LoElla Holdings Limited - Period Ending 2019-06-30

Registration number: 10332547

LoElla Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2019

LoElla Holdings Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 5

LoElla Holdings Limited

(Registration number: 10332547)
Balance Sheet as at 30 June 2019

	Note	2019  £	(As restated) 2018  £
Fixed assets
Investments		1,085,391	1,085,391
Creditors: Amounts falling due within one year	5	(300,926)	(332,426)
Total assets less current liabilities		784,465	752,965
Creditors: Amounts falling due after more than one year	5	(170,000)	(340,000)
Net assets		614,465	412,965
Capital and reserves
Called up share capital		100	100
Profit and loss account		614,365	412,865
Total equity		614,465	412,965

For the financial year ending 30 June 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 17 March 2020
 

C J Garston

Director

The notes on pages 2 to 5 form an integral part of these financial statements.

Page 1

LoElla Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2019

1	General information

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

The address of its registered office is:
264 High Street
Beckenham
Kent
BR3 1DZ

These financial statements were authorised for issue by the director on 17 March 2020.

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.

Basis of preparation

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including section 1A of Financial Reporting Standard 102 - 'The Financial Reporting standard applicable in the United Kingdom and Republic of Ireland' FRS 102 1A, and with the Companies Act 2006.

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.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic 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. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

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.

Page 2

LoElla Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2019

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

 Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

 Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.
 

Page 3

LoElla Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2019

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2018 - 1).

4	Investments

	2019 £	2018 £
Investments in subsidiaries	1,085,391	1,085,391

Subsidiaries	£
Cost or valuation
At 1 July 2018	1,085,391
Provision
Carrying amount
At 30 June 2019	1,085,391
At 30 June 2018	1,085,391

Page 4

LoElla Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2019

5

Creditors

	2019  £	2018  £
Due within one year
Other creditors	300,926	332,426
Due after one year
Other non-current financial liabilities	170,000	340,000

Creditors: amounts falling due after more than one year

	2019 £	2018 £
Due after one year
Other non-current financial liabilities	170,000	340,000

6	Related party transactions

Expenditure with and payables to related parties

2019	Key management £
Amounts payable to related party	153,269

2018	Key management £
Amounts payable to related party	185,989

7	Prior year adjustment

A prior year adjustment has been made in the accounts to reflect additional loan repayments totalling £140,000 which amounted to a director's loan account adjustment which has also been reflected. These adjustments did not effect the brought forward reserves figure.

Page 5