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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: S Nandi





REGISTERED OFFICE: 96 Brighton Road
Banstead
SM7 1BU





REGISTERED NUMBER: 11551613 (England and Wales)





AUDITORS: Williams & Co Epsom LLP
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 6,587,717 4,543,741
Investments 5 - 858,126
6,587,717 5,401,867

CURRENT ASSETS
Stocks 347,842 -
Debtors: amounts falling due within one year 6 589,558 694,406
Debtors: amounts falling due after more than
one year

6

1,350,000

1,350,000
Cash at bank and in hand 439,573 159,089
2,726,973 2,203,495
CREDITORS
Amounts falling due within one year 7 10,058,819 2,312,039
NET CURRENT LIABILITIES (7,331,846 ) (108,544 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(744,129

)

5,293,323

CREDITORS
Amounts falling due after more than one
year

8

-

6,634,185
NET LIABILITIES (744,129 ) (1,340,862 )

CAPITAL AND RESERVES
Called up share capital 9 2,000,001 2,000,001
Shareholder contribution
reserve 6,902,342 -
Retained earnings (9,646,472 ) (3,340,863 )
SHAREHOLDERS' FUNDS (744,129 ) (1,340,862 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 17 June 2024 and were signed by:





E Aguilar Ubiergo - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on cost
Plant and machinery etc - 25% on cost, 10% on cost and Straight line over 3 years

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 45 (2022 - 4 ) .

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 535,772 4,045,801 4,581,573
Additions - 2,701,012 2,701,012
At 31 December 2023 535,772 6,746,813 7,282,585
DEPRECIATION
At 1 January 2023 37,832 - 37,832
Charge for year 20,666 636,370 657,036
At 31 December 2023 58,498 636,370 694,868
NET BOOK VALUE
At 31 December 2023 477,274 6,110,443 6,587,717
At 31 December 2022 497,940 4,045,801 4,543,741

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 858,126
Disposals (858,126 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 858,126

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 187,668 -
Other debtors 401,890 694,406
589,558 694,406

Amounts falling due after more than one year:
Other debtors 1,350,000 1,350,000

Aggregate amounts 1,939,558 2,044,406

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 822,765 204,827
Amounts owed to group undertakings 6,784,754 -
Taxation and social security 291,564 13,509
Other creditors 2,159,736 2,093,703
10,058,819 2,312,039

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings - 6,634,185

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2,000,001 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.

Paul M Smith BSc FCA (Senior Statutory Auditor)
for and on behalf of Williams & Co Epsom LLP

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.