Financial Statements |
for the Year Ended 31 December 2023 |
for |
Lio London Ltd |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Lio London Ltd |
Lio London Ltd (Registered number: 11551613) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Lio London Ltd |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
8-10 South Street |
Epsom |
Surrey |
KT18 7PF |
Lio London Ltd (Registered number: 11551613) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors: amounts falling due within one year | 6 |
Debtors: amounts falling due after more than one year |
6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Shareholder contribution |
reserve |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Lio London Ltd (Registered number: 11551613) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Lio London Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Lio London Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover represents the sale of food and drinks within the night club operated by the company. Revenues are recognised at the point of sale. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
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. |
Repairs and maintenance are charged to profit and loss during the period in which they are incurred. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using straight -line method and reducing balance method. |
The assets' residual values, useful lives and depreciation method are reviewed, and adjusted prospectively if |
appropriate, or if there is an indication of a significant change since the last reporting date. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from the group companies. |
Debt instruments that are payable or receivable within one year, typically trade parables or receivables, are |
measured , initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Lio London Ltd (Registered number: 11551613) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The financial statements have been prepared on a going concern basis. The director has been given assurance by the holding company that they will continue to provide adequate cash resources to cover the company's requirements for working capital and capital expenditure for at least the next twelve months from the approval of these accounts. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Lio London Ltd (Registered number: 11551613) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
Disposals | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Following the change of ownership in the year, the company disposed of shares in its subsidiary company at the time to Universo Pacha SA, the previous owner of the company. |
6. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
Lio London Ltd (Registered number: 11551613) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | £1 | 2,000,001 | 2,000,001 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | OTHER FINANCIAL COMMITMENTS |
The company has entered into a 25 year lease ending in March 2046. The annual rents under the lease are £1,350,000 and these are subject to rent reviews every five years starting 2026. |
12. | RELATED PARTY DISCLOSURES |
Included in trade debtors are amounts payable to other group companies totalling £27,083 (2022: £Nil). |
Included in trade creditors are amounts payable to other group companies totalling £304,203 (2022: £17,484). |
The company also has funding in place from another group company by way of loan in the sum of £6,784,754 at the balance sheet date.The company has incurred group interest charges on this funding of £145,398 in the year. |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company is Galaxia Estelar SL (incorporated in Spain) as a change of ownership took place in the year. |