Company registration number 11984939 (England and Wales)
LACOLIAN LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
LACOLIAN LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LACOLIAN LTD
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
119
149
Tangible assets
4
1,463
2,194
1,582
2,343
Current assets
Debtors
5
3,420
4,503
Cash at bank and in hand
728
23,794
4,148
28,297
Creditors: amounts falling due within one year
6
(8,397)
(16,214)
Net current (liabilities)/assets
(4,249)
12,083
Total assets less current liabilities
(2,667)
14,426
Provisions for liabilities
-
0
(586)
Net (liabilities)/assets
(2,667)
13,840
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(2,767)
13,740
Total equity
(2,667)
13,840

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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 by the board of directors and authorised for issue on 20 February 2025 and are signed on its behalf by:
Mr I G Spenceley
Director
Company registration number 11984939 (England and Wales)
LACOLIAN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

Lacolian Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, United Kingdom, NP20 2DW.

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

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Website development
10% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost, net of depreciation.

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:

Computers
33.3% reducing balance
LACOLIAN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
3
Intangible fixed assets
Website development
£
Cost
At 1 June 2023 and 31 May 2024
299
Amortisation and impairment
At 1 June 2023
150
Amortisation charged for the year
30
At 31 May 2024
180
Carrying amount
At 31 May 2024
119
At 31 May 2023
149
LACOLIAN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
4
Tangible fixed assets
Computers
£
Cost
At 1 June 2023 and 31 May 2024
2,194
Depreciation and impairment
At 1 June 2023
-
0
Depreciation charged in the year
731
At 31 May 2024
731
Carrying amount
At 31 May 2024
1,463
At 31 May 2023
2,194
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
4,503
Corporation tax recoverable
3,420
-
0
3,420
4,503
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
-
0
3,420
Other creditors
8,397
12,794
8,397
16,214
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Related party transactions

Included in other creditors is an amount of £100 (2023 - £100) owed to Add Drone Services Limited, a company with the same director.

LACOLIAN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
9
Directors' transactions

The directors operate a current loan account with the company, which is debited with payments made by the company on behalf of the directors and credited with funds introduced and undrawn director's fees. The amount outstanding to the directors at the year end was £7,047 (2023 - £11,744), this amount being included in creditors; amounts falling due within one year.

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