Loster Corporation Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07444122 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2017

FOR

LOSTER CORPORATION LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

A Brewster

REGISTERED OFFICE:

Office 8

10 Great Russell Street

London

WC1B 3BQ

REGISTERED NUMBER:

07444122 (England and Wales)

ACCOUNTANTS:

Accura Accountants Ltd

Langley House

Park Road

East Finchley

London

N2 8EY

FIXED ASSETS

Investments

3

30,723

30,723

CREDITORS

Amounts falling due within one year

4

222,206

84,398

NET CURRENT LIABILITIES

(222,206

)

(84,398

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(191,483

)

(53,675

)

CREDITORS

Amounts falling due after more than one year

5

-

836,396

NET LIABILITIES

(191,483

)

(890,071

)

CAPITAL AND RESERVES

Called up share capital

1,556

1,556

Retained earnings

(193,039

)

(891,627

)

SHAREHOLDERS' FUNDS

(191,483

)

(890,071

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 10 August 2018 and were signed by:

A Brewster - Director

1.	STATUTORY INFORMATION

Loster Corporation Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis, the applicability of which is dependent

upon the continued support of the company's creditors and financiers. At the balance sheet date the company's

liabilities exceed its assets by $191,483 (2016: $890,071). In the opinion of the director the company has the

support of its creditors and financiers for the foreseeable future, and it is therefore considered appropriate to

adopt the going concern policy.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company

becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is

a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Basic financial assets and liabilities

Basic financial assets, and liabilities are initially measured at transaction price including transaction costs and are

subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a

financing transaction, where the transaction is measured at the present value of the future receipts discounted at a

market rate of interest. Financial assets and liabilities classified as receivable or payable within one year are not

amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade

creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business

from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If

not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and

subsequently measured at amortised cost using the effective interest method.

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.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into US Dollars at the rates of exchange ruling at the

statement of financial position date. Transactions in foreign currencies are translated into US Dollars at the

average rate of exchange. Exchange differences are taken into account in arriving at the operating result.

3.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

30.11.17

30.11.16

$

$

Lima Bags JSC

30,723

30,723

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.17

30.11.16

$

$

Trade creditors

-

47,328

Other creditors

222,206

37,070

222,206

84,398

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.17

30.11.16

$

$

Other creditors

-

836,396

Amounts falling due in more than five years:

Repayable by instalments

Other loans

-

836,396

6.	ULTIMATE CONTROLLING PARTY

The controlling party is S Lebedev.