Lobo Systems Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03153710 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Lobo Systems Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R J Bokros

H Bokros

SECRETARY:

H Bokros

REGISTERED OFFICE:

Centurion Way Business Park

Alfreton Road

Derby

Derbyshire

DE21 4AY

REGISTERED NUMBER:

03153710 (England and Wales)

ACCOUNTANTS:

Mabe Allen LLP

Chartered Accountants

50 Osmaston Road

Derby

DE1 2HU

BANKERS:

National Westminster Bank Plc

Crompton House

Derwent Street

Derby

Derbyshire

DE1 2EE

FIXED ASSETS

Tangible assets

5

213,231

112,229

Investments

6

483,768

-

696,999

112,229

CURRENT ASSETS

Stocks

7

1,063,416

661,301

Debtors

8

487,684

485,663

Cash at bank and in hand

1,002,668

698,691

2,553,768

1,845,655

CREDITORS

Amounts falling due within one year

9

546,647

538,274

NET CURRENT ASSETS

2,007,121

1,307,381

TOTAL ASSETS LESS CURRENT LIABILITIES

2,704,120

1,419,610

CREDITORS

Amounts falling due after more than one year

10

(86,972

)

-

PROVISIONS FOR LIABILITIES

(23,991

)

(2,772

)

NET ASSETS

2,593,157

1,416,838

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

2,593,057

1,416,738

SHAREHOLDERS' FUNDS

2,593,157

1,416,838

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 7 August 2023 and were signed on its behalf by:

R J Bokros - Director

H Bokros - Director

1.	STATUTORY INFORMATION

Lobo Systems 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

25% on reducing balance

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks and work in progress

Stocks and work in progress are stated at the lower of cost and net realisable value and includes a relevant proportion of overheads according to the stage of completion. Net realisable value is the estimated or actual selling price less all further costs to be incurred to completion and disposal.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

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.

Finance leases

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that the outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 10 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Office

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2022

56,107

169,214

35,870

261,191

Additions

19,260

148,774

5,924

173,958

Disposals

-

(63,095

)

-

(63,095

)

At 31 March 2023

75,367

254,893

41,794

372,054

DEPRECIATION

At 1 April 2022

23,131

93,922

31,909

148,962

Charge for year

5,224

52,937

2,473

60,634

Eliminated on disposal

-

(50,773

)

-

(50,773

)

At 31 March 2023

28,355

96,086

34,382

158,823

NET BOOK VALUE

At 31 March 2023

47,012

158,807

7,412

213,231

At 31 March 2022

32,976

75,292

3,961

112,229

The net book value of tangible fixed assets includes £ 111,580 (2022 - £ 10,407 ) in respect of assets held under hire purchase contracts.

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

Additions

484,798

Revaluations

(1,030

)

At 31 March 2023

483,768

NET BOOK VALUE

At 31 March 2023

483,768

Cost or valuation at 31 March 2023 is represented by:

Other

investments

£

Valuation in 2023

(1,030

)

Cost

484,798

483,768

7.

STOCKS

2023

2022

£

£

Finished goods

1,063,416

661,301

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

446,033

454,159

Prepayments

41,651

31,504

487,684

485,663

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Hire purchase contracts

43,480

2,075

Payments on account

16,301

6,470

Trade creditors

263,771

227,305

Corporation tax

155,041

72,197

Social security and other taxes

32,631

29,455

Other creditors

19,888

10,637

Directors' current accounts

-

179,312

Accruals

15,535

10,823

546,647

538,274

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Hire purchase contracts

86,972

-

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary

£1

100

100

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Lobo Holdings Limited.

The ultimate controlling party is the directors, R J and H Bokros.