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COMPANY REGISTRATION NUMBER: 10119677
LOST IN THE LANES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2024
LOST IN THE LANES LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
260,726
319,890
Current assets
Stocks
3,800
2,800
Debtors
6
7,919
1,917
Cash at bank and in hand
71,923
124,257
---------
----------
83,642
128,974
Creditors: amounts falling due within one year
7
838,610
861,358
----------
----------
Net current liabilities
754,968
732,384
----------
----------
Total assets less current liabilities
( 494,242)
( 412,494)
----------
----------
Net liabilities
( 494,242)
( 412,494)
----------
----------
Capital and reserves
Called up share capital
75
75
Capital redemption reserve
25
25
Profit and loss account
( 494,342)
( 412,594)
----------
----------
Shareholders deficit
( 494,242)
( 412,494)
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
LOST IN THE LANES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 22 October 2024 , and are signed on behalf of the board by:
N J Demetriou Director
Company registration number: 10119677
LOST IN THE LANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The trading address is 1 Duke's Passage, Brighton, England, BN1 1BS and the registered office address is 8a Ship Street, Brighton, England, BN1 1AD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared under the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends upon the continuing support of the directors and shareholders. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of the assets to their recoverable amounts and to provide for further liabilities that might arise. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
Over 10 years
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Computer equipment
-
25 % reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2023: 19 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 May 2023
299,788
136,318
62,015
9,174
507,295
Additions
2,023
1,400
2,530
342
6,295
----------
----------
---------
-------
----------
At 30 April 2024
301,811
137,718
64,545
9,516
513,590
----------
----------
---------
-------
----------
Depreciation
At 1 May 2023
116,740
47,104
16,440
7,121
187,405
Charge for the year
30,181
22,653
12,026
599
65,459
----------
----------
---------
-------
----------
At 30 April 2024
146,921
69,757
28,466
7,720
252,864
----------
----------
---------
-------
----------
Carrying amount
At 30 April 2024
154,890
67,961
36,079
1,796
260,726
----------
----------
---------
-------
----------
At 30 April 2023
183,048
89,214
45,575
2,053
319,890
----------
----------
---------
-------
----------
6. Debtors
2024
2023
£
£
Other debtors
7,919
1,917
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
62,188
91,518
Social security and other taxes
44,066
41,283
Other creditors
707,922
707,922
Other creditors
24,434
20,635
----------
----------
838,610
861,358
----------
----------
8. Deferred tax
The total amount of unprovided deferred tax, which results from available tax losses and capital allowances is an asset of £63,826. The deferred tax asset will become recoverable when the company starts to make sufficient profits to allow the carried forward losses to be utilised.
9. Directors' advances, credits and guarantees
At the year end the company owed the directors £15,474 (2023: £11,777)
10. Controlling party
Lost Restaurants Limited, a company registered in Jersey, is the ultimate parent company and controlling party of Lost in the Lanes Limited.