Club Lotus Limited - Period Ending 2022-08-31
Club Lotus Limited - Period Ending 2022-08-31
Registration number:
Club Lotus Limited
for the Year Ended 31 August 2022
Club Lotus Limited
Contents
Company Information |
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Accountants' Report |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Club Lotus Limited
Company Information
Director |
A R G Morgan |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Club Lotus Limited
for the Year Ended 31 August 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Club Lotus Limited for the year ended 31 August 2022 as set out on pages 3 to 8 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 at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Club Lotus Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Club Lotus Limited and state those matters that we have agreed to state to the Board of Directors of Club Lotus Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Club Lotus Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Club Lotus Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Club Lotus Limited. You consider that Club Lotus Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Club Lotus 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 accounts.
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Chartered Accountants
306 High Street
Croydon
Surrey
CR0 1NG
Club Lotus Limited
(Registration number: 05212328)
Statement of Financial Position as at 31 August 2022
Note |
2022 |
2021 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
51,800 |
62,267 |
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Shareholders' funds |
51,900 |
62,367 |
For the financial year ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.
Approved and authorised by the
Club Lotus Limited
(Registration number: 05212328)
Statement of Financial Position as at 31 August 2022 (continued)
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Club Lotus Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Club Lotus Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022 (continued)
2 |
Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer equipment |
33% reducing balance |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Club Lotus Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022 (continued)
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 September 2021 |
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At 31 August 2022 |
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Amortisation |
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At 1 September 2021 |
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Amortisation charge |
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At 31 August 2022 |
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Carrying amount |
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At 31 August 2022 |
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At 31 August 2021 |
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Tangible assets |
Computer equipment |
Total |
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Cost or valuation |
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At 1 September 2021 |
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At 31 August 2022 |
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Depreciation |
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At 1 September 2021 |
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Charge for the year |
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At 31 August 2022 |
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Carrying amount |
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At 31 August 2022 |
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At 31 August 2021 |
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Club Lotus Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022 (continued)
Stocks |
2022 |
2021 |
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Other inventories |
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Debtors |
2022 |
2021 |
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Other debtors |
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- |
Prepayments |
- |
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Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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