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COMPANY REGISTRATION NUMBER: 07598097
Lotus Karaoke Limited
Filleted Unaudited Financial Statements
For the year ended
31 October 2024
Lotus Karaoke Limited
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
£
Current assets
Debtors
4
706,206
463,160
Cash at bank and in hand
14,576
70,991
---------
---------
720,782
534,151
Creditors: amounts falling due within one year
5
348,646
159,956
---------
---------
Net current assets
372,136
374,195
---------
---------
Total assets less current liabilities
372,136
374,195
---------
---------
Net assets
372,136
374,195
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
372,135
374,194
---------
---------
Shareholders funds
372,136
374,195
---------
---------
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.
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 28 July 2025 , and are signed on behalf of the board by:
N Moriyama
Director
Company registration number: 07598097
Lotus Karaoke Limited
Notes to the Financial Statements
Year ended 31 October 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 Hyde House, The Hyde, Edgware Road, London, NW9 6LA.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
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.
4. Debtors
2024
2023
£
£
Trade debtors
( 919)
28,260
Other debtors
707,125
434,900
---------
---------
706,206
463,160
---------
---------
5. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
42,755
57,339
Amounts owed to group undertakings and undertakings in which the company has a participating interest
251,692
81,218
Corporation tax
14,512
Social security and other taxes
3,924
6,137
Other creditors
50,275
750
---------
---------
348,646
159,956
---------
---------
6. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
N Moriyama
( 49,525)
( 49,525)
----
--------
--------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
N Moriyama
----
----
----
7. Related party transactions
During the year the company charged £158,084 (2023: £182,400) to a company in which Mr N Moriyama owns 50% of the issued share capital.