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COMPANY REGISTRATION NUMBER: 07116813
LIZZANNO PARTITIONS (UK) LIMITED
FILLETED FINANCIAL STATEMENTS
30 April 2024
LIZZANNO PARTITIONS (UK) LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
6
410
470
Tangible assets
7
1,735
2,600
-------
-------
2,145
3,070
Current assets
Stocks
80,241
129,547
Debtors
8
1,073,824
149,467
Cash at bank and in hand
478,092
938,936
-------------
-------------
1,632,157
1,217,950
Creditors: amounts falling due within one year
9
599,784
270,384
-------------
-------------
Net current assets
1,032,373
947,566
-------------
----------
Total assets less current liabilities
1,034,518
950,636
Provisions
Taxation including deferred tax
548
530
-------------
----------
Net assets
1,033,970
950,106
-------------
----------
Capital and reserves
Called up share capital
220,465
220,465
Profit and loss account
813,505
729,641
-------------
----------
Shareholders funds
1,033,970
950,106
-------------
----------
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 income and retained earnings has not been delivered.
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.
LIZZANNO PARTITIONS (UK) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 31 March 2025 , and are signed on behalf of the board by:
M Johal
Director
Company registration number: 07116813
LIZZANNO PARTITIONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, Sussex, BN3 2DL.
2. Statement of compliance
These 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 financial statements have been prepared on the historical cost basis The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development cost
-
3 years
Trade marks
-
10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Development expenditure relates to the development of partition systems and is capitalised when the requirements of FRS 102 are met. Development expenditure incurred on clearly defined projects whose outcome can be assessed with reasonable certainty and whose future sales revenue will exceed costs incurred in the development of the products is carried forward and amortised on a systematic basis over the lesser of the life of the project or 3 years.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
10% straight line
fixtures & fittings
-
25% straight line
Motor vehicles
-
25% straight line
Equipment
-
10 % straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 6 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
27,958
45,024
Deferred tax:
Origination and reversal of timing differences
18
( 59)
---------
---------
Tax on profit
27,976
44,965
---------
---------
6. Intangible assets
Development costs
Trade marks
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
334,750
3,460
338,210
----------
-------
----------
Amortisation
At 1 May 2023
334,750
2,990
337,740
Charge for the year
60
60
----------
-------
----------
At 30 April 2024
334,750
3,050
337,800
----------
-------
----------
Carrying amount
At 30 April 2024
410
410
----------
-------
----------
At 30 April 2023
470
470
----------
-------
----------
7. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 May 2023 and 30 April 2024
42,296
5,238
6,788
18,364
72,686
---------
-------
-------
---------
---------
Depreciation
At 1 May 2023
42,295
5,238
6,788
15,765
70,086
Charge for the year
865
865
---------
-------
-------
---------
---------
At 30 April 2024
42,295
5,238
6,788
16,630
70,951
---------
-------
-------
---------
---------
Carrying amount
At 30 April 2024
1
1,734
1,735
---------
-------
-------
---------
---------
At 30 April 2023
1
2,599
2,600
---------
-------
-------
---------
---------
8. Debtors
2024
2023
£
£
Trade debtors
172,792
104,174
Other debtors
901,032
45,293
-------------
----------
1,073,824
149,467
-------------
----------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
213,208
131,126
Corporation tax
27,958
45,024
Social security and other taxes
6,413
7,299
Amounts owed to related parties
94,899
64,889
Other creditors
257,306
22,046
----------
----------
599,784
270,384
----------
----------
10. Summary audit opinion
The auditor's report dated 31 March 2025 was unqualified .
The senior statutory auditor was David Guest FCA , for and on behalf of UHY Hacker Young (S.E.) Limited .
11. Related party transactions
The company had the following related party transactions: At 30 April 2024, creditors, amounts falling due within one year, included amounts owed to related parties, which included an amount of £2,000 (2023: £2,000), in respect of a joint directors' loan account. The loan is interest free, unsecured and has no fixed term of repayment. At 30 April 2024, creditors, amounts falling due within one year, included amounts owed to related parties amounting to £92,899 (2023: £62,889), in respect of loans to companies under common control. These loans are interest free, unsecured and repayable on demand. At 30 April 2024, debtors included amounts due from related parties amounting to £800,000 (2023: £nil), in respect of loans to companies under common control. These loans are interest free, unsecured and repayable on demand. During the year, the company purchased goods and services to the value of £675,847(2023: £395,236), from related parties under common control.