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Registration number: 09028314

Lookiimedia (UK) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Lookiimedia (UK) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Lookiimedia (UK) Limited

Company Information

Directors

Ms J O'Toole

Mr B O'Toole

Registered office

7 Bell Yard
London
WC2A 2JR

 

Lookiimedia (UK) Limited

(Registration number: 09028314)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

240,589

242,601

Tangible assets

5

1,202

1,361

Investments

2,000

2,000

 

243,791

245,962

Current assets

 

Debtors

6

1,267,591

973,632

Cash at bank and in hand

 

229,053

56,846

 

1,496,644

1,030,478

Creditors: Amounts falling due within one year

7

(2,821,207)

(2,614,855)

Net current liabilities

 

(1,324,563)

(1,584,377)

Net liabilities

 

(1,080,772)

(1,338,415)

Capital and reserves

 

Called up share capital

9

2,121

2,105

Share premium reserve

321,994

248,400

Other reserves

597,048

-

Retained earnings

(2,001,935)

(1,588,920)

Shareholders' deficit

 

(1,080,772)

(1,338,415)

For the financial year ending 31 December 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 year 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 13 March 2025 and signed on its behalf by:
 

 

Lookiimedia (UK) Limited

(Registration number: 09028314)
Balance Sheet as at 31 December 2024

.........................................
Mr B O'Toole
Director

 

Lookiimedia (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

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

The address of its registered office is:
7 Bell Yard
London
WC2A 2JR
England

These financial statements were authorised for issue by the Board on 13 March 2025.

2

Accounting policies

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by section 398 of the Companies Act 2006 and has not prepared group accounts.

Disclosure of long or short period

The company's accounting reference date for the previous period was shortenend to 6 months, as required by the directors.
Therefore these financial statements are for a 12 month period and not comparable to the previous period.

Going concern

At 31 December 2024, the company had net liabilities. Despite this, the director has confirmed that in their opinion the company will be able to meet its liabilities as they fall due for the foreseeable future (being a period not less than twelve months).

Consequently, the company is considered a going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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.

 

Lookiimedia (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% Straight line

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks

10%

Investments

Fixed asset investments are stated at historical cost less provision for any diminuation in value.

3

Staff numbers

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

 

Lookiimedia (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Intangible assets

Trademarks and patents
 £

Total
£

Cost or valuation

At 1 January 2024

398,962

398,962

Additions acquired separately

39,245

39,245

At 31 December 2024

438,207

438,207

Amortisation

At 1 January 2024

156,361

156,361

Amortisation charge

41,257

41,257

At 31 December 2024

197,618

197,618

Carrying amount

At 31 December 2024

240,589

240,589

At 31 December 2023

242,601

242,601

 

Lookiimedia (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

3,243

3,243

Additions

399

399

Disposals

(1,665)

(1,665)

At 31 December 2024

1,977

1,977

Depreciation

At 1 January 2024

1,882

1,882

Charge for the year

558

558

Eliminated on disposal

(1,665)

(1,665)

At 31 December 2024

775

775

Carrying amount

At 31 December 2024

1,202

1,202

At 31 December 2023

1,361

1,361

6

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

10

1,216,768

956,170

Prepayments

 

741

437

Other debtors

 

50,082

17,025

   

1,267,591

973,632

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

2,637,778

2,464,254

Trade creditors

 

130,760

99,440

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

10

48,937

49,691

Accruals and deferred income

 

3,732

1,470

 

2,821,207

2,614,855

 

Lookiimedia (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Director's Loan

2,637,778

2,464,254

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.001 (2023 - £0.01) each

2,120,760

2,120.76

210,527

2,105.27

         


New shares alloted
During the year the Company undertook a subdivision of shares, the nominal value after the subdivision is £0.001 per share and the 210,527 shares became 2,105,270 shares.

During the period, 15,490 ordinary shares having an aggregate nominal value of £15.49 were allotted for an aggregate consideration of £73,610.
 

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,587

8,987

During the year, Lookiimobile Tunisia (formerly WebExperts), a company registered in Tunisia and 100% owned by Mr B O'Toole and Ms J O'Toole, the directors of the Company, provided development services to the Company totalling £287,500 (July 2023 - Dec 2023: £107,000). At the balance sheet date the amount due to Lookiimobile Tunisia was nil (Dec 2023: £nil).

The company has taken advantage of the exemption in Section 33.1 A of FRS102 Related Party Transaction from disclosing the details of transactions with other companies within the group.

 

11

Control

There is no controlling party.

There is no ultimate controlling party.