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Unaudited Financial Statements |
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for the Year Ended 30 March 2020 |
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for |
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LOM Enterprises Ltd |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 30 March 2020 |
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for |
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LOM Enterprises Ltd |
LOM Enterprises Ltd (Registered number: 10038220) |
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Contents of the Financial Statements |
for the Year Ended 30 March 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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LOM Enterprises Ltd |
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Company Information |
for the Year Ended 30 March 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Bank Chambers |
61 High Street |
Cranbrook |
Kent |
TN17 3EG |
LOM Enterprises Ltd (Registered number: 10038220) |
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Balance Sheet |
30 March 2020 |
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30.3.20 | 30.3.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 | ( |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
LOM Enterprises Ltd (Registered number: 10038220) |
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Balance Sheet - continued |
30 March 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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LOM Enterprises Ltd (Registered number: 10038220) |
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Notes to the Financial Statements |
for the Year Ended 30 March 2020 |
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1. | STATUTORY INFORMATION |
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LOM Enterprises Ltd is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
LOM Enterprises Ltd (Registered number: 10038220) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 March 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Inventory |
The company's development property has been valued at the lower of cost and net realisable value. The costs incorporate the cost of acquisition, incidental costs of purchase, interest incurred on the loan specifically taken out to fund the acquisition and development as well as the costs of conversion. |
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Going concern |
The accounts have been prepared on a goring concern basis as the director has repaid the loan he had taken from the company so that the company can meet its financial obligations as they fall due. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 31 March 2019 |
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Additions |
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Disposals | ( |
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At 30 March 2020 |
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DEPRECIATION |
At 31 March 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 March 2020 |
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NET BOOK VALUE |
At 30 March 2020 | ( |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.3.20 | 30.3.19 |
£ | £ |
Other debtors |
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LOM Enterprises Ltd (Registered number: 10038220) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 March 2020 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.3.20 | 30.3.19 |
£ | £ |
Taxation and social security |
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Other creditors |
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7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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At 30 March 2019, a director had made a loan of £808,905 to the company. This was repaid during the year. The company made a loan to the same director which totalled £1,776,443. The company charged interest of £33,000 at 2.5% per annum. At 30 March 2020, the loan stood at £1,776,443. This loan was repaid on 30 December 2020. |