Lotus Wheel Limited - Limited company accounts 20.1

REGISTERED NUMBER: 11922826 (England and Wales)

REPORT OF THE DIRECTOR AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

3 APRIL 2019 TO 30 APRIL 2020

FOR

LOTUS WHEEL LIMITED

Page

Company Information

1

Report of the Director

2

Income Statement

3

Other Comprehensive Income

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Financial Statements

7

DIRECTOR:

N B Patel

REGISTERED OFFICE:

24

Bedford Row

London

WC1R 4TQ

BUSINESS ADDRESS:

Flat 7

Abercorn Place

758A Harrow Road

London

NW10 5LE

REGISTERED NUMBER:

11922826 (England and Wales)

ACCOUNTANTS:

Mehta & Tengra

Chartered Accountants

24 Bedford Row

London

WC1R 4TQ

The director presents his report with the financial statements of the company for the period 3 April 2019 to 30 April 2020.

INCORPORATION

The company was incorporated on 3 April 2019 and commenced trading on 28 November 2019.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of was that of providing thespian services for theatrical , film and television productions.

REVIEW OF BUSINESS

The result for the year and financial position of the company are as shown in the annexed financial statements.

DIRECTOR

N B Patel was appointed as a director on 3 April 2019 and held office during the whole of the period from then to the date of this report.

The director, being eligible, offers himself for election at the forthcoming first Annual General Meeting.

TAXATION STATUS

The Company is a close company within the provisions of the Income and Corporation Taxes Act 2010.

RELATED PARTY TRANSACTION

The Director had no material interest at any time during the year in any contracts of significance in relation to the business of the Company.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

N B Patel - Director

27 April 2021

TURNOVER

17,637

Cost of sales

(3,194

)

GROSS PROFIT

14,443

Administrative expenses

(9,564

)

OPERATING PROFIT

4,879

Interest receivable and similar income

4

PROFIT BEFORE TAXATION

4,883

Tax on profit

4

(928

)

PROFIT FOR THE FINANCIAL PERIOD

3,955

PROFIT FOR THE PERIOD

3,955

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

3,955

CURRENT ASSETS

Debtors

5

109

Cash at bank

13,385

13,494

CREDITORS

Amounts falling due within one year

6

(9,439

)

NET CURRENT ASSETS

4,055

TOTAL ASSETS LESS CURRENT
LIABILITIES

4,055

CAPITAL AND RESERVES

Called up share capital

7

100

Retained earnings

8

3,955

SHAREHOLDERS' FUNDS

4,055

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 April 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 27 April 2021 and were signed by:

N B Patel - Director

Called up

share

Retained

Total

capital

earnings

equity

£

Changes in equity

Issue of share capital

100

-

100

Total comprehensive income

-

3,955

Balance at 30 April 2020

100

3,955

4,055

1.	STATUTORY INFORMATION

Lotus Wheel Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 .

£

Director's remuneration

-

4.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the period was as follows:

£

Current tax:

UK corporation tax

928

Tax on profit

928

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

109

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

349

Corporation tax

928

VAT

1,078

Directors' current accounts

5,504

Accrued expenses

1,580

9,439

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100

Ordinary

£1

100

8.

RESERVES

Retained

earnings

£

Profit for the period

3,955

At 30 April 2020

3,955