Losan Limited - Period Ending 2019-04-30

Losan Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 April 2019

Registration number: 04041337

Losan Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

Losan Limited

Company Information

Director

Mr C N Vining

Company secretary

Mr G C Jarvis

Registered office

Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Accountants

Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter Devon EX2 7XE

Page 1

Losan Limited

Balance Sheet

30 April 2019

	Note	2019 £	2018 £
Fixed assets
Investment property	3	869,274	-
Current assets
Stocks	4	-	869,274
Debtors	5	213,966	10,961
Cash at bank and in hand		371,198	657,682
		585,164	1,537,917
Creditors: Amounts falling due within one year	6	(8,399)	(19,588)
Net current assets		576,765	1,518,329
Net assets		1,446,039	1,518,329
Capital and reserves
Called up share capital		200	200
Profit and loss account		1,445,839	1,518,129
Total equity		1,446,039	1,518,329

For the financial year ending 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 30 September 2019
 

......................................... Mr C N Vining Director

......................................... Mr G C Jarvis Company secretary

Company Registration Number: 04041337

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Losan Limited

Notes to the Financial Statements

Year Ended 30 April 2019

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:
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE
Devon

These financial statements were authorised for issue by the director on 30 September 2019.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The functional currency of Losan Limited is considered to be pounds sterling because it is the currency of the primary economic environment in which the company operates.

Revenue recognition

Turnover is recognised at the fair value of rents receivable, excluding Value Added Tax, in the ordinary nature of business.

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 corporation 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. Changes in fair value are recognised in the profit or loss.

Page 3

Losan Limited

Notes to the Financial Statements

Year Ended 30 April 2019

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.

Instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or others consideration expected to be paid or received, after taking account of impairment adjustments.

Loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

 

3	Investment properties

	2019 £
At 1 May 2018	-
Transfers to and from inventories	869,274
At 30 April 2019	869,274

Investment property is included in the balance sheet at director's valuation as at 30 April 2019.

Page 4

Losan Limited

Notes to the Financial Statements

Year Ended 30 April 2019

4

Stocks

	2019 £	2018 £
Other inventories	-	869,274

5

Debtors

	2019 £	2018 £
Trade debtors	10,960	10,961
Other debtors	203,006	-
	213,966	10,961

6

Creditors

Creditors: amounts falling due within one year

	2019 £	2018  £
Due within one year
Trade creditors	-	9,966
Corporation tax	-	3,782
Social security and other taxes	3,354	551
Other creditors	5,045	5,289
	8,399	19,588

7	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares of £1 each	200	200	200	200

8	Non adjusting events after the financial period

On 21 June 2019, the company's share capital was re-designated into “A” ordinary, “B” ordinary and “C” ordinary shares. The shares rank pari passu in all respects.

Page 5

Losan Limited

Notes to the Financial Statements

Year Ended 30 April 2019

9	Related party transactions

Summary of transactions with entities with joint control or significant interest

At the balance sheet date £295 (2018: £823) was owed by the company to an entity controlled by the director. No interest has been charged on this balance.

Summary of transactions with other related parties

During the year, advances of £200,000 (2018: £nil) were made to one of the company's shareholders. Interest has been charged on this loan at 3% and the amount outstanding is repayable on demand. Amounts due from this shareholder at the balance sheet date were £203,006 (2018: £nil).
 

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