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Registered number: 10693102
Lv Supermarket Ltd
Unaudited Financial Statements
For The Year Ended 28 February 2024
Esteem Financial Solutions Ltd
Unit 5
111 The Greenway
Colindale
London
NW9 5AR
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 10693102
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 39,395 38,535
Investments 5 320,711 320,711
360,106 359,246
CURRENT ASSETS
Stocks 6 73,000 73,000
Cash at bank and in hand 426 109
73,426 73,109
Creditors: Amounts Falling Due Within One Year 7 (65,864 ) (34,479 )
NET CURRENT ASSETS (LIABILITIES) 7,562 38,630
TOTAL ASSETS LESS CURRENT LIABILITIES 367,668 397,876
Creditors: Amounts Falling Due After More Than One Year 8 (369,453 ) (407,049 )
NET LIABILITIES (1,785 ) (9,173 )
CAPITAL AND RESERVES
Called up share capital 9 1 1
Income Statement (1,786 ) (9,174 )
SHAREHOLDERS' FUNDS (1,785) (9,173)
Page 1
Page 2
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Anandarajah Thevakumar
Director
30/10/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Lv Supermarket Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10693102 . The registered office is 4 Colin Park Road, Colindale, London, NW9 6HS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10%
Motor Vehicles 15%
Fixtures & Fittings 10%
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 6)
6 6
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 March 2023 9,333 22,750 41,445 73,528
Additions - - 9,349 9,349
As at 28 February 2024 9,333 22,750 50,794 82,877
Depreciation
As at 1 March 2023 2,799 11,090 21,104 34,993
Provided during the period 933 3,412 4,144 8,489
As at 28 February 2024 3,732 14,502 25,248 43,482
Net Book Value
As at 28 February 2024 5,601 8,248 25,546 39,395
As at 1 March 2023 6,534 11,660 20,341 38,535
5. Investments
Listed
£
Cost
As at 1 March 2023 320,711
As at 28 February 2024 320,711
Provision
As at 1 March 2023 -
As at 28 February 2024 -
Net Book Value
As at 28 February 2024 320,711
As at 1 March 2023 320,711
6. Stocks
2024 2023
£ £
Finished goods 73,000 73,000
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 21,083 5,798
Corporation tax 32,399 25,621
Other taxes and social security 3,707 1,211
VAT 3,023 1,387
Net wages 4,217 -
Other creditors 1,435 462
65,864 34,479
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 347,583 375,428
Government grants after one year 21,870 31,621
369,453 407,049
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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