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LOLA COMMUNICATIONS LIMITED

Registered Number
07303170
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

LOLA COMMUNICATIONS LIMITED
Company Information
for the year from 1 August 2023 to 31 July 2024

Director

WATSON, Steven John

Registered Address

First Floor East Bridge Mills
Stramongate
Kendal
LA9 4BD

Registered Number

07303170 (England and Wales)
LOLA COMMUNICATIONS LIMITED
Statement of Financial Position
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,517707
Investments433,70632,831
35,22333,538
Current assets
Debtors563,889125,680
Cash at bank and on hand247,383353,210
311,272478,890
Creditors amounts falling due within one year7(144,668)(173,273)
Net current assets (liabilities)166,604305,617
Total assets less current liabilities201,827339,155
Provisions for liabilities8-(177)
Net assets201,827338,978
Capital and reserves
Called up share capital100100
Profit and loss account201,727338,878
Shareholders' funds201,827338,978
The financial statements were approved and authorised for issue by the Director on 29 April 2025, and are signed on its behalf by:
WATSON, Steven John
Director
Registered Company No. 07303170
LOLA COMMUNICATIONS LIMITED
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Going concern
In reaching their conclusion the directors have considered their cashflow position for a period of 12 months from the date of sign off. After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment3
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 August 2314,77914,779
Additions1,9211,921
Disposals(2,529)(2,529)
At 31 July 2414,17114,171
Depreciation and impairment
At 01 August 2314,07214,072
Charge for year1,1111,111
On disposals(2,529)(2,529)
At 31 July 2412,65412,654
Net book value
At 31 July 241,5171,517
At 31 July 23707707
4.Fixed asset investments

Other investments1

Total

££
Cost or valuation
At 01 August 2332,83132,831
Revaluations2,1712,171
Disposals(1,296)(1,296)
At 31 July 2433,70633,706
Net book value
At 31 July 2433,70633,706
At 31 July 2332,83132,831

Notes

1Other investments other than loans
5.Debtors: amounts due within one year

2024

2023

££
Other debtors44,41198,284
Prepayments and accrued income19,47827,396
Total63,889125,680
6.Current asset investments
7.Creditors: amounts due within one year

2024

2023

££
Taxation and social security610354
Other creditors1,3842
Accrued liabilities and deferred income142,674172,917
Total144,668173,273
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)-177
Total-177
9.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
WATSON, Steven John82,82983,462140,84025,451
82,82983,462140,84025,451