Lotus Wheel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
9 Berners Place
London
W1T 3AD
United Kingdom

These financial statements were authorised for issue by the director on 28 October 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Lotus Wheel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Rights of Royalties are being amortised evenly over their estimated useful life of five years.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Lotus Wheel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Taxation

Tax charged/(credited) in the profit and loss account

	2024 £	2023 £
Current taxation
UK corporation tax	60,965	96,036

5	Intangible assets

	Trademarks, patents and licenses  £	Total £
Cost or valuation
At 1 November 2023	20,000	20,000
At 31 October 2024	20,000	20,000
Amortisation
At 1 November 2023	6,000	6,000
Amortisation charge	4,000	4,000
At 31 October 2024	10,000	10,000
Carrying amount
At 31 October 2024	10,000	10,000
At 31 October 2023	14,000	14,000

Lotus Wheel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

6

Debtors

Current	2024 £	2023 £
Trade debtors	46	45
Other debtors	425	423
	471	468

7

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	6	38
Taxation and social security	567	376
Other creditors	2,264	7
Accruals	2,495	5,285
Corporation tax	60,965	95,564
VAT Control account	3,729	20,640
Director's current account	140,872	40,455
	210,898	162,365

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

9

Dividends

		2024		2023
		£		£
Final dividend of £1,900.00 (2023 - £60.00) per ordinary share		190,000		60,000

Lotus Wheel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

10	Pension Commitments

The company operates a defined contribution scheme for its director. Contributions payable to the company's pension scheme are charged to profit or loss in the period in which they relate.
The company's pension cost for the year was £116,215 (2023: NIL)

11	Related party transactions

The ultimate controlling party is Nikesh Bharat Patel.

Transactions with the director

2024	At 1 November 2023 £	Repayments by director £	At 31 October 2024 £
Mr Nikesh Bharat Patel
	40,455	100,417	140,872

2023	At 1 November 2022 £	Repayments by director £	At 31 October 2023 £
Mr Nikesh Bharat Patel
	8,356	32,099	40,455

Director's remuneration

The director's remuneration for the year was as follows:

	2024 £	2023 £
Remuneration	12,000	18,000