2023-06-012024-05-312024-05-31false06580086LONDON SYSTEMS UK 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LONDON SYSTEMS UK LIMITED

Registered Number
06580086
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

LONDON SYSTEMS UK LIMITED
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

Scott Boucher

Company Secretary

BOUCHER, Jonathan Alexander

Registered Address

Unit 4 The Flag Store
23 Queen Elizabeth Street
London
SE1 2LP

Registered Number

06580086 (England and Wales)
LONDON SYSTEMS UK LIMITED
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3430,641355,135
430,641355,135
Current assets
Debtors5199,125242,945
Cash at bank and on hand318,110236,380
517,235479,325
Creditors amounts falling due within one year6(296,898)(280,792)
Net current assets (liabilities)220,337198,533
Total assets less current liabilities650,978553,668
Creditors amounts falling due after one year7(314,165)(286,698)
Provisions for liabilities9(46,435)(35,505)
Net assets290,378231,465
Capital and reserves
Called up share capital1,0001,000
Revaluation reserve59,50059,500
Profit and loss account229,878170,965
Shareholders' funds290,378231,465
The financial statements were approved and authorised for issue by the Director on 10 February 2025, and are signed on its behalf by:
Scott Boucher
Director
Registered Company No. 06580086
LONDON SYSTEMS UK LIMITED
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Turnover policy
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.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-10
Fixtures and fittings335
Office Equipment335
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Financial instruments
The company has elected to apply the provision of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.Average number of employees

20242023
Average number of employees during the year1311
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 June 231,692,012
Additions206,212
At 31 May 241,898,225
Depreciation and impairment
At 01 June 231,336,877
Charge for year130,706
At 31 May 241,467,583
Net book value
At 31 May 24430,641
At 31 May 23355,135
4.Impairment of tangible 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).
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables79,74294,759
Amounts owed by group undertakings471471
Other debtors24,59618,816
Prepayments and accrued income94,316128,899
Total199,125242,945
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables259,224208,467
Amounts owed to related parties6,4153,095
Taxation and social security13,71337,161
Accrued liabilities and deferred income17,54632,069
Total296,898280,792
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts277,190214,192
Other creditors36,97572,506
Total314,165286,698
8.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts36,97572,506
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)46,43535,505
Total46,43535,505