Lola Ideas Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 10507295 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

Lola Ideas Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr R J McGinnis

Mr Y Zaher

REGISTERED OFFICE:

1-3 Crosby Road South

Waterloo

Liverpool

Merseyside

L22 1RG

REGISTERED NUMBER:

10507295 (England and Wales)

ACCOUNTANTS:

Verinder & Associates

Chartered Certified Accountants

and Chartered Accountants

1-3 Crosby Road South

Waterloo

Liverpool

Merseyside

L22 1RG

FIXED ASSETS

Tangible assets

3

11,250

-

CURRENT ASSETS

Debtors

4

35,060

-

Cash at bank

65,168

4,778

100,228

4,778

CREDITORS

Amounts falling due within one year

5

55,750

37,181

NET CURRENT ASSETS/(LIABILITIES)

44,478

(32,403

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

55,728

(32,403

)

CAPITAL AND RESERVES

Called up share capital

200

Retained earnings

55,528

(32,603

)

SHAREHOLDERS' FUNDS

55,728

(32,403

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 30 September 2019 and were signed on its behalf
by:

Mr Y Zaher - Director

1.	STATUTORY INFORMATION

Lola Ideas Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

Additions

15,000

At 31 December 2018

15,000

DEPRECIATION

Charge for year

3,750

At 31 December 2018

3,750

NET BOOK VALUE

At 31 December 2018

11,250

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

Other debtors

35,060

-

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

Trade creditors

-

2,383

Tax

10,386

-

VAT

10,814

9,498

Other creditors

25,380

15,380

Directors' current accounts

7,920

8,670

Accrued expenses

1,250

55,750

37,181

6.	RELATED PARTY DISCLOSURES

During the year, Mr Y Zaher, Company Director, was provided finance of £3,675 to the Company. At 31st

December 2018, Mr Y Zaher was owed £2,845 by the Company.

During the year, Mr R J McGinnis, Company Director, provided finance of £2,925 to the Company. At 31st

December 2018, Mr R J McGinnis was owed £5,075 by the Company.

During the year, the Company was provided finance of £25,000 by All Events, an associated business. At 31st

December 2018, All Events was owed £25,380 by the Company.

During the year, the Company provided finance of £27,060 to Brown Music Limited, a company under the

control of Mr Y Zaher. At 31st December 2018, Brown Music Limited owed £22,060 to the Company.

During the year, the Company provided finance of £23,000 to Northern Zeitgeist Limited, a company under the

control of Mr R J McGinnis. At 31st December 2018, Northern Zeitgeist Limited owed £13,000 to the

Company.

No amounts have been written off in relation to related parties and no provisions are considered necessary.

Lola Ideas Limited - Accounts to registrar (filleted) - small 18.2

Lola Ideas Limited - Accounts to registrar (filleted) - small 18.2