Lomox Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06439471 (England and Wales)

Financial Statements for the Year Ended 30th April 2017

for

Lomox Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Professor A N Davies

R Preece

W O Zawawi

N K Goyal

D B Edgar

REGISTERED OFFICE:

Bank House

Market Square

Congleton

Cheshire

CW12 1ET

REGISTERED NUMBER:

06439471 (England and Wales)

FIXED ASSETS

Intangible assets

4

2,575,441

2,425,203

Property, plant and equipment

5

3,222

4,357

2,578,663

2,429,560

CURRENT ASSETS

Debtors

101,041

62,776

Cash at bank and in hand

99,254

467,264

200,295

530,040

CREDITORS

Amounts falling due within one year

71,762

82,652

NET CURRENT ASSETS

128,533

447,388

TOTAL ASSETS LESS CURRENT LIABILITIES

2,707,196

2,876,948

PROVISIONS FOR LIABILITIES

-

31

NET ASSETS

2,707,196

2,876,917

CAPITAL AND RESERVES

Called up share capital

6

2,927

2,927

Share premium

3,772,923

3,772,923

Retained earnings

(1,068,654

)

(898,933

)

SHAREHOLDERS' FUNDS

2,707,196

2,876,917

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30th April 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 7th September 2017 and were signed on its behalf by:

R Preece - Director

1.	STATUTORY INFORMATION

Lomox 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 FRS 102 ""The Financial Reporting Standard

applicable in the UK and Republic of Ireland" ("FRS 102"), the requirements of the Companies Act 2006 as

applicable to companies subject to the small companies regime, and under the historical cost convention,

modified to include certain financial instruments at fair value. The disclosure requirements of section 1A of FRS

102 have been.

First Time Adoption of FRS102

These financial statements are the first financial statements the Company has prepared in accordance with

Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of

Ireland' (FRS 102) as applied to smaller entities by the adoption of Section 1A of FRS 102. The financial

statements of the Company for the year ended 30 April 2016 were prepared in accordance with "Financial

Reporting Standard for Smaller Entities (effective April 2008) (FRSSE)".

Going Concern

The financial statements have been prepared on a going concern basis. The validity of the going concern

assumption depends on the continued support of the company's shareholders and parent company, Galloping

Technology Limited. The directors are of the opinion that this support will be forthcoming if necessary.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Development costs are not currently amortised until brought into use.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Financial instruments

The company has elected to apply the provisions of section 11 'Basic Financial Instruments' and Section 12

'Other Financial Issues' of FRS102 to all of its financial instruments.

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank

loans and directors loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest,

and subsequently at amortised cost using the effective interest method.

Directors loans (being repayable on demand ), trade debtors and trade creditors are measured at the undiscounted

amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective

evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the

Statement of Income and Retained Earnings.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2016 - 0 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1st May 2016

2,425,203

Additions

150,238

At 30th April 2017

2,575,441

NET BOOK VALUE

At 30th April 2017

2,575,441

At 30th April 2016

2,425,203

5.	PROPERTY, PLANT AND EQUIPMENT

Totals

£

COST

At 1st May 2016

and 30th April 2017

39,063

DEPRECIATION

At 1st May 2016

34,706

Charge for year

1,135

At 30th April 2017

35,841

NET BOOK VALUE

At 30th April 2017

3,222

At 30th April 2016

4,357

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/4/17

30/4/16

value:

£

£

2,049

A PREFERRED

£1

2,049

2,049

878

Ordinary GBP1

£1

878

878

2,927

2,927

Short Summary of A Preferred share rights:

A Preferred shares have a priority right to dividends (at the rate of 8% per annum of the original subscription

price paid on issue of an A Preferred Share).

A Preferred shares have a priority right to a return of capital on a liquidation, dissolution or winding-up.

The A Preferred Shares are liable to be redeemed (on notice in writing by the holders thereof to the Company),

upon the happening of any of the redemption trigger events set out in the Company's articles of association, or at

any time after the fifth anniversary of the adoption of the Company's articles of association.

Full details of the rights attaching to the A Preferred Shares are set out in the Company's articles of association.

Short Summary of Ordinary Share rights:

The Ordinary Shares have a right to dividends (but only after payment of a preferential dividend to the holders of

A Preferred Shares).

The Ordinary Shares have a right to a return of capital on a liquidation, dissolution or winding-up (but only after

the making good of any arrears in payment of the preferential dividend to the holders of A Preferred Shares, and

after a return of capital to A Preferred Share holders).

The Ordinary shares are not liable to be redeemed.

Full details of the rights attaching to the Ordinary Shares are set out in the Company's articles of association

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Steven Cleugh FCCA (Senior Statutory Auditor)

for and on behalf of RSM UK Audit LLP

8.	RELATED PARTY DISCLOSURES

During the year Galloping Technologies Limited who are the parent company of Lomox Limited were recharged

expenses from Lomox Limited totalling £33,039 (2016: £167,781), there was no balance outstanding at the year

end.

2017

2016

Remuneration paid to directors

£49,212

£86,754

The balance outstanding at the year end was £3,800 (2016: £Nil), payable to directors.

No directors were accruing retirement benefits during the year.

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Galloping Technologies Limited who's address is Omzest, Al Maraasy Building,

Muttrah Sea Front, PO Box 879, Muscat - P.C 100 by virtue of its 70% ownership.

10.	FIRST YEAR ADOPTION

The company has transitioned to FRS 102 from previously being prepared under the historical cost convention

and in accordance with the financial Reporting Standards for Smaller Entities (effective April 2015) as at 1st

May 2016.

Reconciliation of equity

No transitional adjustments were required.

Reconciliation of profit or loss for the year

No reconciliation of profit or loss were required.