registration number: 04321141)
Balance Sheet as at 30 November 2023

For the financial year ending 30 November 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 August 2024 and signed on its behalf by:
 

J A Tyler
Director

B M Tyler
Company secretary and director

 
     
 

Lefktro U.K. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
Unit 3D
Lopen Business Park Mill Lane
Lopen
Somerset
TA13 5JS

These financial statements were authorised for issue by the Board on 16 August 2024.

2

Accounting policies

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 financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

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.

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.

Government grants

Government grants are accounted for under the accruals model.

 

Lefktro U.K. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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 tax 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.

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.

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

Website development

50% straight line

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

Furniture, fittings and equipment

25%, 33%, 50% and 100% straight line

Motor vehicles

25% straight line

 

Lefktro U.K. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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 stocks 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.

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.

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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Lefktro U.K. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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 directors) during the year was 10 (2022 - 11).

4

Intangible assets

Trademarks, patents and licenses
 £

Website
 £

Total
£

Cost or valuation

At 1 December 2022

2,701

18,475

21,176

Additions acquired separately

-

1,292

1,292

Disposals

-

(9,250)

(9,250)

At 30 November 2023

2,701

10,517

13,218

Amortisation

At 1 December 2022

2,701

18,475

21,176

Amortisation charge

-

54

54

Amortisation eliminated on disposals

-

(9,250)

(9,250)

At 30 November 2023

2,701

9,279

11,980

Carrying amount

At 30 November 2023

-

1,238

1,238

At 30 November 2022

-

-

-

 

Lefktro U.K. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Tangible assets

Furniture, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

57,302

8,495

65,797

Additions

6,692

-

6,692

Disposals

(9,931)

-

(9,931)

At 30 November 2023

54,063

8,495

62,558

Depreciation

At 1 December 2022

55,792

6,194

61,986

Charge for the year

1,976

2,124

4,100

Eliminated on disposal

(9,931)

-

(9,931)

At 30 November 2023

47,837

8,318

56,155

Carrying amount

At 30 November 2023

6,226

177

6,403

At 30 November 2022

1,510

2,301

3,811

6

Stocks

2023
£

2022
£

Other inventories

1,592,768

1,190,170

7

Debtors

2023
£

2022
£

Trade debtors

885,749

1,028,786

Other debtors

350,068

407,292

Prepayments

22,390

19,435

1,258,207

1,455,513

 

Lefktro U.K. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

9

-

50,000

Trade creditors

 

1,068,726

737,281

Social security and other taxes

 

12,227

9,814

Other creditors

 

5,274

6,257

Accruals

 

32,542

53,933

Corporation tax liability

214,016

227,746

 

1,332,785

1,085,031

Due after one year

 

Loans and borrowings

9

-

125,000

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

-

125,000

Current loans and borrowings

2023
£

2022
£

Bank borrowings

-

50,000

The bank borrowing was secured by a debenture.

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £27,000 (2022 - £45,000).

 

Lefktro U.K. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

11

Related party transactions

Transactions with directors

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

B M Tyler

B M Tyler & EM Tyler

11,147

87,085

(62,816)

35,416

D N Tyler

D N Tyler

67,977

350,635

(418,612)

-

J A Tyler

J A Tyler

285,435

265,011

(357,968)

192,478

A E Rogers

A E Rogers

-

13,630

(13,630)

-

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

B M Tyler

B M Tyler & EM Tyler

-

37,132

(25,985)

11,147

D N Tyler

D N Tyler

135,049

70,678

(137,750)

67,977

J A Tyler

J A Tyler

-

324,153

(38,718)

285,435

A E Rogers

A E Rogers

-

11,300

(11,300)

-

Interest is charged on the above loans at a rate of 2% until 5 April 2023 and then 2.25% thereafter and the loans are repayable on demand.