Lolagrove Limited
Lolagrove Limited
Registered number: 05443168
Unaudited Financial Statements
For The Year Ended
31 December 2020
Lolagrove Limited
Unaudited Financial Statements
For The Year Ended
31 December 2020
Unaudited Financial Statements
Contents | |
Page | |
---|---|
Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—7 |
Lolagrove Limited
Balance Sheet
As at
31 December 2020
Balance Sheet
Registered number:
05443168
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
2020 | 2019 | ||||
---|---|---|---|---|---|
Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Intangible Assets | 3 |
|
|
||
Tangible Assets | 4 |
|
|
||
|
|
||||
CURRENT ASSETS | |||||
Debtors | 5 |
|
|
||
Cash at bank and in hand |
|
|
|||
|
|
||||
Creditors: Amounts Falling Due Within One Year | 6 |
( |
( |
||
NET CURRENT ASSETS (LIABILITIES) |
|
|
|||
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
NET ASSETS |
|
|
|||
CAPITAL AND RESERVES | |||||
Called up share capital | 7 |
|
|
||
Profit and Loss Account |
|
|
|||
SHAREHOLDERS' FUNDS | 460,702 | 361,215 | |||
Page 1
Lolagrove Limited
Balance Sheet (continued)
As at
31 December 2020
Director's responsibilities
-
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
|
|
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Lolagrove Limited
Notes to the Financial Statements
For The Year Ended
31 December 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. There were no material departures from that standard.
1.2.
Turnover
Revenue is measured at the fair value of the consideration received or receivable for services rendered, net of returns, discounts and rebates plus value added taxes. Revenue is recognised when the company has transferred the significant risks and rewards of ownership to the buyer and it is probable that the company will receive the previously agreed upon consideration. Where the buyer has a right of return, the company defers recognition of revenue until the right to return has lapsed.
1.3.
Intangible Fixed Assets and Amortisation - Other Intangible
Intangible fixed assets are measured at cost less accumulated amortisation and any accumulated impairment losses. Amortisation is provided at rates calculated to write off the cost of the fixed assets to profit and loss account over their expected useful life of 3 years. The group reviews the amortisation period and method when events and circumstances indicate that the useful life has changed.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings |
|
Computer Equipment |
|
1.5.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Lolagrove Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
1.7.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.8.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
1.9.
Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the income statement over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the income statement over the remaining vesting period.
Where equity instruments are granted to persons other than employees, the income statement is charged with the fair value of goods and services received.
2.
Average Number of Employees
Average number of employees (contracted to the holding company Overmore Limited), including directors, during the year was as follows:
2020 | 2019 | ||
---|---|---|---|
Office and administration |
|
|
|
Sales, marketing and distribution |
|
|
|
Development & Operational |
|
|
|
|
|
||
Page 4
Lolagrove Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
3.
Intangible Assets
Other | |||
---|---|---|---|
£ | |||
Cost | |||
As at
|
|
||
Additions |
|
||
As at
|
|
||
Amortisation | |||
As at
|
|
||
Provided during the period |
|
||
As at
|
|
||
Net Book Value | |||
As at
|
|
||
As at
|
|
||
4.
Tangible Assets
Fixtures & Fittings | Computer Equipment | Total | |
---|---|---|---|
£ | £ | £ | |
Cost | |||
As at
|
|
|
|
Additions |
|
|
|
As at
|
|
|
|
Depreciation | |||
As at
|
|
|
|
Provided during the period |
|
|
|
As at
|
|
|
|
Net Book Value | |||
As at
|
|
|
|
As at
|
|
|
|
Page 5
Lolagrove Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
5.
Debtors
2020 | 2019 | ||
---|---|---|---|
£ | £ | ||
Due within one year | |||
Trade debtors |
|
|
|
Prepayments and accrued income |
|
|
|
Other debtors |
|
|
|
Other taxes and social security | - |
|
|
Amounts owed by group undertakings |
|
|
|
|
|
||
Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
6.
Creditors: Amounts Falling Due Within One Year
2020 | 2019 | ||
---|---|---|---|
£ | £ | ||
Trade creditors |
|
|
|
Other taxes and social security |
|
- | |
Accruals and deferred income |
|
|
|
Amounts owed to parent undertaking |
|
|
|
|
|
||
Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
Page 6
Lolagrove Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
8.
Exceptional Items
These costs relate to ex-gratia payments to staff on long term sick leave and to a failed project during 2020.
9.
Ultimate Controlling Party
The company's ultimate controlling party is
Overmore Limited (registered number 8650664)
by virtue of its 100% interest in the issued share capital of the company.
10.
General Information
Lolagrove Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
05443168
. The registered office is Unit 1 6 Owen Street, London, EC1V 7JX.
Page 7