Registration number:
Lajestic Ltd
for the Year Ended 31 July 2024
Lajestic Ltd
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Lajestic Ltd
Company Information
Director |
Mr Stephen Graham |
Company secretary |
Fiona Gunn |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Lajestic Ltd
for the Year Ended 31 July 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 Lajestic Ltd for the year ended 31 July 2024 as set out on pages 3 to 7 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 of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance
This report is made solely to you, in accordance with the terms of our engagement. . Our work has been undertaken solely to prepare for your approval the financial information of Lajestic Ltd and state those matters that we have agreed to state to you in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our work or for this report.
It is your duty to ensure that Lajestic Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Lajestic Ltd. You consider that Lajestic Ltd 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 accounts of Lajestic Ltd. 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 accounts.
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91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP
Lajestic Ltd
(Registration number: SC740050)
Balance Sheet as at 31 July 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(1,950) |
2,873 |
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Shareholders' (deficit)/funds |
(1,850) |
2,973 |
For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Lajestic Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
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.
Presentation currency is sterling.
Going concern
The financial statements have been prepared on a going concern basis. The director considers this basis is appropriate as the company is supported by the director's advance which will allow it to continue to trade for the foreseable future.
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 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.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is charged so as to write off the cost of assets, less residual value over their estimated useful lives, as follows:
Lajestic Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)
2 |
Accounting policies (continued) |
Asset class |
Depreciation method and rate |
Office equipment |
20% pa |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Loss/profit before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
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Depreciation expense |
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Directors remuneration |
20,895 |
20,458 |
Lajestic Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)
Taxation |
2024 |
2023 |
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£ |
£ |
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Current tax |
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UK Corporation tax (credit) / charge |
(1,118) |
1,822 |
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Deferred tax |
- |
- |
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Tax on profit on ordinary activities |
(1,118) |
1,822 |
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Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 August 2023 |
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At 31 July 2024 |
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Depreciation |
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At 1 August 2023 |
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Charge for the year |
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At 31 July 2024 |
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Carrying amount |
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At 31 July 2024 |
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At 31 July 2023 |
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Debtors |
Current |
2024 |
2023 |
Trade debtors |
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- |
Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Other creditors comprise an amount due to the director totalling £3,656 (2023 - £108) which is interest free and repayable on demand.
Lajestic Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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Ordinary shares of £1 each |
100 |
100 |
100 |
100 |
Dividends |
Interim dividends paid
2024 |
2023 |
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Interim dividend of Nil (2023 - 51.28) per each ordinary share |
- |
5,128 |
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