Lambert of London Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01112289 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 January 2022

for

LAMBERT OF LONDON LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

H Shigival

REGISTERED OFFICE:

Bath House

6-8 Bath Street

Redcliffe

Bristol

BS1 6HL

REGISTERED NUMBER:

01112289 (England and Wales)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

Bath House

6-8 Bath Street

Bristol

BS1 6HL

FIXED ASSETS

Tangible assets

4

962

1,282

Investments

5

100

100

1,062

1,382

CURRENT ASSETS

Stocks

6

606,498

698,995

Debtors

7

108,209

220,928

Cash at bank and in hand

10,002

105,105

724,709

1,025,028

CREDITORS

Amounts falling due within one year

8

(895,086

)

(950,824

)

NET CURRENT (LIABILITIES)/ASSETS

(170,377

)

74,204

TOTAL ASSETS LESS CURRENT LIABILITIES

(169,315

)

75,586

CREDITORS

Amounts falling due after more than one year

9

(37,321

)

(60,417

)

NET (LIABILITIES)/ASSETS

(206,636

)

15,169

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(206,736

)

15,069

SHAREHOLDERS' FUNDS

(206,636

)

15,169

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 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 Profit and Loss Account has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 15 July 2022 and were signed by:

H Shigival - Director

1.	COMPANY INFORMATION

Lambert of London 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern

In order to assess whether it is appropriate for the company to be reported as a going concern, the director applied judgement, having undertaken appropriate enquiries and having considered the business activities and the companies principal risks and uncertainties. In arriving at this judgement there are a number of assumptions and estimates that are applied by the company. These include, but not limited to, depreciation on tangible assets and recoverable value of debtors and stock respectively. These estimates, assumptions and judgements are also evaluated on a continual basis.

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Preparation of consolidated financial statements

The financial statements contain information about Lambert of London Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Tangible fixed assets

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

Short leasehold

-

Straight line over the life of the lease

Plant and machinery

-

25% on cost

Fixtures, fittings & equipment

-

25% on reducing balance

Motor vehicles

-

25% on cost

Government grants

Government grants received includes money received in relation to the Job Retention Scheme and the Business Rates Relief Scheme, both set up in response to the COVID-19 pandemic. Also included within government grants is the deemed interest on the CBILS loan, covered by the government for the first 12 months of the loan.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial assets

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2021 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

Short

Plant and

fittings

Motor

leasehold

machinery

& equipment

vehicles

Totals

£

£

£

£

£

COST

At 1 February 2021

and 31 January 2022

664

6,500

20,920

4,000

32,084

DEPRECIATION

At 1 February 2021

664

6,500

19,638

4,000

30,802

Charge for year

-

-

320

-

320

At 31 January 2022

664

6,500

19,958

4,000

31,122

NET BOOK VALUE

At 31 January 2022

-

-

962

-

962

At 31 January 2021

-

-

1,282

-

1,282

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 February 2021

and 31 January 2022

100

NET BOOK VALUE

At 31 January 2022

100

At 31 January 2021

100

6.

STOCKS

2022

2021

£

£

Stocks

606,498

698,995

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

8,002

108,019

Other debtors

4,925

4,925

VAT

44,706

35,556

Prepayments and accrued income

50,576

72,428

108,209

220,928

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

25,000

89,583

Trade creditors

659,897

634,570

Amounts owed to group undertakings

100

100

Social security and other taxes

1,476

6,092

Wages control

-

12,566

Directors' current accounts

198,929

200,447

Accrued expenses

9,684

7,466

895,086

950,824

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

25,000

25,000

Bank loans - 2-5 years

12,321

35,417

37,321

60,417

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

69,543

268,592

Between one and five years

-

69,543

69,543

338,135

11.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

62,321

150,000

The bank loans are secured via a debenture over the company's assets.