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Registered number: 02544934









LIPFRIEND RODD INTERNATIONAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
LIPFRIEND RODD INTERNATIONAL LIMITED
REGISTERED NUMBER: 02544934

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
5,317
9,085

  
5,317
9,085

Current assets
  

Debtors: amounts falling due within one year
 5 
211,180
322,661

Cash at bank and in hand
  
266,768
177,795

  
477,948
500,456

Current liablities
  

Creditors: Amounts Falling Due Within One Year
 6 
(130,715)
(188,751)

Net current assets
  
 
 
347,233
 
 
311,705

Total assets less current liabilities
  
352,550
320,790

Provisions for liabilities
  

Deferred tax
 7 
(1,063)
(1,816)

  
 
 
(1,063)
 
 
(1,816)

Net assets
  
351,487
318,974


Capital and reserves
  

Called up share capital 
 8 
54
62

Share premium account
  
1,000
1,000

Capital redemption reserve
  
85
77

Profit and loss account
  
350,348
317,835

  
351,487
318,974


Page 1

 
LIPFRIEND RODD INTERNATIONAL LIMITED
REGISTERED NUMBER: 02544934
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2025.




Mr E M Levi
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
LIPFRIEND RODD INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Lipfriend Rodd International Limited is a private company limited by shares and incorporated in England and Wales. The registered office is 124 Finchley Road, London, NW3 5JS. The principal place of business is 76 Hale Lane, London, NW7 3RT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Turnover represents amounts receivable for services net of VAT and trade discounts.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
LIPFRIEND RODD INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.


Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
•    The recognition of deferred tax assets is limited to the extent that it is probable that they will be
      recovered against the reversal of deferred tax liabilities or other future taxable profits; and
•    Any deferred tax balances are reversed if and when all conditions for retaining associated tax
     allowances have been met.
Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
LIPFRIEND RODD INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
Reducing balance
Computer equipment
-
33%
Straight line

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.10

Creditors

Short term creditors are measured at the transaction price.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 6).

Page 5

 
LIPFRIEND RODD INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost 


At 1 January 2024
455
30,868
31,323


Additions
67
1,014
1,081


Disposals
-
(15,642)
(15,642)



At 31 December 2024

522
16,240
16,762



Depreciation


At 1 January 2024
141
22,097
22,238


Charge for the year on owned assets
163
991
1,154


Disposals
-
(11,947)
(11,947)



At 31 December 2024

304
11,141
11,445



Net book value



At 31 December 2024
218
5,099
5,317



At 31 December 2023
314
8,771
9,085

Page 6

 
LIPFRIEND RODD INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Debtors

2024
2023
£
£


Trade debtors
182,035
289,552

Other debtors
20,500
25,125

Prepayments
8,645
7,984

211,180
322,661



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
37,837
63,996

Other taxation and social security
82,959
77,770

Other creditors
9,729
46,985

Accruals
190
-

130,715
188,751



7.


Deferred taxation




2024


£






At beginning of year
(1,816)


Charged to profit or loss
753



At end of year
(1,063)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,063)
(1,816)

(1,063)
(1,816)

Page 7

 
LIPFRIEND RODD INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,064 Ordinary A shares of £0.01 each
51
51
275 Ordinary B shares of £0.01 each
3
11

54

62

During the year the company bought back 820 ordinary shares from its shareholders.



9.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £52,101 (2023: £28,101). Contributions totalling £nil (2023:£nil) were payable to the fund at the reporting date and are included in creditors.


10.


Related party transactions

At the reporting date, the company owed the directors £4,954 (2023 - £35,114). The amounts are interest free and repayable on demand.

 
Page 8