Lössl Limited - Period Ending 2020-06-30

Lössl Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Financial Statements	4 to 7

Lössl Limited

Company Information

Directors

J Lössl C B Lössl A J Lymn

Registered office

5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Bankers

Danske Bank 75 King William Street London EC4N 7DT

Accountants

Ashgates Corporate Services Limited 5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Lössl Limited
for the Year Ended 30 June 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lössl Limited for the year ended 30 June 2020 as set out on pages 3 to 7 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 Board of Directors of Lössl 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 accounts of Lössl Limited and state those matters that we have agreed to state to the Board of Directors of Lössl Limited, 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 Lössl Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lössl Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Lössl Limited. You consider that Lössl 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 accounts of Lössl 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 accounts.

.............................................................

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG

17 December 2020

Lössl Limited

(Registration number: 11069962)
Balance Sheet as at 30 June 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	2,770	3,199
Current assets
Debtors	5	-	13,600
Cash at bank and in hand		40,122	29,291
		40,122	42,891
Creditors: Amounts falling due within one year	6	(63,243)	(43,141)
Net current liabilities		(23,121)	(250)
Total assets less current liabilities		(20,351)	2,949
Provisions for liabilities		(526)	(608)
Net (liabilities)/assets		(20,877)	2,341
Capital and reserves
Called up share capital	7	100	100
Profit and loss account		(20,977)	2,241
Total equity		(20,877)	2,341

For the financial year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 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 Board on 17 December 2020 and signed on its behalf by:
 

.........................................

A J Lymn
Director

Lössl Limited

Notes to the Financial Statements for the Year Ended 30 June 2020

1	General information

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

The address of the registered office is given in the company information on page 1 of the financial statements.

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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

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.

The financial statements are presented in Sterling (£) and rounded to the nearest £1.

Going concern

The emergence of the global pandemic known as Covid-19 has raised significant uncertainty throughout the UK economy since the balance sheet date. The Director has assessed a potential range of impacts that this pandemic may have on the Company and the Company is working closely with customers and suppliers to review their plans and expected activities in the coming months.

At the time of approving the accounts there is uncertainty over the projected income for the company because this pandemic is unprecedented so no one can accurately predict how the economy will react over the coming year. Consideration has been given to the risks of reduced turnover, other assets owned by the company and slow payment or non-payment of debts.

The financial statements have been prepared on a going concern basis which assumes the company will continue to trade. The validity of this assumption is dependent on the continued support of the other creditors and the profitability of future projects. If the company were unable to trade, adjustments would have to be made to reduce the value of assets to their recoverable amount and to provide for any future liabilities that may arise.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Lössl Limited

Notes to the Financial Statements for the Year Ended 30 June 2020

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	25% straight line basis

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2019 - 4).

Lössl Limited

Notes to the Financial Statements for the Year Ended 30 June 2020

4	Tangible assets

	Office equipment  £	Total £
Cost or valuation
At 1 July 2019	6,087	6,087
Additions	1,457	1,457
At 30 June 2020	7,544	7,544
Depreciation
At 1 July 2019	2,888	2,888
Charge for the year	1,886	1,886
At 30 June 2020	4,774	4,774
Carrying amount
At 30 June 2020	2,770	2,770
At 30 June 2019	3,199	3,199

5

Debtors

	2020 £	2019 £
Other debtors	-	13,600
	-	13,600

6

Creditors

	2020 £	2019 £
Due within one year
Trade creditors	-	4,591
Taxation and social security	45	23
Other creditors	63,198	38,527
	63,243	43,141

Lössl Limited

Notes to the Financial Statements for the Year Ended 30 June 2020

7	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

8	Related party transactions

Summary of transactions with other related parties

Directors of the company

At the balance sheet date amounts owed to directors amounted to £53,575 (2019 - £22,387).