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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
03994705
2023-01-01
2023-12-31
03994705
2023-12-31
03994705
2022-12-31
03994705
2022-01-01
2022-12-31
03994705
2022-12-31
03994705
2021-12-31
03994705
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2023-12-31
03994705
core:FurnitureFittings
2023-01-01
2023-12-31
03994705
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2023-12-31
03994705
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2023-12-31
03994705
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2023-01-01
2023-12-31
03994705
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2023-01-01
2023-12-31
03994705
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2023-01-01
2023-12-31
03994705
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2023-12-31
03994705
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2023-12-31
03994705
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2022-12-31
03994705
core:LandBuildings
2022-12-31
03994705
core:PlantMachinery
2022-12-31
03994705
core:FurnitureFittings
2022-12-31
03994705
core:MotorVehicles
2022-12-31
03994705
core:LandBuildings
2023-12-31
03994705
core:PlantMachinery
2023-12-31
03994705
core:FurnitureFittings
2023-12-31
03994705
core:MotorVehicles
2023-12-31
03994705
core:LandBuildings
2023-01-01
2023-12-31
03994705
core:ShareCapital
2023-12-31
03994705
core:ShareCapital
2022-12-31
03994705
core:RetainedEarningsAccumulatedLosses
2023-12-31
03994705
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2022-12-31
03994705
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2023-12-31
03994705
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2022-12-31
03994705
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2023-12-31
03994705
core:MoreThanFiveYears
2022-12-31
03994705
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2022-12-31
03994705
core:PlantMachinery
2022-12-31
03994705
core:FurnitureFittings
2022-12-31
03994705
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2022-12-31
03994705
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2023-12-31
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2023-12-31
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2023-12-31
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2023-12-31
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2023-01-01
2023-12-31
03994705
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2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
03994705
Filleted Unaudited Financial Statements |
|
Year ended 31 December 2023
Officers and professional advisers |
1 |
|
|
Accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
2 |
|
|
Statement of financial position |
3 |
|
|
Notes to the financial statements |
5 |
|
|
Officers and Professional Advisers |
|
The board of directors |
Mrs D Soysa |
|
Mr U Soysa |
|
Mr H Soysa |
|
|
Registered office |
Unit C |
|
Riverside End |
|
Market Harborough |
|
Leics. |
|
LE16 7PU |
|
|
Accountants |
A Plus Accountants Limited |
|
Accountants |
|
10 Canberra House |
|
Corbygate Business Park |
|
Corby |
|
Northants |
|
NN17 5JG |
|
|
Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Lanka Kade (UK) Limited |
|
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lanka Kade (UK) Limited for the year ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Lanka Kade (UK) Limited, as a body, in accordance with the terms of our engagement letter dated 12 October 2007. Our work has been undertaken solely to prepare for your approval the financial statements of Lanka Kade (UK) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lanka Kade (UK) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Lanka Kade (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lanka Kade (UK) Limited. You consider that Lanka Kade (UK) Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Lanka Kade (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
A Plus Accountants Limited
Accountants
10 Canberra House
Corbygate Business Park
Corby
Northants
NN17 5JG
16 September 2024
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
|
103,824 |
112,551 |
|
|
|
|
|
Current assets
Stocks |
433,338 |
|
494,690 |
Debtors |
6 |
170,395 |
|
132,466 |
Cash at bank and in hand |
473,476 |
|
424,856 |
|
------------ |
|
------------ |
|
1,077,209 |
|
1,052,012 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
124,638 |
|
111,591 |
|
------------ |
|
------------ |
Net current assets |
|
952,571 |
940,421 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
1,056,395 |
1,052,972 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
11,106 |
12,493 |
|
|
------------ |
------------ |
Net assets |
|
1,045,289 |
1,040,479 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
|
200 |
200 |
Profit and loss account |
|
1,045,089 |
1,040,279 |
|
|
------------ |
------------ |
Shareholders funds |
|
1,045,289 |
1,040,479 |
|
|
------------ |
------------ |
|
|
|
|
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.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
16 September 2024
, and are signed on behalf of the board by:
Mr Upul Soysa Director
Company registration number:
03994705
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 Unit C, Riverside End, Market Harborough, Leics., LE16 7PU.
2.
Statement of compliance
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A small entities. There were no material departures from that standard.
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.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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 improvements |
- |
Straight line at various rates |
|
Plant & Machinery |
- |
20% straight line |
|
Fixtures, fittings and equipment |
- |
20% straight line |
|
Motor vehicles |
- |
25% reducing balance |
|
|
|
|
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
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. 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.
Defined contribution pension 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.
4.
Particulars of employees
The average number of persons employed by the company during the year amounted to
13
(2022:
12
).
5.
Tangible assets
|
Freehold property improvements |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
At 1 January 2023 |
112,559 |
53,093 |
101,620 |
15,913 |
283,185 |
Additions |
– |
– |
1,758 |
– |
1,758 |
|
--------- |
-------- |
--------- |
-------- |
--------- |
At 31 December 2023 |
112,559 |
53,093 |
103,378 |
15,913 |
284,943 |
|
--------- |
-------- |
--------- |
-------- |
--------- |
Depreciation |
|
|
|
|
|
At 1 January 2023 |
22,151 |
38,417 |
94,779 |
15,287 |
170,634 |
Charge for the year |
4,017 |
3,255 |
3,057 |
156 |
10,485 |
|
--------- |
-------- |
--------- |
-------- |
--------- |
At 31 December 2023 |
26,168 |
41,672 |
97,836 |
15,443 |
181,119 |
|
--------- |
-------- |
--------- |
-------- |
--------- |
Carrying amount |
|
|
|
|
|
At 31 December 2023 |
86,391 |
11,421 |
5,542 |
470 |
103,824 |
|
--------- |
-------- |
--------- |
-------- |
--------- |
At 31 December 2022 |
90,408 |
14,676 |
6,841 |
626 |
112,551 |
|
--------- |
-------- |
--------- |
-------- |
--------- |
|
|
|
|
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
61,298 |
72,887 |
Prepayments and accrued income |
17,322 |
19,017 |
Other debtors |
91,775 |
40,562 |
|
--------- |
--------- |
|
170,395 |
132,466 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
14,238 |
16,886 |
Accruals and deferred income |
3,384 |
3,146 |
Corporation tax |
11,780 |
1,233 |
Social security and other taxes |
78,100 |
74,822 |
Director loan accounts |
17,136 |
15,504 |
|
--------- |
--------- |
|
124,638 |
111,591 |
|
--------- |
--------- |
|
|
|
8.
Commitments under operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
42,000 |
42,000 |
Later than 1 year and not later than 5 years |
168,000 |
168,000 |
Later than 5 years |
30,100 |
72,100 |
|
--------- |
--------- |
|
240,100 |
282,100 |
|
--------- |
--------- |
|
|
|
Yasso Limited is the immediate and ultimate controlling parent of
Lanka Kade (UK) Limited
. Lanka Kade (UK) Limited
has entered into a ten year operating lease with Yasso Limited from 19 September 2019 to 18 September 2029. The annual rent payable will be reviewed after 5 years.
9.
Related party transactions
The principal supplier of goods for resale is Lanka Kade Export (Private) Limited which is the business of Mr Upul Soysa and is based in Sri Lanka. During the year Lanka Kade Export (Private) Limited invoiced for purchases (including shopping costs) totalling £440,753 (2022: £874,531). There is no balance outstanding at the year end included within trade creditors (2022: £0). During the year net repayments were made from Lanka Kade Export (Private) Limited totalling £51,213 (2022: - £ 140,212). As at the year end included within other debtors is a balance of £91,775 (2022: £40,562) owed by Lanka Kade Export (Private) Limited. The company has availed itself of the exemption contained within FRS 102 Section 33 Related Party Disclosures not to disclose details of transactions with fellow group entities.
10.
Ultimate controlling party
The ultimate controlling party is Yasso Limited, a company registered in England and Wales.