Lotus Wheel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

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 19 October 2026.

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 2025

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 2025

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2024 - 1).

4

Taxation

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

	2025 £	2024 £
Current taxation
UK corporation tax	567	60,965
UK corporation tax adjustment to prior periods	(470)	-
Tax on loans to participators (s455)	13,551	-
	13,648	60,965

5	Intangible assets

	Trademarks, patents and licenses  £	Total £
Cost or valuation
At 1 November 2024	20,000	20,000
At 31 October 2025	20,000	20,000
Amortisation
At 1 November 2024	10,000	10,000
Amortisation charge	4,000	4,000
At 31 October 2025	14,000	14,000
Carrying amount
At 31 October 2025	6,000	6,000
At 31 October 2024	10,000	10,000

Lotus Wheel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

6

Debtors

	Note	2025 £	2024 £
Trade debtors		3,204	46
Director's current account	10	40,150	-
Other debtors		424	425
VAT		49	-
		43,827	471

7

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Trade creditors	1,225	6
Taxation and social security	357	567
Other creditors	41	2,264
Accruals	4,105	2,495
Corporation tax	14,012	60,965
VAT	-	3,729
Director's current account	-	140,872
	19,740	210,898

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

Lotus Wheel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

9

Dividends

		2025		2024
		£		£
Final dividend of £1,050.00 (2024 - £1,900.00) per ordinary share		105,000		190,000

10	Related party transactions

The ultimate controlling party is Nikesh Bharat Patel.

Transactions with the director

2025	At 1 November 2024 £	Advances to director £	Repayments by director £	At 31 October 2025 £
Mr Nikesh Bharat Patel
	140,872	(193,022)	12,000	(40,150)

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

The loan to the director is unsecured and repayable on demand. Interest of £641 (2024: £nil) was charged on the overdrawn balance at 3.75% per annum.

Director's remuneration

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

	2025 £	2024 £
Remuneration	12,000	12,000