Company Registration No. 06945173 (England and Wales)
L2P Enterprise Limited
Unaudited accounts
for the year ended 31 December 2023
L2P Enterprise Limited
Unaudited accounts
Contents
L2P Enterprise Limited
Company Information
for the year ended 31 December 2023
Directors
Dr Patrick William Doyle
James Frederick McLaughlin
Colin Anthony Wilkinson
Simon Forrest
Company Number
06945173 (England and Wales)
Registered Office
78 York Street
London
W1H 1DP
UK
L2P Enterprise Limited
Statement of financial position
as at 31 December 2023
Intangible assets
72,824
99,350
Tangible assets
28,249
12,642
Cash at bank and in hand
320,252
306,765
Creditors: amounts falling due within one year
(1,560,875)
(1,175,162)
Net current liabilities
(227,027)
(72,423)
Total assets less current liabilities
(125,954)
39,569
Creditors: amounts falling due after more than one year
-
(27,715)
Provisions for liabilities
Deferred tax
(1,494)
(1,494)
Net (liabilities)/assets
(127,448)
10,360
Called up share capital
10
10
Profit and loss account
(127,458)
10,350
Shareholders' funds
(127,448)
10,360
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. 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.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by
Colin Anthony Wilkinson
Director
Company Registration No. 06945173
L2P Enterprise Limited
Notes to the Accounts
for the year ended 31 December 2023
L2P Enterprise Limited is a private company, limited by shares, registered in England and Wales, registration number 06945173. The registered office is 78 York Street, London, W1H 1DP, UK.
2
Compliance with accounting standards
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.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The turnover shown in the profit and loss account represents revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts.
Expenditure on research and development is written off in the year in which it is incurred.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% on Reducing balance basis
Computer equipment
25% on Reducing balance basis
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.
L2P Enterprise Limited
Notes to the Accounts
for the year ended 31 December 2023
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. In preparing these financial statements, the directors have made the following judgements:
Determine whether there are indicators of impairment of the company's intangible fixed assets and tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Other key sources of estimation uncertainty:
Tangible fixed assets (note 5)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
4
Intangible fixed assets
Other
At 31 December 2023
530,515
Charge for the year
26,526
At 31 December 2023
457,691
At 31 December 2023
72,824
At 31 December 2022
99,350
5
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 January 2023
6,192
37,756
43,948
Additions
21,046
1,202
22,248
At 31 December 2023
27,238
38,958
66,196
At 1 January 2023
878
30,428
31,306
Charge for the year
4,651
1,990
6,641
At 31 December 2023
5,529
32,418
37,947
At 31 December 2023
21,709
6,540
28,249
At 31 December 2022
5,314
7,328
12,642
L2P Enterprise Limited
Notes to the Accounts
for the year ended 31 December 2023
Amounts falling due within one year
Trade debtors
796,469
618,835
Accrued income and prepayments
215,427
177,139
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
-
21,241
Trade creditors
9,244
33,900
Taxes and social security
(136,237)
(21,228)
Other creditors
164,121
122,952
Loans from directors
-
25,369
Deferred income
1,285,694
852,596
The company had entered into a coronavirus bounce back loan agreement for a facility of £50,000 which was fully drawn down on 20 October 2020. The loan bore interest at 2.5% pa. The loan was unsecured and repayable in monthly instalments from December 2021, with the final instalment originally due in December 2026. However during the year the loan has been repaid in full.
The company also held an additional bank loan which was secured against the assets of the company with a fixed and floating charge. The loan bore interest at a fixed rate of 4.85% and a variable rate based on the bank of England base rate. The loan was repayable in monthly instalments, with the final instalment repaid in May 2023.
8
Creditors: amounts falling due after more than one year
2023
2022
9
Average number of employees
During the year the average number of employees was 24 (2022: 15).