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COMPANY REGISTRATION NUMBER: NI055546
LK Communications (Ireland) Limited
Filleted Financial Statements
31 December 2023
LK Communications (Ireland) Limited
Statement of Financial Position
31 December 2023
31 Dec 23
31 Oct 22
Note
£
£
£
Fixed assets
Tangible assets
6
3,644
703
Current assets
Stocks
10,000
Debtors
7
230,621
223,311
Cash at bank and in hand
77,884
140,447
---------
---------
318,505
363,758
Creditors: amounts falling due within one year
8
99,106
128,697
---------
---------
Net current assets
219,399
235,061
---------
---------
Total assets less current liabilities
223,043
235,764
Creditors: amounts falling due after more than one year
9
14,810
26,654
Provisions
Taxation including deferred tax
134
134
---------
---------
Net assets
208,099
208,976
---------
---------
Capital and reserves
Called up share capital
10
30,100
30,100
Profit and loss account
177,999
178,876
---------
---------
Shareholders funds
208,099
208,976
---------
---------
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.
LK Communications (Ireland) Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 21 August 2024 , and are signed on behalf of the board by:
Mr J Keane
Director
Company registration number: NI055546
LK Communications (Ireland) Limited
Notes to the Financial Statements
Period from 1 November 2022 to 31 December 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Ardmore House, Pavilions Office Park, Kinnegar Drive, Holywood, Co. Down, BT18 9JQ.
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.
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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
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. 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:
Office equipment
-
33% reducing balance
Computer equipment
-
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.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 7 (2022: 4 ).
5. Tax on profit
Major components of tax expense
Period from
1 Nov 22 to
Year to
31 Dec 23
31 Oct 22
£
£
Current tax:
UK current tax expense
3,279
11,906
Adjustments in respect of prior periods
149
-------
--------
Total current tax
3,428
11,906
-------
--------
Deferred tax:
Origination and reversal of timing differences
( 18)
-------
--------
Tax on profit
3,428
11,888
-------
--------
Tax recognised as other comprehensive income or equity
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the period is higher than (2022: higher than) the standard rate of corporation tax in the UK of 22.50 % (2022: 19 %).
Period from
1 Nov 22 to
Year to
31 Dec 23
31 Oct 22
£
£
Profit on ordinary activities before taxation
2,551
48,320
-------
--------
Profit on ordinary activities by rate of tax
574
9,181
Adjustment to tax charge in respect of prior periods
149
Effect of expenses not deductible for tax purposes
( 662)
4
Effect of different UK tax rates on some earnings
(319)
Utilisation of tax losses
3,686
2,721
Other tax adjustment to increase/(decrease) tax liability 2 - desc in a/cs
(18)
-------
--------
Tax on profit
3,428
11,888
-------
--------
6. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 November 2022
40,451
13,335
53,786
Additions
4,741
4,741
--------
--------
--------
At 31 December 2023
45,192
13,335
58,527
--------
--------
--------
Depreciation
At 1 November 2022
39,748
13,335
53,083
Charge for the period
1,800
1,800
--------
--------
--------
At 31 December 2023
41,548
13,335
54,883
--------
--------
--------
Carrying amount
At 31 December 2023
3,644
3,644
--------
--------
--------
At 31 October 2022
703
703
--------
--------
--------
7. Debtors
31 Dec 23
31 Oct 22
£
£
Trade debtors
135,020
97,743
Amounts owed by group undertakings and undertakings in which the company has a participating interest
62,717
98,243
Other debtors
32,884
27,325
---------
---------
230,621
223,311
---------
---------
8. Creditors: amounts falling due within one year
31 Dec 23
31 Oct 22
£
£
Bank loans and overdrafts
14,255
16,281
Trade creditors
17,393
13,846
Corporation tax
3,279
11,906
Social security and other taxes
44,400
38,799
Other creditors
19,779
47,865
--------
---------
99,106
128,697
--------
---------
9. Creditors: amounts falling due after more than one year
31 Dec 23
31 Oct 22
£
£
Bank loans and overdrafts
14,810
26,654
--------
--------
10. Called up share capital
Issued, called up and fully paid
31 Dec 23
31 Oct 22
No.
£
No.
£
Ordinary shares of £ 1 each
30,100
30,100
30,100
30,100
--------
--------
--------
--------
11. Summary audit opinion
The auditor's report for the period dated 21 August 2024 was unqualified.
The senior statutory auditor was Michael Flannigan , for and on behalf of FEB Chartered Accountants .
12. Directors' advances, credits and guarantees
During the year,the company advanced net loans of £2,054 to the directors (2022: £Nil). At the balance sheet date £11,141 remained outstanding from the directors to the company (2022: £9,087).
13. Related party transactions
During the year, the company entered into the following related party transactions: Ardmore Advertising and Marketing Limited - loan decreased by £35,526 (2022: increased by £96,567)
2023 2022
£ £
Ardmore Advertising & Marketing Limited 62,717 98,243
14. Controlling party
The company is a private company, limited by shares. It is registered in Northern Ireland (NI022062) with its registered office at Unit 3 Kinnegar Drive, Holywood, BT18 9JQ.