Company Registration No. 06856612 (England and Wales)
London Concord Ltd
Unaudited accounts
for the year ended 31 August 2021
London Concord Ltd
Statement of financial position
as at
31 August 2021
Tangible assets
67,642
146,586
Cash at bank and in hand
23,835
181,820
Creditors: amounts falling due within one year
(104,031)
(238,440)
Net current (liabilities)/assets
(24,196)
39,472
Total assets less current liabilities
43,446
186,058
Creditors: amounts falling due after more than one year
(164,584)
(216,927)
Net liabilities
(121,138)
(30,869)
Called up share capital
1,000
1,000
Profit and loss account
(122,138)
(31,869)
Shareholders' funds
(121,138)
(30,869)
For the year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 23 June 2022 and were signed on its behalf by
G Fang
Director
Company Registration No. 06856612
London Concord Ltd
Notes to the Accounts
for the year ended 31 August 2021
London Concord Ltd is a private company, limited by shares, registered in England and Wales, registration number 06856612. The registered office is Office 201 10 Courtenary Road, , East Lane Business Park, Wembley, HA9 7ND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The director has identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
The financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, notwithstanding the company's net current liabilities, which the director believes to be appropriate for the following reasons. The company is dependent for its working capital on funds provided to it by the company's director, Gang Fang. Gang Fang has provided the company with an undertaking that, for at least 12 months from the date of approval of these financial statements, it will continue to make available such funds as are needed by the company.
This should enable the company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. As with any company placing reliance on other entities for financial support, the director acknowledges that there can be no certainty that this support will continue, although, at the date of approval of these financial statements, he has no reason to believe that it will not do so.
Based on this undertaking the director believes that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
London Concord Ltd
Notes to the Accounts
for the year ended 31 August 2021
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
20% on cost
4
Tangible fixed assets
Motor vehicles
Cost or valuation
At cost
At 1 September 2020
394,718
At 31 August 2021
394,718
At 1 September 2020
248,132
Charge for the year
78,944
At 31 August 2021
327,076
At 31 August 2020
146,586
5
Debtors: amounts falling due within one year
2021
2020
Other debtors
56,000
66,909
6
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
33,000
8,250
Obligations under finance leases and hire purchase contracts
49,889
65,537
Taxes and social security
-
7,048
Other creditors
923
140,750
Loans from directors
17,679
1,868
7
Creditors: amounts falling due after more than one year
2021
2020
Bank loans
123,750
156,750
Obligations under finance leases and hire purchase contracts
40,834
60,177
London Concord Ltd
Notes to the Accounts
for the year ended 31 August 2021
8
Average number of employees
During the year the average number of employees was 2 (2020: 4).