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Company registration number:
09657879
Lithuanian Foundation UK
Company limited by guarantee
Unaudited filleted financial statements
30 June 2024
Lithuanian Foundation UK
Company limited by guarantee
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Lithuanian Foundation UK
Company limited by guarantee
Directors and other information
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Directors |
Franco Bernatavicius |
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Ona Virbickas |
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Company number |
09657879 |
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Registered office |
Parkgates, Bury New Road |
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Prestwich |
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Manchester |
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Lancashire |
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M25 0JW |
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Accountants |
Alexander Bursk Limited |
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Parkgates, Bury New Road |
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Prestwich |
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Manchester |
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Lancashire |
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M25 0JW |
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Lithuanian Foundation UK
Company limited by guarantee
Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Lithuanian Foundation UK
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 Lithuanian Foundation UK for the year ended 30 June 2024 which comprise the statement of financial position and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Lithuanian Foundation UK, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Lithuanian Foundation UK and state those matters that we have agreed to state to the board of directors of Lithuanian Foundation UK as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lithuanian Foundation UK and its board of directors as a body for our work or for this report.
It is your duty to ensure that Lithuanian Foundation UK 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 Lithuanian Foundation UK. You consider that Lithuanian Foundation UK is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Lithuanian Foundation UK. 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.
Alexander Bursk Limited
Accountants
Parkgates, Bury New Road
Prestwich
Manchester
Lancashire
M25 0JW
20 March 2025
Lithuanian Foundation UK
Company limited by guarantee
Statement of financial position
30 June 2024
|
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2024 |
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2023 |
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Note |
£ |
|
£ |
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£ |
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£ |
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Current assets |
|
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Investments |
|
5 |
542,118 |
|
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538,709 |
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|
Cash at bank and in hand |
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22,785 |
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|
20,540 |
|
|
|
|
|
_______ |
|
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|
_______ |
|
|
|
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564,903 |
|
|
|
559,249 |
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Creditors: amounts falling due |
|
|
|
|
|
|
|
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within one year |
|
6 |
(
581,695) |
|
|
|
(
578,481) |
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|
|
|
|
_______ |
|
|
|
_______ |
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Net current liabilities |
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|
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|
(
16,792) |
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(
19,232) |
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|
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|
_______ |
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|
_______ |
Total assets less current liabilities |
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(
16,792) |
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(
19,232) |
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|
|
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|
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_______ |
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_______ |
Net liabilities |
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|
(
16,792) |
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(
19,232) |
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|
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_______ |
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_______ |
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Capital and reserves |
|
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Profit and loss account |
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|
|
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(
16,792) |
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|
|
(
19,232) |
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|
|
|
|
_______ |
|
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_______ |
Members deficit |
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|
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(
16,792) |
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(
19,232) |
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_______ |
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_______ |
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For the year 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
20 March 2025
, and are signed on behalf of the board by:
Ona Virbickas
Director
Company registration number:
09657879
Lithuanian Foundation UK
Company limited by guarantee
Notes to the financial statements
Year ended 30 June 2024
1.
General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is c/o Alexander Bursk Limited, Parkgates, Bury New Road, Prestwich, Manchester, Lancashire, M25 0JW.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Limited by guarantee
Each member of the company has guaranteed that if the company is wound up whilst they are a member, or within one year after they have ceased to be a member, they will contribute to the assets of the company by such amount as may be required for the payment of debts and liabilities contracted during before they ceased to be a member, payments of the cost of winding up and adjustments of the rights of the contributors, not exceeding the amount of £1.
5.
Investments
|
|
|
2024 |
2023 |
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|
£ |
£ |
|
Other investments |
|
542,118 |
538,709 |
|
|
|
_______ |
_______ |
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6.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
543,698 |
543,698 |
|
Other creditors |
|
37,997 |
34,783 |
|
|
|
_______ |
_______ |
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581,695 |
578,481 |
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_______ |
_______ |
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7.
Company limited by guarantee
Each member of the company has guaranteed that if the company is wound up whilst they are a member, or within one year after they have ceased to be a member, they will contribute to the assets of the company by such amount as may be required for the payment of debts and liabilities contracted during before they ceased to be a member, payments of the cost of winding up and adjustments of the rights of the contributors, not exceeding the amount of £1.
8.
Loan
A loan of £543,698 (2023: £543,698) has been made to the company by the Trustees of the Lithuanian Social Club.