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COMPANY REGISTRATION NUMBER: 09233576
Honey Lulu Limited
Filleted Unaudited Financial Statements
30 September 2023
Honey Lulu Limited
Financial Statements
Year ended 30 September 2023
Contents
Pages
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
1
Balance sheet
2 to 3
Notes to the financial statements
4 to 7
Honey Lulu Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Honey Lulu Limited
Year ended 30 September 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 Honey Lulu Limited for the year ended 30 September 2023, which comprise the balance sheet 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 director of Honey Lulu Limited in accordance with the terms of our engagement letter dated 26 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Honey Lulu Limited and state those matters that we have agreed to state to you 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 Honey Lulu Limited and its director for our work or for this report.
It is your duty to ensure that Honey Lulu 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 Honey Lulu Limited. You consider that Honey Lulu 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 Honey Lulu 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.
MILLER DAVIES LLP Chartered accountants
A3 Broomsleigh Business Park Worsley Bridge Road London SE26 5BN
25 September 2024
Honey Lulu Limited
Balance Sheet
30 September 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,380
2,599
Current assets
Stocks
3,090
3,770
Debtors
6
31,377
28,048
Cash at bank and in hand
296,523
258,699
---------
---------
330,990
290,517
Creditors: amounts falling due within one year
7
127,406
145,566
---------
---------
Net current assets
203,584
144,951
---------
---------
Total assets less current liabilities
204,964
147,550
Creditors: amounts falling due after more than one year
8
19,062
29,098
---------
---------
Net assets
185,902
118,452
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
185,802
118,352
---------
---------
Shareholders funds
185,902
118,452
---------
---------
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 profit and loss account has not been delivered.
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Honey Lulu Limited
Balance Sheet (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
Mr A Gonna
Director
Company registration number: 09233576
Honey Lulu Limited
Notes to the Financial Statements
Year ended 30 September 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 A3 Broomsleigh Business Park, Worsley Bridge Road, London, SE26 5BN.
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 measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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.
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:
Bar equipment
-
20% straight line
Computer equipment
-
25% 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 7 ).
5. Tangible assets
Bar equipment
Computer equipment
Total
£
£
£
Cost
At 1 October 2022 and 30 September 2023
3,725
2,487
6,212
-------
-------
-------
Depreciation
At 1 October 2022
1,898
1,715
3,613
Charge for the year
660
559
1,219
-------
-------
-------
At 30 September 2023
2,558
2,274
4,832
-------
-------
-------
Carrying amount
At 30 September 2023
1,167
213
1,380
-------
-------
-------
At 30 September 2022
1,827
772
2,599
-------
-------
-------
6. Debtors
2023
2022
£
£
Trade debtors
4,528
4,221
Other debtors
26,849
23,827
--------
--------
31,377
28,048
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,035
9,788
Trade creditors
6,526
5,099
Corporation tax
54,504
29,291
Social security and other taxes
28,382
23,773
Other creditors
27,959
77,615
---------
---------
127,406
145,566
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,062
29,098
--------
--------
9. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
317,551
279,421
---------
---------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
63,682
121,700
--------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
30,000
30,000
Later than 1 year and not later than 5 years
105,000
120,000
Later than 5 years
15,000
---------
---------
135,000
165,000
---------
---------
11. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr A Gonna
( 63,565)
63,149
( 416)
--------
--------
----
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr A Gonna
( 55,061)
( 8,504)
( 63,565)
--------
-------
--------
12. Related party transactions
The company rents the flat above the bar from the director. During the year this rent totalled £13,800 (2022 £13,800).