Licht Invest Limited 30/06/2019 iXBRL

Licht Invest Limited 30/06/2019 iXBRL

LICHT INVEST LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08299461
LICHT INVEST LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
30 June 2019
Licht Invest Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Licht Invest Limited
Directors and other information
Director Ms Louise O'Mahony
Company number 08299461
Registered office 11 Charing Cross Road
City of Westminister
London
WC2H 0QU
Business address 11 Charing Cross Road
City of Westminister
London
WC2H 0QU
Accountants PFS & Partners
16 Main Street
Limavady
Co L'Derry
BT49 0EU
Bankers AIB
66 South Mall
Cork
Solicitors Clifford Harris & Co.
PO Box 4UA
51 Welbeck Street
London
W1A 4UA
Licht Invest Limited
Report to the director on the preparation of the
unaudited statutory financial statements of Licht Invest Limited
Year ended 30 June 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Licht Invest Limited for the year ended 30 June 2019 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Licht Invest Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Licht Invest Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Licht Invest Limited and its director as a body for our work or for this report.
It is your duty to ensure that Licht Invest Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Licht Invest Limited. You consider that Licht Invest Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Licht Invest Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
PFS & Partners
Chartered Certified Accountants
16 Main Street
Limavady
Co L'Derry
BT49 0EU
24 March 2020
Licht Invest Limited
Statement of financial position
30 June 2019
2019 2018
Note £ £ £ £
Fixed assets
Investments 4 724,535 -
_________ _________
724,535 -
Current assets
Debtors 5 - 90
Cash at bank and in hand 1,790 -
_________ _________
1,790 90
Creditors: amounts falling due
within one year 6 ( 5,296,692) ( 4,647,305)
_________ _________
Net current liabilities ( 5,294,902) ( 4,647,215)
_________ _________
Total assets less current liabilities ( 4,570,367) ( 4,647,215)
Provisions for liabilities 1,515,480 1,514,881
_________ _________
Net liabilities ( 3,054,887) ( 3,132,334)
_________ _________
Capital and reserves
Called up share capital 100 100
Share premium account 659,990 659,990
Profit and loss account ( 3,714,977) ( 3,792,424)
_________ _________
Shareholders deficit ( 3,054,887) ( 3,132,334)
_________ _________
For the 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 March 2020 , and are signed on behalf of the board by:
Ms Louise O'Mahony
Director
Company registration number: 08299461
Licht Invest Limited
Notes to the financial statements
Year ended 30 June 2019
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 11 Charing Cross Road, City of Westminister, London, WC2H 0QU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investments
Other investments other than loans Total
£ £
Cost
At 1 July 2018 - -
Additions 724,535 724,535
_________ _________
At 30 June 2019 724,535 724,535
_________ _________
Impairment
At 1 July 2018 and 30 June 2019 - -
_________ _________
Carrying amount
At 30 June 2019 724,535 724,535
_________ _________
At 30 June 2018 - -
_________ _________
5. Debtors
2019 2018
£ £
Other debtors - 90
_________ _________
6. Creditors: amounts falling due within one year
2019 2018
£ £
Other creditors 5,296,692 4,647,305
_________ _________