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Lotus Styling Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 04472013
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 463,785 459,152
463,785 459,152
CURRENT ASSETS
Stocks 6 9,057 8,390
Cash at bank and in hand 76,085 79,056
85,142 87,446
Creditors: Amounts Falling Due Within One Year 7 (47,789 ) (56,383 )
NET CURRENT ASSETS (LIABILITIES) 37,353 31,063
TOTAL ASSETS LESS CURRENT LIABILITIES 501,138 490,215
Creditors: Amounts Falling Due After More Than One Year 8 (45,036 ) (55,629 )
NET ASSETS 456,102 434,586
CAPITAL AND RESERVES
Called up share capital 9 599 599
Profit and Loss Account 455,503 433,987
SHAREHOLDERS' FUNDS 456,102 434,586
Page 1
Page 2
For the year ending 31 March 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 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.
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 Profit and Loss Account.
On behalf of the board
Mr D Terry
Director
25th November 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Lotus Styling Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04472013 . The registered office is Devon House, 45 Aldwick Road, Bognor Regis, West Sussex, PO21 2NJ.
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 represents income earned from the sale of goods and services in the period. 
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, has been amortised evenly over its estimated useful life of ten years. 
2.4. 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 20% reducing balance
No depreciation is provided on freehold land and buildings.
Land is considered to have a infinite useful life and the depreciation of buildings is considered to be immaterial given that residual values are similar to cost.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 60,000
As at 31 March 2024 60,000
Amortisation
As at 1 April 2023 60,000
As at 31 March 2024 60,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
Page 3
Page 4
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost
As at 1 April 2023 457,579 13,268 470,847
Additions - 6,184 6,184
As at 31 March 2024 457,579 19,452 477,031
Depreciation
As at 1 April 2023 - 11,695 11,695
Provided during the period - 1,551 1,551
As at 31 March 2024 - 13,246 13,246
Net Book Value
As at 31 March 2024 457,579 6,206 463,785
As at 1 April 2023 457,579 1,573 459,152
6. Stocks
2024 2023
£ £
Stock 9,057 8,390
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 12,408 17,873
Other creditors 8,643 13,777
Taxation and social security 26,738 24,733
47,789 56,383
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 45,036 55,629
45,036 55,629
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 599 599
Page 4