ACCOUNTS - Final Accounts preparation

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Registered number: 02394973

LENSOLO LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021


LENSOLO LIMITED

CONTENTS

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2 - 4


LENSOLO LIMITED REGISTERED NUMBER:02394973

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2021

	2021	2020
Note	£	£


Current assets
Debtors: amounts falling due within one year	4	98,096	154,805
Cash at bank and in hand		401,866	403,825
		499,962	558,630
Current Liabilities
Creditors: amounts falling due within one year	5	(229,331)	(283,838)

Net assets		270,631	274,792

Capital and reserves
Called up share capital	6	100	100
Profit and loss account		270,531	274,692
		270,631	274,792

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

S O Lennon

Director

Date: 1 August 2022

The notes on pages 2 to 4 form part of these financial statements.

Page 1


LENSOLO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1.	General information

LenSolo Limited is a limited company incorporated in England and Wales, with its principal place of business and registered office address at 8 Bevan Street, Islington, London, N1 7DY.
The principal activity of the Company is the exploitation of music rights.
The functional and presentational currency is £ Sterling.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Turnover

Turnover comprises royalty income, which is stated net of value added tax and is accounted for on an accruals basis.

2.3

Debtors

Short term debtors are measured at the transaction price, less any impairment.

2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like other debtors and creditors, and amounts owed to related parties.

2.6

Creditors

Short term creditors are measured at the transaction price.

2.7

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at 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 gains and losses are recognised in the Statement of Comprehensive Income.

Page 2


LENSOLO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.8

Dividends

Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

3.	Employees
	The Company had no employees during the current or preceding year.

Page 3


LENSOLO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Debtors

					2021	2020
					£	£


Other debtors	81,045	141,553
Tax recoverable	17,051	13,252
	98,096	154,805

5.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Taxation and social security	30,110	40,671
Accruals and deferred income	199,221	243,167
	229,331	283,838

6.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

98 (2020 - 98) Ordinary non-voting shares of £1 each	98	98
2 (2020 - 2) Special voting shares of £1 each	2	2

	100	100

7.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2021 was unqualified.

The audit report was signed on 1 August 2022 by Stephen Iseman FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

Page 4