Company registration number 09664943 (England and Wales)
LION CARE PRODUCTS LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
LION CARE PRODUCTS LTD
CONTENTS
Page
Director's report
1
Balance sheet
2
Notes to the financial statements
3 - 5
LION CARE PRODUCTS LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -
The director presents his annual report and financial statements for the year ended 31 January 2024.
Principal activities
The principal activity of the company continued to be that of dental and hygiene supplies.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
M S Sagoo
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
M S Sagoo
Director
9 October 2024
LION CARE PRODUCTS LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
302
404
Current assets
Debtors
4
100
2,900
Cash at bank and in hand
253
100
3,153
Creditors: amounts falling due within one year
5
(242,426)
(230,255)
Net current liabilities
(242,326)
(227,102)
Total assets less current liabilities
(242,024)
(226,698)
Creditors: amounts falling due after more than one year
6
(31,103)
(36,461)
Net liabilities
(273,127)
(263,159)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(273,227)
(263,259)
Total equity
(273,127)
(263,159)
For the financial year ended 31 January 2024 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 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 9 October 2024
M S Sagoo
Director
Company registration number 09664943 (England and Wales)
LION CARE PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Lion Care Products Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3, Ellesmere Crescent, Nottingham, NG5 1DX. The company registration number is 09664943.
1.1
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.
1.2
Going concern
In the absence of other funding, the company is in the short term dependent upon the continued support of the director and shareholder. The director and shareholder have agreed to support the company for a period of at least one year from the date of approval of these financial statements.
The director therefore considers it appropriate that the financial statements are prepared on the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
LION CARE PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Loans and borrowings
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 February 2023 and 31 January 2024
2,499
Depreciation and impairment
At 1 February 2023
2,095
Depreciation charged in the year
102
At 31 January 2024
2,197
Carrying amount
At 31 January 2024
302
At 31 January 2023
404
LION CARE PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,800
Unpaid share capital
100
100
100
2,900
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
19,312
5,859
Trade creditors
4,478
10,818
Taxation and social security
81
152
Other creditors
197,555
198,426
Accruals and deferred income
21,000
15,000
242,426
230,255
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
31,103
36,461
7
Related party transactions
All transactions that took place were on normal commercial terms and on an arms length basis and therefore no further disclosure is required by FRS102 Section 1A.