Lokos Electronics UK Limited
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Registered number: |
09763067
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Balance Sheet |
at 31 December 2021
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Notes |
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|
2021 |
|
|
2020 |
£ |
£ |
Current assets |
Debtors |
4 |
|
219 |
|
|
219 |
Cash at bank and in hand |
|
|
495 |
|
|
1,721 |
|
|
|
714 |
|
|
1,940 |
|
Creditors: amounts falling due within one year |
5 |
|
(316,448) |
|
|
(278,268) |
|
Net current liabilities |
|
|
|
(315,734) |
|
|
(276,328) |
|
Net liabilities |
|
|
|
(315,734) |
|
|
(276,328) |
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|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
1 |
|
|
1 |
Profit and loss account |
|
|
|
(315,735) |
|
|
(276,329) |
|
Shareholders' funds |
|
|
|
(315,734) |
|
|
(276,328) |
|
|
|
|
|
|
|
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The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
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The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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The financial statements have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
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|
Philip Edward Morrison |
Director |
The financial statements were approved by the board of directors on 18 August 2022
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Lokos Electronics UK Limited
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Notes to the Financial statements |
for the year ended 31 December 2021
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|
1 |
Accounting policies |
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Basis of preparation |
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These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 – The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis and are presented in Sterling (£).
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services and is recognised by reference to the stage of completion of the contract.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets over their expected useful lives, using the straight-line method.
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Plant and machinery |
25% per year |
|
|
Debtors |
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Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Creditors |
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Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Taxation |
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Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. Deferred tax assets and deferred tax liabilities are offset only if the company has a legally enforceable right to set off current tax assets against current tax liabilities, and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority.
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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Foreign currency translation |
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Transactions in foreign currencies are recognised at the spot rate at the dates of the transactions, or at an average rate where this rate approximates the actual rate at the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Nonmonetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognised in the profit and loss account in the period in which they arise.
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Employee benefits |
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Short-term employee benefits and contributions to defined contribution pension plans are recognised as an expense in the period in which they are incurred. The company operates stakeholder defined contribution pension schemes for the benefit of the employees and directors. The assets of the pension schemes are administered by an independent pensions provider.
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|
2 |
Employees |
2021 |
|
2020 |
Number |
Number |
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Average number of persons employed by the company |
2 |
|
2 |
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|
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3 |
Tangible fixed assets |
|
|
|
|
|
|
|
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Plant and machinery |
£ |
|
Cost |
|
At 1 January 2021 |
5,629 |
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At 31 December 2021 |
5,629 |
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|
|
|
|
|
|
|
|
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Depreciation |
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At 1 January 2021 |
5,629 |
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At 31 December 2021 |
5,629 |
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|
|
|
|
|
|
|
|
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Net book value |
|
At 31 December 2021 |
- |
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|
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|
|
|
|
|
|
|
4 |
Debtors |
2021 |
|
2020 |
£ |
£ |
|
|
Other taxes and social security |
|
219 |
|
219 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
£ |
£ |
|
|
Other creditors |
14,956 |
|
20,907 |
|
Amounts owed to group undertakings |
|
299,770 |
|
255,106 |
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Accruals and deferred income |
1,722 |
|
2,255 |
|
|
|
|
|
|
316,448 |
|
278,268 |
|
|
|
|
|
|
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6 |
Other information |
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Lokos Electronics UK Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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18 Marcus Close |
|
Haverhill |
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Suffolk |
|
CB9 0NT |