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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
All of the members of Laco Sports Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 06839839
LACO SPORTS LIMITED
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2023
LACO SPORTS LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF LACO SPORTS LIMITED
YEAR ENDED 31 MARCH 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Laco Sports Limited for the year ended 31 March 2023, which comprise the abridged statement of financial position 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf.
LANGARD LIFFORD HALL LIMITED Accountants and Registered Auditors
Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN
14 March 2025
LACO SPORTS LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
£
£
Current assets
Debtors
1,396,317
724,580
Cash at bank and in hand
367,978
502,731
--------------
--------------
1,764,295
1,227,311
Creditors: amounts falling due within one year
1,385,089
811,284
--------------
--------------
Net current assets
379,206
416,027
------------
------------
Total assets less current liabilities
379,206
416,027
------------
------------
Net assets
379,206
416,027
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
379,204
416,025
------------
------------
Shareholders funds
379,206
416,027
------------
------------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
LACO SPORTS LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 14 March 2025 , and are signed on behalf of the board by:
B Gosalbez Monje
Director
Company registration number: 06839839
LACO SPORTS LIMITED
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 27, 58 Acacia Road, London, England, NW8 6AG.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
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
The Turnover shown in the profit and loss account represents the realisable value of work undertaken during the year, exclusive of Value Added Tax.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Related party transactions
The company was under the control of A Otubanjo thoughout the year by way of his directorship. He resigned on 1 September 2022 and B Gosalbez Monje was appointed. A Otubanjo was also a director of the following companies, replaced by B Gosalbez Monje on 1 September 2022. Africa Sports Limited which owed £38,767 (2022: £38,767) to Laco Sports Limited. Lineroom Limited which was owed £169,500 (2022: £14,500) by Laco Sports Limited. Pencilhill Limited which owed £31,000 (2022: £1,000) to Laco Sports Limited. Buttonpath Limited which owed £3,939 (2022: £3,939) to Laco Sports Limited.