LOBO Systems Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03153710 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2024

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

174,578

213,231

Investments

6

-

483,768

174,578

696,999

CURRENT ASSETS

Stocks

7

915,680

1,063,416

Debtors

8

1,309,928

487,684

Cash at bank and in hand

590,130

1,002,668

2,815,738

2,553,768

CREDITORS

Amounts falling due within one year

9

293,565

546,647

NET CURRENT ASSETS

2,522,173

2,007,121

TOTAL ASSETS LESS CURRENT LIABILITIES

2,696,751

2,704,120

CREDITORS

Amounts falling due after more than one year

10

(69,093

)

(86,972

)

PROVISIONS FOR LIABILITIES

(24,534

)

(23,991

)

NET ASSETS

2,603,124

2,593,157

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

2,603,024

2,593,057

SHAREHOLDERS' FUNDS

2,603,124

2,593,157

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 June 2024 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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 19 (2023 - 13 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Office

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2023

75,367

254,893

41,794

372,054

Additions

6,595

26,250

-

32,845

Disposals

-

(55,179

)

-

(55,179

)

At 31 March 2024

81,962

225,964

41,794

349,720

DEPRECIATION

At 1 April 2023

28,355

96,086

34,382

158,823

Charge for year

5,363

40,259

1,854

47,476

Eliminated on disposal

-

(31,157

)

-

(31,157

)

At 31 March 2024

33,718

105,188

36,236

175,142

NET BOOK VALUE

At 31 March 2024

48,244

120,776

5,558

174,578

At 31 March 2023

47,012

158,807

7,412

213,231

The net book value of tangible fixed assets includes £ 87,026 (2023 - £ 111,580 ) in respect of assets held under hire purchase contracts.

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2023

483,768

Additions

237,517

Disposals

(721,285

)

At 31 March 2024

-

NET BOOK VALUE

At 31 March 2024

-

At 31 March 2023

483,768

7.

STOCKS

2024

2023

£

£

Finished goods

915,680

1,063,416

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

529,165

446,033

Amounts owed by group undertakings

740,000

-

Prepayments

40,763

41,651

1,309,928

487,684

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts

28,511

43,480

Payments on account

23,991

16,301

Trade creditors

81,205

263,771

Corporation tax

82,856

155,041

Social security and other taxes

52,571

32,631

Other creditors

9,586

19,888

Accruals

14,845

15,535

293,565

546,647

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts

69,093

86,972

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

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.