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REGISTERED NUMBER: 05882583 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

LATERAL LINE LTD

LATERAL LINE LTD (REGISTERED NUMBER: 05882583)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LATERAL LINE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: S P Mahtani
A P Mahtani





SECRETARY: A P Mahtani





REGISTERED OFFICE: 7 Kings Court
31 Prince Albert Road
London
NW8 7LT





REGISTERED NUMBER: 05882583 (England and Wales)





ACCOUNTANTS: Sage & Co
Chartered Accountants
40 High Street
Northwood
Middlesex
HA6 1BN

LATERAL LINE LTD (REGISTERED NUMBER: 05882583)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 862 693

CURRENT ASSETS
Stocks 27,877 18,225
Debtors 5 57,416 39,036
Investments 6 1 1
Cash at bank 97,181 55,011
182,475 112,273
CREDITORS
Amounts falling due within one year 7 38,546 31,237
NET CURRENT ASSETS 143,929 81,036
TOTAL ASSETS LESS CURRENT
LIABILITIES

144,791

81,729

CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Retained earnings 143,791 80,729
SHAREHOLDERS' FUNDS 144,791 81,729

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LATERAL LINE LTD (REGISTERED NUMBER: 05882583)

BALANCE SHEET - continued
31 JULY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 April 2025 and were signed on its behalf by:





S P Mahtani - Director


LATERAL LINE LTD (REGISTERED NUMBER: 05882583)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

Lateral Line Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

LATERAL LINE LTD (REGISTERED NUMBER: 05882583)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


2. ACCOUNTING POLICIES - continued

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Current asset investments
Investments in publicly quoted shares are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss. The fair values of publicly quoted shares are assumed to be their mid-market values.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 August 2023 3,163
Additions 457
At 31 July 2024 3,620
DEPRECIATION
At 1 August 2023 2,470
Charge for year 288
At 31 July 2024 2,758
NET BOOK VALUE
At 31 July 2024 862
At 31 July 2023 693

LATERAL LINE LTD (REGISTERED NUMBER: 05882583)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 34,416 32,692
Accrued income 950 -
Prepayments 2,050 6,344
37,416 39,036

Amounts falling due after more than one year:
Loan advances 20,000 -

Aggregate amounts 57,416 39,036

6. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Listed investments 1 1

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 5,978 12,788
Tax 17,925 1,677
VAT 8,994 5,323
Directors' loan accounts 3,149 7,449
Accrued expenses 2,500 4,000
38,546 31,237

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

9. OTHER FINANCIAL COMMITMENTS

At the year end, the company had total commitments under operating leases over the remaining life of those leases of approximately £11,650 (2023: £19,417).