Lal Kila Companies Limited t/a Hope & Gl - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09203605 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

FOR

LAL KILA COMPANIES LIMITED

T/A

HOPE & GLORY

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

B S Chudasama

SECRETARY:

B S Chudasama

REGISTERED OFFICE:

Hope & Glory Cavendish House

Cavendish Road

Stevenage

Hertfordshire

SG1 2EQ

REGISTERED NUMBER:

09203605 (England and Wales)

ACCOUNTANTS:

Galloways Accounting

Atlas Chambers

33 West Street

Brighton

East Sussex

BN1 2RE

FIXED ASSETS

Intangible assets

4

4,352

8,706

Tangible assets

5

107,299

94,155

111,651

102,861

CURRENT ASSETS

Stocks

198,441

259,663

Debtors

6

74,488

46,909

272,929

306,572

CREDITORS

Amounts falling due within one year

7

328,667

581,208

NET CURRENT LIABILITIES

(55,738

)

(274,636

)

TOTAL ASSETS LESS CURRENT LIABILITIES

55,913

(171,775

)

CREDITORS

Amounts falling due after more than one year

8

445,130

50,000

NET LIABILITIES

(389,217

)

(221,775

)

CAPITAL AND RESERVES

Called up share capital

105,249

105,249

Share premium

578,800

578,800

Retained earnings

(1,073,266

)

(905,824

)

SHAREHOLDERS' FUNDS

(389,217

)

(221,775

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 June 2022 and were signed by:

B S Chudasama - Director

1.	STATUTORY INFORMATION

Lal Kila Companies 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.

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

Turnover represents the rendering of goods and services in connection with organic teas.

Turnover is recognised when the entity meets the obligations to deliver goods and services to a customer in accordance with the terms and conditions of the sale.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

20% on cost

Plant and machinery

-

20% on cost

Government grants

The company has made use of the government's Coronavirus Job Retention Scheme (CJRS), put in place to assist companies during the Covid-19 outbreak. The CJRS allows employers to put staff on temporary leave (furlough) and claim up to 80% of employees' payroll costs from the government. Under the accrual model, government grants relating to revenue expenditure are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. This means that the grant is recognised on a straight-line basis over the period of furlough.

Government grants in the form of business interruption payments were also included in the period. These were covering the bank interest and fees on bank loans approved under the Coronavirus Bounce Back Loans Scheme.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Taxation

Taxation for the year comprises current 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 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The financial statements have been prepared on a going concern basis, not with standing the company has net liabilities as company's director continues to provide support as necessary and intends to ensure that there is adequate working capital for at least 12 months from the date of approval of these accounts. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern. For example, the extent of the impact of coronavirus is unclear and it is difficult to evaluate all the potential implications on the company's trade, customers, suppliers and the wider economy.

3.

EMPLOYEES

The average number of employees during the year was 4 (2020 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 October 2020

and 30 September 2021

69,241

AMORTISATION

At 1 October 2020

60,535

Charge for year

4,354

At 30 September 2021

64,889

NET BOOK VALUE

At 30 September 2021

4,352

At 30 September 2020

8,706

5.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

property

machinery

Totals

£

£

£

COST

At 1 October 2020

67,061

95,409

162,470

Additions

-

41,022

41,022

At 30 September 2021

67,061

136,431

203,492

DEPRECIATION

At 1 October 2020

26,824

41,491

68,315

Charge for year

13,413

14,465

27,878

At 30 September 2021

40,237

55,956

96,193

NET BOOK VALUE

At 30 September 2021

26,824

80,475

107,299

At 30 September 2020

40,237

53,918

94,155

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

58,232

41,519

Other debtors

16,256

5,390

74,488

46,909

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

32,624

24,676

Trade creditors

31,477

159,302

Taxation and social security

23,891

32,742

Other creditors

240,675

364,488

328,667

581,208

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

36,667

50,000

Other creditors

408,463

-

445,130

50,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

3,333

9.	SECURED DEBTS

The directors have provided a personal guarantee in respect of the company's borrowings and in addition the lenders have obtained a second charge over the directors' residential property.