The Lotus Lounge Ltd Small abridged accounts

THE LOTUS LOUNGE LTD - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of The Lotus Lounge Ltd have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 08444182

The Lotus Lounge Ltd

Filleted Unaudited Abridged Financial Statements

31 March 2018

The Lotus Lounge Ltd

Abridged Financial Statements

Year ended 31 March 2018

Contents	Page

Directors' report	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

The Lotus Lounge Ltd

Directors' Report

Year ended 31 March 2018

The directors present their report and the unaudited abridged financial statements of the company for the year ended 31 March 2018 .

Directors

The directors who served the company during the year were as follows:

Mr Y W Fu
Mrs Y M Fu

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 5 December 2018 and signed on behalf of the board by:

Mr Y W Fu

Director

Registered office:

Vicarage Corner House

219 Burton Road

Derby

DE23 6AE

The Lotus Lounge Ltd

Abridged Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	5	17,250	18,400
Tangible assets	6	186	248
		--------	--------
		17,436	18,648

Current assets

Stocks	2,748	2,567
Cash at bank and in hand	4,892	10,543
	-------	--------
	7,640	13,110

Creditors: amounts falling due within one year	12,709		18,332
	--------		--------
Net current liabilities		5,069	5,222
		--------	--------
Total assets less current liabilities		12,367	13,426
		--------	--------
Net assets		12,367	13,426
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	12,267	13,326
	--------	--------
Members funds	12,367	13,426
	--------	--------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

The Lotus Lounge Ltd

Abridged Statement of Financial Position (continued)

31 March 2018

These abridged financial statements were approved by the board of directors and authorised for issue on 5 December 2018 , and are signed on behalf of the board by:

Mr Y W Fu

Director

Company registration number: 08444182

The Lotus Lounge Ltd

Notes to the Abridged Financial Statements

Year ended 31 March 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vicarage Corner House, 219 Burton Road, Derby, DE23 6AE.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year, inclusive of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Compound instruments Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2017: 6 ).

5. Intangible assets

	£
Cost
At 1 April 2017 and 31 March 2018	23,000
	--------
Amortisation
At 1 April 2017	4,600
Charge for the year	1,150
	--------
At 31 March 2018	5,750
	--------
Carrying amount
At 31 March 2018	17,250
	--------
At 31 March 2017	18,400
	--------

6. Tangible assets

	£
Cost
At 1 April 2017 and 31 March 2018	785
	----
Depreciation
At 1 April 2017	537
Charge for the year	62
	----
At 31 March 2018	599
	----
Carrying amount
At 31 March 2018	186
	----
At 31 March 2017	248
	----

7. Directors' advances, credits and guarantees

The directors loan account was in credit at the year end so no disclosure is required.

8. Related party transactions

The company was under the control of Mr and Mrs Fu throughout the current and previous years. Mr and Mrs Fu are the managing directors and equal shareholders.