Company registration number 04462929 (England and Wales)
LONDON EXECUTIVE TRADING CORPORATION LTD
Annual report and unaudited financial statements
For the year ended 29 June 2024
Pages for filing with registrar
LONDON EXECUTIVE TRADING CORPORATION LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
LONDON EXECUTIVE TRADING CORPORATION LTD
STATEMENT OF FINANCIAL POSITION
As at 29 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
5
485
764
Current assets
Inventories
25,346
10,200
Trade and other receivables
6
16,637
13,282
Cash and cash equivalents
3,824
5,363
45,807
28,845
Current liabilities
7
(7,441)
(10,839)
Net current assets
38,366
18,006
Total assets less current liabilities
38,851
18,770
Non-current liabilities
8
(38,744)
(38,744)
Net assets/(liabilities)
107
(19,974)
Equity
Called up share capital
9
1
1
Retained earnings
106
(19,975)
Total equity
107
(19,974)

For the financial year ended 29 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 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.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
Miss Z M Constantinou
Director
Company registration number 04462929 (England and Wales)
LONDON EXECUTIVE TRADING CORPORATION LTD
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 29 June 2024
- 2 -
1
Accounting policies
Company information

London Executive Trading Corporation Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, London, SW19 7JY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

 

1.2
Going concern

The Financial Statements have been prepared on the basis that the company is a going concern and will be continued to be supported by the company directors for the foreseeable future.

 

1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

LONDON EXECUTIVE TRADING CORPORATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 29 June 2024
1
Accounting policies
(Continued)
- 3 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Trademarks and designs
5 Years Straight Line
1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
3 Years stright line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

LONDON EXECUTIVE TRADING CORPORATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 29 June 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables,bank overdrafts and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

LONDON EXECUTIVE TRADING CORPORATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 29 June 2024
- 5 -
3
Employees

During the year, there were two employees.

2024
2023
Number
Number
Total
2
2
4
Intangible fixed assets
Other
£
Cost
At 30 June 2023 and 29 June 2024
23,877
Amortisation and impairment
At 30 June 2023 and 29 June 2024
23,877
Carrying amount
At 29 June 2024
-
0
At 29 June 2023
-
0
5
Property, plant and equipment
Plant and machinery etc
£
Cost
At 30 June 2023 and 29 June 2024
3,724
Depreciation and impairment
At 30 June 2023
2,961
Depreciation charged in the year
278
At 29 June 2024
3,239
Carrying amount
At 29 June 2024
485
At 29 June 2023
763
LONDON EXECUTIVE TRADING CORPORATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 29 June 2024
- 6 -
6
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
15,183
9,441
Other receivables
1,454
3,841
16,637
13,282
7
Current liabilities
2024
2023
£
£
Trade payables
124
4,760
Corporation tax
542
-
0
Other payables
6,775
6,079
7,441
10,839
8
Non-current liabilities
2024
2023
£
£
Other payables
38,744
38,744
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Oridinary of £1 each
1
1
10
Related party transactions

At the balance sheet date, the company owed £38,744 to a shareholder of the company with significant control. (2023: £38,744).

 

 

11
Directors' transactions

At the balance sheet date the company owed the directors £3,250 (2023: £670).

Amounts owed are interest free and are repayable on demand.

2024-06-292023-06-30falsefalsefalse27 March 2025CCH SoftwareCCH Accounts Production 2024.301No description of principal activityMiss Z M ConstantinouD  PhilippouMr J Constantinou044629292023-06-302024-06-29044629292024-06-29044629292023-06-2904462929core:OtherPropertyPlantEquipment2024-06-2904462929core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-2904462929core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-2904462929core:Non-currentFinancialInstrumentscore:AfterOneYear2024-06-2904462929core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-2904462929core:CurrentFinancialInstruments2024-06-2904462929core:CurrentFinancialInstruments2023-06-2904462929core:ShareCapital2024-06-2904462929core:ShareCapital2023-06-2904462929core:RetainedEarningsAccumulatedLosses2024-06-2904462929core:RetainedEarningsAccumulatedLosses2023-06-2904462929bus:Director12023-06-302024-06-2904462929core:IntangibleAssetsOtherThanGoodwill2023-06-302024-06-2904462929core:ComputerEquipment2023-06-302024-06-29044629292022-06-302023-06-2904462929core:IntangibleAssetsOtherThanGoodwill2023-06-2904462929core:IntangibleAssetsOtherThanGoodwill2024-06-2904462929core:IntangibleAssetsOtherThanGoodwill2023-06-2904462929core:OtherPropertyPlantEquipment2023-06-2904462929core:OtherPropertyPlantEquipment2023-06-302024-06-2904462929core:WithinOneYear2024-06-2904462929core:WithinOneYear2023-06-2904462929core:Non-currentFinancialInstruments2024-06-2904462929core:Non-currentFinancialInstruments2023-06-2904462929bus:PrivateLimitedCompanyLtd2023-06-302024-06-2904462929bus:FRS1022023-06-302024-06-2904462929bus:AuditExemptWithAccountantsReport2023-06-302024-06-2904462929bus:Director22023-06-302024-06-2904462929bus:CompanySecretary12023-06-302024-06-2904462929bus:SmallCompaniesRegimeForAccounts2023-06-302024-06-2904462929bus:FullAccounts2023-06-302024-06-29xbrli:purexbrli:sharesiso4217:GBP