Lambretta Distribution Limited - Accounts to registrar (filleted) - small 23.1.2

Lambretta Distribution Limited - Accounts to registrar (filleted) - small 23.1.2

LAMBRETTA DISTRIBUTION LIMITED - Company Information

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REGISTERED NUMBER: 06808633 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 December 2022

for

Lambretta Distribution Limited
Lambretta Distribution Limited (Registered number: 06808633)






Contents of the Financial Statements
for the year ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


Lambretta Distribution Limited

Company Information
for the year ended 31 December 2022







DIRECTORS: Mr W Scheffrahn
Mr S D Wilch





REGISTERED OFFICE: Office 14
Grovelands Business Park
West Haddon Road
East Haddon
Northamptonshire
NN6 8FB





REGISTERED NUMBER: 06808633 (England and Wales)





ACCOUNTANTS: Clifford Roberts
Chartered Accountants
Pacioli House
9 Brookfield
Duncan Close
Northampton
Northamptonshire
NN3 6WL
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Lambretta Distribution Limited (Registered number: 06808633)

Balance Sheet
31 December 2022

2022 2021
Notes £    £   
CURRENT ASSETS
Debtors 4 37,826 30,556
Cash at bank 261 2,517
38,087 33,073
CREDITORS
Amounts falling due within one year 5 22,117 25,441
NET CURRENT ASSETS 15,970 7,632
TOTAL ASSETS LESS CURRENT
LIABILITIES
15,970
7,632

CAPITAL AND RESERVES
Called up share capital 7 1 1
Retained earnings 15,969 7,631
SHAREHOLDERS' FUNDS 15,970 7,632

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 May 2023 and were signed on its behalf by:





Mr S D Wilch - Director


The notes form part of these financial statements

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Lambretta Distribution Limited (Registered number: 06808633)

Notes to the Financial Statements
for the year ended 31 December 2022

1. STATUTORY INFORMATION

Lambretta Distribution 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.

The financial statements are presented in Sterling (£) and covers the period to 31st December, each year. The comparative is not entirely comparable as this covers a nine-period to 31st December.

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

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

Revenue is recognised according to the substance of the obligation under the contract. Where the substance of a transaction is that the contractual obligations have been performed gradually over time, revenue is recognised as contract progresses to reflect the partial performance of its contractual obligations.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 year 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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Lambretta Distribution Limited (Registered number: 06808633)

Notes to the Financial Statements - continued
for the year ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Amounts owed by group undertakings 37,826 18,483
Other debtors - 12,073
37,826 30,556

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 3,506 -
Amounts owed to group undertakings - 11,847
Taxation and social security 1,956 2,128
Other creditors 16,655 11,466
22,117 25,441

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Lambretta Distribution Limited (Registered number: 06808633)

Notes to the Financial Statements - continued
for the year ended 31 December 2022

6. FINANCIAL RISK MANAGEMENT

The company has some exposure to credit, liquidity and cash flow interest rate risks. These risks are limited by the company's financial management policies and practices described below.

Foreign currency risk
The company tries to work with customers and suppliers to ensure that transactions in foreign currencies are processed as and when the foreign exchange rate is most favourable.

Credit risk
The company monitors all customers and suppliers for credit worthiness prior to signing licence deals to try and mitigate as far as possible against bad debt.

Liquidity risk
The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves and banking facilities. This is managed through careful planning, negotiation and a robust cash flow management procedure built into the day-to-day running of the business.

Market risk
There is a market risk associated with the fluctuation in demand for the services provided of the licensees, but this is mitigated as far as possible by ensuring royalty minimums are built into the contracts, although continual monitoring of markets to ensure the best deal and the price can be achieved.

The company holds no derivative financial instruments at the year end.

7. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
1 Ordinary £1 1 1

8. RELATED PARTY DISCLOSURES

At the balance sheet date the reporting entity owes £37,825 (2021 - £nil) to a related party in respect of intercompany balances.

During the year the company made royalty payments and purchases from the same related party totalling £109,355 (2021 - £nil) ) of which £2,786 (2021 - £nil) was outstanding at the year end.

During the year the company also made sales to related parties totalling £149,865 (2021 - £nil).

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Innocenti S.A., a company based in Switzerland under company number CH50130109025. The registered office and business address of the company is Vicolo Nassetta 2, CH-6900 Lugano, Switzerland.

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