14 11 September 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 56,097 17,952 2,244 20,196 35,901 38,145 xbrli:pure xbrli:shares iso4217:GBP 08475341 2023-01-01 2023-12-31 08475341 2023-12-31 08475341 2022-12-31 08475341 2022-01-01 2022-12-31 08475341 2022-12-31 08475341 2021-12-31 08475341 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 08475341 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08475341 core:PlantMachinery 2023-01-01 2023-12-31 08475341 core:MotorVehicles 2023-01-01 2023-12-31 08475341 bus:Director2 2023-01-01 2023-12-31 08475341 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 08475341 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 08475341 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 08475341 core:PlantMachinery 2022-12-31 08475341 core:MotorVehicles 2022-12-31 08475341 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 08475341 core:PlantMachinery 2023-12-31 08475341 core:MotorVehicles 2023-12-31 08475341 core:AfterOneYear 2023-12-31 08475341 core:AfterOneYear 2022-12-31 08475341 core:WithinOneYear 2023-12-31 08475341 core:WithinOneYear 2022-12-31 08475341 core:ShareCapital 2023-12-31 08475341 core:ShareCapital 2022-12-31 08475341 core:SharePremium 2023-12-31 08475341 core:SharePremium 2022-12-31 08475341 core:RetainedEarningsAccumulatedLosses 2023-12-31 08475341 core:RetainedEarningsAccumulatedLosses 2022-12-31 08475341 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 08475341 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 08475341 core:PlantMachinery 2022-12-31 08475341 core:MotorVehicles 2022-12-31 08475341 bus:SmallEntities 2023-01-01 2023-12-31 08475341 bus:Audited 2023-01-01 2023-12-31 08475341 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08475341 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08475341 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 08475341
LWF UK Ltd
Filleted Financial Statements
31 December 2023
LWF UK Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
35,901
38,145
Tangible assets
6
2,546,353
60,791
------------
--------
2,582,254
98,936
Current assets
Stocks
137,653
52,295
Debtors
7
273,515
103,903
Cash at bank and in hand
343,854
15,765
---------
---------
755,022
171,963
Creditors: amounts falling due within one year
8
717,072
37,797
---------
---------
Net current assets
37,950
134,166
------------
---------
Total assets less current liabilities
2,620,204
233,102
Creditors: amounts falling due after more than one year
9
6,392,844
1,449,210
------------
------------
Net liabilities
( 3,772,640)
( 1,216,108)
------------
------------
Capital and reserves
Called up share capital
101
101
Share premium account
82,265
82,265
Profit and loss account
( 3,855,006)
( 1,298,474)
------------
------------
Shareholders deficit
( 3,772,640)
( 1,216,108)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
Mr R Sagher
Director
Company registration number: 08475341
LWF UK Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ramsbrook Farm, Ramsbrook Lane, Widnes, Cheshire, England, WA8 8NA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have reviewed the company's financial projections for the next 12 months and are satisfied that its existing sources of finance will provide sufficient cash to meet the company's needs. The parent company has confirmed its continuing financial support.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents, trademarks and licences
-
4% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
20% straight line
Motor vehicles
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 5 ).
5. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 January 2023 and 31 December 2023
56,097
--------
Amortisation
At 1 January 2023
17,952
Charge for the year
2,244
--------
At 31 December 2023
20,196
--------
Carrying amount
At 31 December 2023
35,901
--------
At 31 December 2022
38,145
--------
6. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
18,495
88,780
14,995
122,270
Additions
2,169,939
379,817
2,549,756
Disposals
( 18,495)
( 2,945)
( 21,440)
------------
---------
--------
------------
At 31 December 2023
2,169,939
465,652
14,995
2,650,586
------------
---------
--------
------------
Depreciation
At 1 January 2023
3,699
48,782
8,998
61,479
Charge for the year
18,099
26,138
2,999
47,236
Disposals
( 3,699)
( 783)
( 4,482)
------------
---------
--------
------------
At 31 December 2023
18,099
74,137
11,997
104,233
------------
---------
--------
------------
Carrying amount
At 31 December 2023
2,151,840
391,515
2,998
2,546,353
------------
---------
--------
------------
At 31 December 2022
14,796
39,998
5,997
60,791
------------
---------
--------
------------
7. Debtors
2023
2022
£
£
Trade debtors
16,183
61,018
Other debtors
257,332
42,885
---------
---------
273,515
103,903
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
553,467
16,993
Social security and other taxes
45,159
12,567
Other creditors
118,446
8,237
---------
--------
717,072
37,797
---------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
6,392,844
1,449,210
------------
------------
Amounts due to holding company and related parties
10. Summary audit opinion
The auditor's report dated 11 September 2024 was unqualified .
The senior statutory auditor was Thomas McManners BSC ACA ACMI , for and on behalf of TTCA Ltd .
11. Controlling party
LWF UK Ltd is a subsidiary of LWF Foreign Holdings LLC. Its financial statements are consolidated into the financial statements of its ultimate parent company RSL Capital LLC which can be obtained from 52 Vanderbilt Avenue, Suite 401, New York, NY 10017, United States.