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Registration number: 14931324

LC Selections Ltd

Unaudited Financial Statements

for the Period from 12 June 2023 to 30 June 2024

 

LC Selections Ltd

(Registration number: 14931324)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

3,122

-

Debtors

5

7,364

-

Cash at bank and in hand

 

11,054

-

 

21,540

-

Creditors: Amounts falling due within one year

6

(20,118)

-

Net assets

 

1,422

-

Capital and reserves

 

Called up share capital

2

-

Retained earnings

1,420

-

Shareholders' funds

 

1,422

-

For the financial period ending 30 June 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 March 2025 and signed on its behalf by:
 

.........................................
Daniel Michael Ormond Long
Director

.........................................
Chesterton Cook
Director

 

LC Selections Ltd

Notes to the Unaudited Financial Statements for the Period from 12 June 2023 to 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
10 Beresford Road
Flat 2
London
N5 2HU
England

These financial statements were authorised for issue by the Board on 10 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

LC Selections Ltd

Notes to the Unaudited Financial Statements for the Period from 12 June 2023 to 30 June 2024

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2023 - 0).

4

Stocks

2024
£

2023
£

Other inventories

3,122

-

 

LC Selections Ltd

Notes to the Unaudited Financial Statements for the Period from 12 June 2023 to 30 June 2024

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

7,300

-

Amounts owed by related parties

8

34

-

Other debtors

 

30

-

   

7,364

-

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

156

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

7,145

-

Taxation and social security

 

333

-

Accruals and deferred income

 

1,050

-

Other creditors

 

11,434

-

 

20,118

-

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 (2023 - £0) each

2

2

-

-

         
 

LC Selections Ltd

Notes to the Unaudited Financial Statements for the Period from 12 June 2023 to 30 June 2024

8

Related party transactions

At the balance sheet date the company is owed £11,434.12 to Mr C Cook, a director. The loan is provided interest free and is repayable upon demand.

At the balance sheet date the company is owed £1 by Heaps Thirsty ltd a company linked by joint control. The loan is provided interest free and is repayable upon demand.

At the balance sheet date the company is owed £32 by Quite Good Food & Wine Limited a subsidiary company linked by common control. The loan is provided interest free and is repayable upon demand.

At the balance sheet date the company is owed £7,145 to Thirsty Boy Wine Company Ltd a subsidiary company linked by common control. The loan is provided interest free and is repayable upon demand.

9

Parent and ultimate parent undertaking

The ultimate parent is Heaps Thirsty Ltd and Mr C Cook by virtue of joint control, incorporated in England & Wales.