Luxury London Media Limited Filleted accounts for Companies House (small and micro)
Luxury London Media Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
09312298
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FINANCIAL STATEMENTS |
YEAR ENDED 31 DECEMBER 2018
CONTENTS |
PAGE |
Statement of financial position |
1 |
Notes to the financial statements |
3 |
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STATEMENT OF FINANCIAL POSITION |
2018 |
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Note |
£ |
£ |
FIXED ASSETS
Intangible assets |
6 |
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CURRENT ASSETS
Debtors |
7 |
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Cash at bank and in hand |
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CREDITORS: amounts falling due within one year |
8 |
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NET CURRENT LIABILITIES |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS |
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STATEMENT OF FINANCIAL POSITION (continued) |
2018 |
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Note |
£ |
£ |
CAPITAL AND RESERVES
Called up share capital |
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Profit and loss account |
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SHAREHOLDERS FUNDS |
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In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
Directors' responsibilities:
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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
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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These financial statements were approved by the
board of directors
and authorised for issue on
27 September 2019
, and are signed on behalf of the board by:
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Director |
Director |
Company registration number:
09312298
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NOTES TO THE FINANCIAL STATEMENTS |
YEAR ENDED 31 DECEMBER 2018
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Onega House, 112 Main Road, Sidcup, DA14 6NE.
2.
STATEMENT OF COMPLIANCE
3.
ACCOUNTING POLICIES
Basis of preparation
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Taxation
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents, trademarks and licences |
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Over 25years |
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Defined contribution plans
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
9
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5.
TAX ON PROFIT
Major components of tax expense
2018 |
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£ |
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Current tax:
UK current tax expense |
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Tax on profit |
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6.
INTANGIBLE ASSETS
Patents, trademarks and licences |
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£ |
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Cost |
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Additions |
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At 31 December 2018 |
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Amortisation |
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Charge for the year |
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At 31 December 2018 |
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Carrying amount |
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At 31 December 2018 |
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7.
DEBTORS
2018 |
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£ |
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Trade debtors |
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Other debtors |
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The directors loan was repaid within nine months of the year end.
8.
CREDITORS:
amounts falling due within one year
2018 |
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£ |
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Bank loans and overdrafts |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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9.
DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
At 31 December 2018 the directors owed Luxury London Media Limited £34,848 (2018: £nil). There are no terms attached to the loan provided to the directors and it has been provided by the company interest free.