Ludan Hills Holdings Limited - Limited company accounts 20.1

REGISTERED NUMBER: 12754247 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD 19 JULY 2020 TO 31 MARCH 2021

FOR

LUDAN HILLS HOLDINGS LIMITED

Page

Company Information

1

Report of the Directors

2

Chartered Accountants' Report

3

Income Statement

4

Balance Sheet

5

Statement of Changes in Equity

7

Notes to the Financial Statements

8

DIRECTORS:

L Fish

Mrs D Pearce

S Hill

Mrs B Hill

REGISTERED OFFICE:

61 Queen Square

Bristol

BS1 4JZ

REGISTERED NUMBER:

12754247 (England and Wales)

ACCOUNTANTS:

Burnside

Chartered Accountants

and Statutory Auditor

61 Queen Square

Bristol

BS1 4JZ

The directors present their report with the financial statements of the company for the period 19 July 2020 to 31 March 2021.

COMMENCEMENT OF TRADING

The company was incorporated on 19 July 2020 and began trading on 1 October 2020.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of the retail sale of sports goods, fishing gear, camping goods, boats and bicycles.

DIRECTORS

The directors who have held office during the period from 19 July 2020 to the date of this report are as follows:

L Fish - appointed 19 July 2020

Mrs D Pearce - appointed 19 July 2020

S Hill - appointed 19 July 2020

Mrs B Hill - appointed 19 July 2020

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:

L Fish - Director

30 December 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ludan Hills Holdings Limited for the period ended 31 March 2021 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Ludan Hills Holdings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ludan Hills Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Ludan Hills Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ludan Hills Holdings Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Ludan Hills Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ludan Hills Holdings Limited. You consider that Ludan Hills Holdings Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Ludan Hills Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Burnside

Chartered Accountants

61 Queen Square

Bristol

BS1 4JZ

30 December 2021

TURNOVER

15,433

Cost of sales

5,463

GROSS PROFIT

9,970

Administrative expenses

29,359

OPERATING LOSS and

LOSS BEFORE TAXATION

(19,389

)

Tax on loss

4

-

LOSS FOR THE FINANCIAL PERIOD

(19,389

)

CURRENT ASSETS

Stocks

51,442

Debtors

5

7,889

Cash at bank

11,082

70,413

CREDITORS

Amounts falling due within one year

6

89,702

NET CURRENT LIABILITIES

(19,289

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(19,289

)

CAPITAL AND RESERVES

Called up share capital

7

100

Retained earnings

(19,389

)

SHAREHOLDERS' FUNDS

(19,289

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 30 December 2021 and were signed on its behalf by:

L Fish - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

100

-

100

Total comprehensive income

-

(19,389

)

(19,389

)

Balance at 31 March 2021

100

(19,389

)

(19,289

)

1.	STATUTORY INFORMATION

Ludan Hills Holdings 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

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

Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company may not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs.

Interest bearing bank loans, overdrafts and other loans which meet the criteria of basic financial instruments are initially recorded at the present value of cash payable to the bank, usually being equivalent to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.

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.

Going concern

The company has made a loss in its first trading period and so had net current liabilities and net liabilities on its Balance Sheet at 31 March 2021.

The directors have assessed the next twelve months as best they can in light of the current situation with COVID-19. Whilst businesses have suffered from the lockdowns and restrictions, the directors believe that the company has sufficient working capital and facilities in place and fully expect that the company will remain a going concern and the directors will endeavour to ensure that the company is able to meet all of its liabilities as they fall due for the foreseeable future. The directors will continue to carefully monitor the situation and have alternative plans in place should the need arise.

In light of the above, the directors have reviewed the going concern status of the business for the foreseeable future to the best of their abilities and have concluded that they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have therefore adopted the going concern basis of accounting in preparing these financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 4 .

4.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the period.

At the period end the company had tax losses totalling £19,209 carried forward and available to offset future taxable profits.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

2,246

Amounts owed by group undertakings

51

Other debtors

4,868

VAT

519

Prepayments and accrued income

205

7,889

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

2,202

Amounts owed to group undertakings

80,000

Accruals and deferred income

7,500

89,702

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

51

Ordinary A

£1.00

51

40

Ordinary B

£1.00

40

9

Ordinary C

£1.00

9

100

The following shares were allotted and fully paid for cash at par during the period:

51 Ordinary A shares of £1.00 each

40 Ordinary B shares of £1.00 each

9 Ordinary C shares of £1.00 each

8.	RELATED PARTY DISCLOSURES

During the period the company was advanced funds by its parent company, VIS Group Limited, of £80,000. VIS Group Limited owes the company £51 at 31 March 2021. These balances have no set date for repayment and are interest free.

The company paid consultancy fees to directors of £14,100 during the period.

9.	ULTIMATE CONTROLLING PARTY

The company considers VIS Group Limited to be its parent company and controlling party as it holds a majority of the issued share capital. The ultimate controlling party is S Hill.