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REGISTERED NUMBER: 10821057 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

THE LOUNGE GROUP LIMITED

THE LOUNGE GROUP LIMITED (REGISTERED NUMBER: 10821057)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


THE LOUNGE GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTOR: Mr S P Crompton



REGISTERED OFFICE: Mill Brow Lodge
Mill Brow
Barrow-in-Furness
Cumbria
LA13 0PD



REGISTERED NUMBER: 10821057 (England and Wales)



BANKERS: Barclays Bank plc
Leicestershire
LE87 2BB

THE LOUNGE GROUP LIMITED (REGISTERED NUMBER: 10821057)

ABRIDGED BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 16,764 22,316
Tangible assets 5 207,948 196,068
224,712 218,384

CURRENT ASSETS
Stocks 11,941 23,794
Debtors 1,348 -
Cash at bank and in hand 17,290 51,769
30,579 75,563
CREDITORS
Amounts falling due within one year 364,507 398,069
NET CURRENT LIABILITIES (333,928 ) (322,506 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(109,216

)

(104,122

)

CREDITORS
Amounts falling due after more than one
year

10,000

20,000
NET LIABILITIES (119,216 ) (124,122 )

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings (119,316 ) (124,222 )
SHAREHOLDERS' FUNDS (119,216 ) (124,122 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

THE LOUNGE GROUP LIMITED (REGISTERED NUMBER: 10821057)

ABRIDGED BALANCE SHEET - continued
30 JUNE 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 February 2025 and were signed by:





Mr S P Crompton - Director


THE LOUNGE GROUP LIMITED (REGISTERED NUMBER: 10821057)

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

1. STATUTORY INFORMATION

The Lounge Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis.

Turnover
Turnover represents net invoiced sales of goods and services, excluding VAT.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Improvements to property - at varying rates on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 1 ) .

THE LOUNGE GROUP LIMITED (REGISTERED NUMBER: 10821057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 July 2023
and 30 June 2024 55,520
AMORTISATION
At 1 July 2023 33,204
Amortisation for year 5,552
At 30 June 2024 38,756
NET BOOK VALUE

At 30 June 2024 16,764
At 30 June 2023 22,316

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 July 2023 282,756
Additions 21,201
At 30 June 2024 303,957
DEPRECIATION
At 1 July 2023 86,688
Charge for year 9,321
At 30 June 2024 96,009
NET BOOK VALUE
At 30 June 2024 207,948
At 30 June 2023 196,068

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.6.24 30.6.23
£    £   
Within one year 2,628 2,628
Between one and five years 2,628 2,778
5,256 5,406

THE LOUNGE GROUP LIMITED (REGISTERED NUMBER: 10821057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

7. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Other loans - 54,506

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
100 Ordinary £1 100 100

9. RELATED PARTY DISCLOSURES

As at 30 June 2024 The Lounge Group Limited owed Cloud 9 Bars Limited, a company owned and controlled by Miss S T Molina (a 50% shareholder in The Lounge Group Ltd), £4,511 (2023: £22,525).

As at 30 June 2024 the company owed £329,667 (2023: £290,266) to Mr S Crompton, a director of the company. The amount is interest-free, unsecured and repayable on demand.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr S Crompton & Miss S Molina.