Company registration number 11897535 (England and Wales)
LARA CHAMANDI LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LARA CHAMANDI LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LARA CHAMANDI LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
15,686
20,672
Current assets
Debtors
4
71,000
72,074
Cash at bank and in hand
5,745
28,864
76,745
100,938
Creditors: amounts falling due within one year
5
(2,906)
(43,915)
Net current assets
73,839
57,023
Total assets less current liabilities
89,525
77,695
Creditors: amounts falling due after more than one year
6
(2,152,356)
(1,953,434)
Net liabilities
(2,062,831)
(1,875,739)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(2,062,832)
(1,875,740)
Total equity
(2,062,831)
(1,875,739)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 26 September 2024
L Chamandi
Director
Company registration number 11897535 (England and Wales)
LARA CHAMANDI LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Lara Chamandi Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 15A Walm Lane, London, NW2 5SJ.
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
The financial statements have been prepared on a going concern basis which is dependent on the continual support of the director. After making enquiries atruet the time of approving the financial statements, the director has confirmed she has adequate resources to support the company to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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:
Plant and equipment
20% Straight Line
Fixtures and fittings
25% Reducing balance
Computers
25% 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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash and cash equivalents
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.
1.6
Financial instruments
LARA CHAMANDI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
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. 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.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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
LARA CHAMANDI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
85,750
Additions
13,807
At 31 March 2024
99,557
Depreciation and impairment
At 1 April 2023
65,077
Depreciation charged in the year
18,794
At 31 March 2024
83,871
Carrying amount
At 31 March 2024
15,686
At 31 March 2023
20,672
Last year c/fwd depreciation
65,078
Differs from this year b/fwd by
(1)
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,679
Other debtors
71,000
61,395
71,000
72,074
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
872
42,106
Other creditors
2,034
1,809
2,906
43,915
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
2,152,356
1,953,434
LARA CHAMANDI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
8
Directors' transactions
Included within other creditors is an amount of £2,152,356 (2023 £1,953,434 ) owing to the company's director. The initial loan of £50,000 is provided interest free and unsecured. There are formal terms and conditions regarding repayment of the loan within the director's loan agreement.