Registration number: 08550167

L3C Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

L3C Limited

Company Information

Directors

Mr Jeremy Crossfield Mr Lubomir Cheytanov

Registered office

7 Bell Yard London England WC2A 2JR

L3C Limited

(Registration number: 08550167)
Balance Sheet as at 31 March 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	4	2,669	2,144
Investments	5	1	1
		2,670	2,145
Current assets
Debtors	6	74,161	314,360
Cash at bank and in hand		149,493	285,562
		223,654	599,922
Creditors: Amounts falling due within one year	7	(427,321)	(451,518)
Net current (liabilities)/assets		(203,667)	148,404
Total assets less current liabilities		(200,997)	150,549
Creditors: Amounts falling due after more than one year	7	(20,061)	(26,088)
Net (liabilities)/assets		(221,058)	124,461
Capital and reserves
Called up share capital		345	345
Share premium reserve		1,234,700	1,234,700
Retained earnings		(1,456,103)	(1,110,584)
Shareholders' (deficit)/funds		(221,058)	124,461

For the financial year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

L3C Limited

(Registration number: 08550167)
Balance Sheet as at 31 March 2026

Approved and authorised by the Board on 29 July 2026 and signed on its behalf by:
 

......................................... Mr Jeremy Crossfield Director

L3C Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7 Bell Yard
London
WC2A 2JR
England

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.

Going concern

At 31 March 2026 the Company was loss making and had net liabilities. However, the Board is confident that the company will be able to meet its liabilities as they fall due for a period of not less than 12 months from the signing of the Balance Sheet. On this understanding, the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

L3C Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

Judgements

In the application of the accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

Key sources of estimation uncertainty

The key areas of estimation uncertainty have been considered by management, being:

- Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives. The actual lives of the assets are assessed annually and may vary depending on the number of factors. In assessing asset lives, factors such as technological innovation, product life cycle and maintenance programmes are taken into account.

- Tax losses
The assessed likelihood that the Company will be able to utilise previously recorded tax losses against future taxable profits.

- Accruals and prepayments
The estimates applied to determine accruals and prepayments in respect of sales revenue and expenses.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	33% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

L3C Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

L3C Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2025 - 2).

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2025	117,630	117,630
Additions	2,237	2,237
Disposals	(34,192)	(34,192)
At 31 March 2026	85,675	85,675
Depreciation
At 1 April 2025	115,486	115,486
Charge for the year	1,713	1,713
Eliminated on disposal	(34,193)	(34,193)
At 31 March 2026	83,006	83,006
Carrying amount
At 31 March 2026	2,669	2,669
At 31 March 2025	2,144	2,144

L3C Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

5	Investments

	2026 £	2025 £
Investments in subsidiaries	1	1