Company registration number 10794458 (England and Wales)
LILIANA TECHNOLOGIES LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LILIANA TECHNOLOGIES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LILIANA TECHNOLOGIES LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Current assets
Cash at bank and in hand
153,638
14,910
Creditors: amounts falling due within one year
4
(163,639)
(9,199)
Net current (liabilities)/assets
(10,001)
5,711
Capital and reserves
Called up share capital
5
3,000
3,000
Profit and loss reserves
(13,001)
2,711
Total equity
(10,001)
5,711

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
M Schädlich
Director
Company registration number 10794458 (England and Wales)
LILIANA TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Liliana Technologies Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 73 Cornhill, London, EC3V 3QQ.

1.1
Reporting period

The comparative figures are presented for the 7 month period of accounts. The reason for shortening the accounting period was to align the year end with the parent company's financial reporting period.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

Having reviewed the company's financial forecasts and expected future cash flows, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, notwithstanding the fact that the company's total liabilities exceed total assets by £true10,001, the going concern basis has been adopted in preparing the financial statements for the period ended 31 December 2023. This assumes that continued financial support will be provided to the entity by its parent undertaking for at least 12 months from the date of approval of these financial statements.

1.4
Turnover

Turnover is measured based on the consideration specified in a contract with the parent entity. The company recognises revenue at the point in time when the relevant performance obligation is satisfied.

 

Contracts with the parent entity do not contain a financing component nor any element of variable consideration.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

LILIANA TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
LILIANA TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
5,100
-
0
Amounts owed to group undertakings
143,352
-
0
Corporation tax
2,947
1,159
Other creditors
12,240
8,040
163,639
9,199
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3,000
3,000
3,000
3,000
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was qualified and the auditor reported as follows:

Basis for qualified opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

 

During the course of the audit, the company has informed us that there is a requirement for tax filing in Germany and therefore tax returns which were required for submission were not submitted in this regard to the German tax authorities since the incorporation of the company. There are no provisions recognized in this regard by the company in the financial statements. We are also unable to determine whether any adjustment is required in this regard due to lack of available information. Due to this, we were unable to obtain sufficient and appropriate audit evidence with regards to any tax liabilities or provisions in Germany and our opinion is qualified in this regard.

Senior Statutory Auditor:
Talha Farrukh FCCA, ACA
Statutory Auditor:
Gerald Edelman LLP
Date of audit report:
11 September 2024
7
Related party transactions

Included in creditors is an amount totaling £143,352 due to Sammelkartenmarkt GmbH & Co KG, a parent company.

 

LILIANA TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
8
Parent company

The parent company of Liliana Technologies Limited is Sammelkartenmarkt GmbH & Co KG, by virtue of shareholding, a company registered in Germany.

9
Contingent liability disclosure

The company was required to perform tax filing in Germany which never occurred in the past. This will be performed later on this year for all historic years and the current year as required. This can result in possible liabilities and fines which cannot be determined at this stage therefore these are assessed as contingent liabilities.

10
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2022
As restated at 31May 2022
£
£
£
£
Creditors due within one year
Taxation
215
(1,374)
(1,159)
(1,159)
Other creditors
(6,600)
(1,440)
(8,040)
(1,440)
Capital and reserves
Profit and loss reserves
5,525
(2,814)
2,711
(2,814)
Notes to reconciliation

The company has identified historic tax liabilities and penalties this year in relation to lack of appropriate filing of tax returns in the U.K. These have resulted in a material prior period error that has affected tax years to FY 2021/22 materially therefore tax payables have increased, and opening profit and loss reserve has been decreased in this regard by £2,814 as at 31 December 2022, and by £2,814 as at 1 June 2022.

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