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Registered Number: 12596431
England and Wales

 

 

 

LILAC ASSETS MANAGEMENT LTD



Abridged Accounts
 


Period of accounts

Start date: 01 June 2023

End date: 31 May 2024
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Lilac Assets Management Ltd for the year ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lilac Assets Management Ltd for the year ended 31 May 2024 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance

This report is made solely to the Board of Directors of Lilac Assets Management Ltd, as a body, in accordance with the terms of our engagement letter dated 29 May 2025. Our work has been undertaken solely to prepare for your approval the accounts of Lilac Assets Management Ltd and state those matters that we have agreed to state to the Board of Directors of Lilac Assets Management Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lilac Assets Management Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lilac Assets Management 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 profit of Lilac Assets Management Ltd. You consider that Lilac Assets Management 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 Lilac Assets Management 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
31 May 2024



....................................................
aa Chartered Accountants
5 Blenheim Court
Peppercorn Close
Peterborough
United Kingdom
PE1 2DU
29 May 2025
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 952,859    670,717 
952,859    670,717 
Current assets      
Debtors   (1)
Cash at bank and in hand 3,985    117,570 
3,985    117,569 
Creditors: amount falling due within one year (889,822)   (710,264)
Net current assets (885,837)   (592,695)
 
Total assets less current liabilities 67,022    78,022 
Net assets 67,022    78,022 
 

Capital and reserves
     
Called up share capital 4 100    100 
Profit and loss account 66,922    77,922 
Shareholders' funds 67,022    78,022 
 


For the year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 29 May 2025 and were signed by:


-------------------------------
Rupinder Sharma
Director
2
General Information
Lilac Assets Management Ltd is a private company, limited by shares, registered in England and Wales, registration number 12596431, registration address 28 The Quadrant, The Science Park , Abingdon, Oxfordshire, OX14 3YS.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 15% Reducing Balance
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
2.

Average number of employees including directors

Average number of employees during the year was 1 (2023 : 0).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Investment properties   Total
  £   £   £   £
At 01 June 2023   3,628    655,522    659,150 
Additions 324      294,457    294,781 
Disposals      
At 31 May 2024 324    3,628    949,979    953,931 
Depreciation
At 01 June 2023   544      544 
Charge for year 65    463      528 
On disposals      
At 31 May 2024 65    1,007      1,072 
Net book values
Closing balance as at 31 May 2024 259    2,621    949,979    952,859 
Opening balance as at 01 June 2023   3,084    667,633    670,717 


4.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
100 Class A shares of £1.00 each 100    100 
100    100 

3