South Lloyds Financial Services Limited 05262086 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is that of trading in goods. Digita Accounts Production Advanced 6.30.9574.0 true false true 05262086 2022-11-01 2023-10-31 05262086 2023-10-31 05262086 bus:OrdinaryShareClass1 2023-10-31 05262086 core:CurrentFinancialInstruments 2023-10-31 05262086 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 05262086 bus:SmallEntities 2022-11-01 2023-10-31 05262086 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 05262086 bus:FilletedAccounts 2022-11-01 2023-10-31 05262086 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 05262086 bus:RegisteredOffice 2022-11-01 2023-10-31 05262086 bus:Director3 2022-11-01 2023-10-31 05262086 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 05262086 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 05262086 1 2022-11-01 2023-10-31 05262086 countries:AllCountries 2022-11-01 2023-10-31 05262086 2021-11-01 2022-10-31 05262086 2022-10-31 05262086 bus:OrdinaryShareClass1 2022-10-31 05262086 core:CurrentFinancialInstruments 2022-10-31 05262086 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05262086

South Lloyds Financial Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

South Lloyds Financial Services Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

South Lloyds Financial Services Limited

Company Information

Director

Mr Miguel Angel Grande Lavallen

Registered office

71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

 

South Lloyds Financial Services Limited

(Registration number: 05262086)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

37,040

120,067

Debtors

5

590,518

626,529

Cash at bank and in hand

 

3,762

12,005

 

631,320

758,601

Creditors: Amounts falling due within one year

6

(172,896)

(254,953)

Net assets

 

458,424

503,648

Capital and reserves

 

Called up share capital

7

500,000

500,000

Retained earnings

(41,576)

3,648

Shareholders' funds

 

458,424

503,648

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

Director's 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 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.

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.

Approved and authorised by the director on 29 August 2024
 

.........................................
Mr Miguel Angel Grande Lavallen
Director

 

South Lloyds Financial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

South Lloyds Financial Services Limited is a private company, limited by shares, domiciled in England and Wales. The company’s registration number is 05262086. The registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ. The principle place of business is the registered office.

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

South Lloyds Financial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

4

Stocks

2023
£

2022
£

Other inventories

37,040

120,067

 

South Lloyds Financial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

40,826

26,164

Prepayments

51,777

53,293

Other debtors

497,915

547,072

 

590,518

626,529

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

172,896

254,953

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

500,000

500,000

500,000

500,000

         

8

Parent and ultimate parent undertaking

The company's immediate parent is South Lloyds Brokers Corp., incorporated in Panama.