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Registered number: 10825886









LILPOP LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
LILPOP LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LILPOP LIMITED
FOR THE YEAR ENDED 30 JUNE 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of LILPOP LIMITED for the year ended 30 June 2024 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of LILPOP LIMITED in accordance with the terms of our engagement letter dated 19 March 2024Our work has been undertaken solely to prepare for your approval the financial statements of LILPOP LIMITED and state those matters that we have agreed to state to the director of LILPOP LIMITED in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LILPOP LIMITED and its director for our work or for this report. 

It is your duty to ensure that LILPOP LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of LILPOP LIMITED. You consider that LILPOP LIMITED is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of LILPOP LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
4 March 2025
Page 1

 
LILPOP LIMITED
REGISTERED NUMBER: 10825886

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
84,467
84,467

Investment property
 5 
667,523
667,523

  
751,990
751,990

Current assets
  

Debtors: amounts falling due within one year
 6 
80
455

Cash at bank and in hand
 7 
100,092
73,354

  
100,172
73,809

Creditors: amounts falling due within one year
 8 
(790,809)
(789,939)

Net current liabilities
  
 
 
(690,637)
 
 
(716,130)

Total assets less current liabilities
  
61,353
35,860

  

Net assets
  
61,353
35,860


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
61,253
35,760

  
61,353
35,860


Page 2

 
LILPOP LIMITED
REGISTERED NUMBER: 10825886
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Julian Swain
Director

Date: 3 March 2025

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
LILPOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Lilpop Limited is a United Kingdom company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is 58 Portland Road, London, W11 4LQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has net liabilities. The director will continue to support the company to ensure it meets its obligations as they fall due. Accordingly the financial statements have been prepared on the going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from operating leases is recognised on a straight-line basis over the term of the lease.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 
LILPOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Fixed asset investments





Unlisted investments

£



Cost 


At 1 July 2023
84,467



At 30 June 2024
84,467




Page 5

 
LILPOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
667,523



At 30 June 2024
667,523

The 2024 valuations were made by the director, on an open market value for existing use basis.

In the opinion of the director the open market value is not materially different from costs and therefore no revaluation is necessary.





6.


Debtors

2024
2023
£
£


Other debtors
-
375

Prepayments and accrued income
80
80

80
455



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
100,092
73,354

100,092
73,354


Page 6

 
LILPOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
5,980
6,739

Other creditors
782,042
780,917

Accruals and deferred income
2,787
2,283

790,809
789,939



9.


Related party transactions

As at 30 June 2024, the Company owed the director £777,567 (2023 - £777,567).  The creditor is unsecured, interest free and with no set date for payment. 
During the year the Company incurred
 £6,300 (2023 - £2,100) of fees in relation to administration services payable to Lily Swain, a close family member of Julian Swain.

 
Page 7