LOLLY GLOBAL LTD

Company Registration Number:
06829556 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2023

Period of accounts

Start date: 01 January 2023

End date: 31 December 2023

LOLLY GLOBAL LTD

Contents of the Financial Statements

for the Period Ended 31 December 2023

Balance sheet
Notes

LOLLY GLOBAL LTD

Balance sheet

As at 31 December 2023


Notes

2023

10 months to 31 December 2022


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets: 3 0 1,371,302
Tangible assets: 4 128 0
Investments:   0 0
Total fixed assets: 128 1,371,302
Current assets
Stocks: 0 0
Debtors: 5 1,419,578 0
Cash at bank and in hand: 1,021 896
Investments:   0 0
Total current assets: 1,420,599 896
Creditors: amounts falling due within one year: 6 (234,913) (201,232)
Net current assets (liabilities): 1,185,686 (200,336)
Total assets less current liabilities: 1,185,814 1,170,966
Creditors: amounts falling due after more than one year: 7 (346,280) (1,485,778)
Provision for liabilities: 0 0
Total net assets (liabilities): 839,534 (314,812)
Capital and reserves
Called up share capital: 1,121 1
Share premium account: 1,226,311 0
Revaluation reserve: 00
Other reserves: 0 0
Profit and loss account: (387,898) (314,813)
Shareholders funds: 839,534 (314,812)

The notes form part of these financial statements

LOLLY GLOBAL LTD

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 20 September 2024
and signed on behalf of the board by:

Name: Richard M Holmes
Status: Director

The notes form part of these financial statements

LOLLY GLOBAL LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Tangible fixed assets and depreciation policy

Tangible fixed assets are stated at historic purchase cost, net of accumulated depreciation and provision for permanent diminution in value. Costs include the original purchase price of the asset base and the costs attributable to bringing the asset to its working condition for intended use. Depreciation on tangible fixed assets is calculated to write down their cost to their estimated residual value over the estimated useful economic lives of the assets. The rates of depreciation used are as follows: Office equipment: 33% per annum

Intangible fixed assets and amortisation policy

Intangible fixed assets are intellectual property, code, design, and technology. Intangible assets are stated at historic purchase cost, net of accumulated depreciation and provision for permanent diminution in value. Cost is the amount spent on development. The rates of depreciation used are as follows: Intangible fixed assets: 20% per annum following launch of the platform

Valuation and information policy

In this financial year, the policy on accounting for the development costs, including software development, software maintenance, and ongoing costs for third-party systems are dealt with as costs within the financial year.

LOLLY GLOBAL LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

2. Employees

2023 10 months to 31 December 2022
Average number of employees during the period 0 0

LOLLY GLOBAL LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Intangible Assets

Total
Cost £
At 01 January 2023 1,371,302
Transfers (1,371,302)
At 31 December 2023 0
Amortisation
At 01 January 2023 0
Charge for year 0
On disposals 0
Other adjustments 0
At 31 December 2023 0
Net book value
At 31 December 2023 0
At 31 December 2022 1,371,302

To position the company for launch investment, during the accounting period the Company underwent a reconstruction into a group of companies, approved by the board, shareholders, Convertible Loan Note holders, and HMRC. The Company now is the operating company in certain markets. Lolly Holding Ltd is the parent company. During this reconstruction, the intangible assets previously held by the Company were transferred within the group.

LOLLY GLOBAL LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Tangible Assets

Total
Cost £
At 01 January 2023 0
Additions 192
At 31 December 2023 192
Depreciation
At 01 January 2023 0
Charge for year 64
At 31 December 2023 64
Net book value
At 31 December 2023 128
At 31 December 2022 0

LOLLY GLOBAL LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Debtors

2023 10 months to 31 December 2022
££
Debtors due after more than one year: 1,419,578 0

Inter-company asset account, Lolly Holding Ltd (£1,371,302), Accounts receivable (£10,000), and Prepayments (£38,276).

LOLLY GLOBAL LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Creditors: amounts falling due within one year note

The creditors are directors and/or consultants with vesting share agreements and/or agreements in place for the Company to opt to pay fees and expenses with share in the Company.

LOLLY GLOBAL LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

7. Creditors: amounts falling due after more than one year note

As part of the reconstruction, Convertible Loan Notes issued by the Company and on the Company's balance sheet as of 1 January 2023 all the associated interest accruals have been converted to either: (1) Convertible Loan Notes payable in 2029 (£20,000), or (2) Accruals for Company shares payable at a £10 million valuation (£315.230), or (3) Accruals for Company shares payable at a £10 million valuation (£11,050)

LOLLY GLOBAL LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

8. Changes in presentation and prior period adjustments

The Company's financial year is 12 months, running from 1 January 2023 to 31 December 2023. The previous financial year ran from 1 March 2022 to 31 December 2022.

LOLLY GLOBAL LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

9. Related party transactions

Rent was paid to Richard M Holmes, director (£500 per month).