Lucoli Ltd |
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Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Lucoli Ltd for the period ended 31 March 2020 |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lucoli Ltd for the period ended 31 March 2020 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance |
This report is made solely to the Board of Directors of Lucoli Ltd, as a body, in accordance with the terms of our engagement letter dated 20 November 2018. Our work has been undertaken solely to prepare for your approval the accounts of Lucoli Ltd and state those matters that we have agreed to state to the Board of Directors of Lucoli Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lucoli Ltd and its Board of Directors as a body for our work or for this report. |
It is your duty to ensure that Lucoli Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Lucoli Ltd. You consider that Lucoli Ltd is exempt from the statutory audit requirement for the period. |
We have not been instructed to carry out an audit or a review of the accounts of Lucoli Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts. |
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PW Accountants Ltd |
Chartered Accountants |
82b High Street |
Sawston |
Cambs |
CB22 3HJ |
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5 July 2020 |
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Lucoli Ltd
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Notes to the Accounts |
for the period from 9 November 2018 to 31 March 2020
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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2 |
Taxation |
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There is no tax to pay and the company has tax losses to carry forward of £133. |
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3 |
Creditors: amounts falling due within one year |
2020 |
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£ |
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Directors loan account |
400 |
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4 |
Other information |
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Lucoli Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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82b High Street |
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Sawston |
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Cambs |
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CB22 3HJ |