ACCOUNTS - Final Accounts

Registered number: 12330508

L3 POINT LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

L3 POINT LIMITED

REGISTERED NUMBER: 12330508

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

FIXED ASSETS
Tangible fixed assets	4		6,790		55,083
Investments	5		154		254
			6,944		55,337
CURRENT ASSETS
Stocks		240,110		240,110
Debtors: amounts falling due within one year	6	5,554,379		6,367,280
Cash at bank and in hand		18,319		24,781
		5,812,808		6,632,171
Creditors: amounts falling due within one year	7	(8,480,931)		(8,786,211)
NET CURRENT LIABILITIES			(2,668,123)		(2,154,040)
TOTAL ASSETS LESS CURRENT LIABILITIES			(2,661,179)		(2,098,703)

NET LIABILITIES			(2,661,179)		(2,098,703)

CAPITAL AND RESERVES
Called up share capital	8	1,316,250	1,316,250
Profit and loss account		(3,977,429)	(3,414,953)
		(2,661,179)	(2,098,703)

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L3 POINT LIMITED

REGISTERED NUMBER: 12330508

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The director considers 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 director acknowledges his 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 profit and loss account 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 by:

Dr A M Webster

Director

Date: 29 December 2025

The notes on pages 3 to 10 form part of these financial statements.

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L3 POINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	GENERAL INFORMATION

L3 Point Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business is The Shed, 1 Mercers Row, Cambridge, United Kingdom, CB5 8HY.

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

GOING CONCERN

The Company has net liabilities of £2,661,179 as at 31 December 2024 (2023 - £2,098,703). The financial statements have been prepared on the going concern basis on the assumption that the Company will continue to receive financial support from its shareholders to provide sufficient funds to enable it to meet its liabilities as they fall due.

2.3

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.4

TURNOVER

Turnover comprises revenue recognised by the Company in respect of management and service charges receivable during the period, exclusive of Value Added Tax. Revenue is recognised as the fair value of the consideration received or receivable and is recognised when the service is performed.

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L3 POINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.5

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.6

INTEREST INCOME

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

2.7

BOROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.8

TAXATION

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 balance sheet 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 balance sheet 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 balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.9

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.

Page 4

L3 POINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.9

TANGIBLE FIXED ASSETS (CONTINUED)

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

Depreciation is provided on the following basis:

Long-term leasehold property	-	20%
Plant and machinery	-	50%
Motor vehicles	-	33%
Fixtures and fittings	-	20%
Office equipment	-	50%

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.

2.10

VALUATION OF INVESTMENTS AND ASSOCIATES

Investments in subsidiaries are measured at cost less accumulated impairment.

2.11

STOCKS

Stocks are stated at the lower of cost and net realisable value and represent timepieces.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.12

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.13

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.14

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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L3 POINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

EMPLOYEES

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).

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		L3 POINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

	4.	TANGIBLE FIXED ASSETS

	Long-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Office equipment	Total
	£	£	£	£	£	£
COST OR VALUATION
At 1 January 2024	241,856	1,750	18,683	12,517	565,673	840,479
Additions	-	-	-	-	1,792	1,792
Disposals	-	-	(18,683)	-	-	(18,683)
At 31 December 2024	241,856	1,750	-	12,517	567,465	823,588
DEPRECIATION
At 1 January 2024	192,423	1,750	18,683	11,884	560,656	785,396
Charge for the year on owned assets	44,211	-	-	633	5,241	50,085
Disposals	-	-	(18,683)	-	-	(18,683)
At 31 December 2024	236,634	1,750	-	12,517	565,897	816,798
NET BOOK VALUE
At 31 December 2024	5,222	-	-	-	1,568	6,790
At 31 December 2023	49,433	-	-	633	5,017	55,083

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L3 POINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	FIXED ASSET INVESTMENTS

		Investments in subsidiary companies
		£
	COST
	At 1 January 2024	254
	At 31 December 2024	254
	IMPAIRMENT
	Charge for the period	100
	At 31 December 2024	100
	NET BOOK VALUE
	At 31 December 2024	154
	At 31 December 2023	254

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L3 POINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

DEBTORS

					2024	2023
					£	£


Trade debtors	-	1,920
Amounts owed by group undertakings	4,549,810	5,347,296
Other debtors	7,423	7,423
Called up share capital not paid	991,250	991,250
Prepayments and accrued income	5,896	19,391
	5,554,379	6,367,280

7.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2024	2023
		£	£

Trade creditors	10,841	21,914
Amounts owed to group undertakings	272,380	323,610
Other taxation and social security	1,223	1,390
Other creditors	8,193,147	8,435,839
Accruals and deferred income	3,340	3,458
	8,480,931	8,786,211

Page 9

L3 POINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	SHARE CAPITAL
		2024	2023
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

325,000 (2023 - 325,000) Ordinary A shares of £1.00 each	325,000	325,000

ALLOTTED, CALLED UP AND PARTLY PAID

991,250 (2023 - 991,250) Ordinary B shares of £1.00 each	991,250	991,250

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