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Lucys World Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2021

 

Lucys World Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Lucys World Limited

Company Information

Directors

Mr SJ Wilson

Mrs LL Wilson

Registered office

Alexander & Co Schooners Business Park
Bess Park Road
Wadebridge
Cornwall
PL27 6HB

Registered number

08688039 (England & Wales)

Accountants

Alexander & Co
AAT Licenced Accountant
Schooners Business Park
Bess Park Road
Wadebridge
Cornwall
PL27 6HB

 

Lucys World Limited

(Registration number: 08688039)
Balance Sheet as at 31 December 2021

Note

2021

2020

   

£

£

£

£

fixed assets

   

 

tangible assets

6

 

8,612

 

10,209

Other financial assets

7

 

199,049

 

-

   

207,661

 

10,209

Current assets

   

 

stocks

8

13,089

 

20,000

 

Debtors

9

99,359

 

117,200

 

Cash at bank and in hand

 

333,685

 

341,695

 

 

446,133

 

478,895

 

Creditors: Amounts falling due within one year

10

(128,289)

 

(140,354)

 

Net current assets

   

317,844

 

338,541

Total assets less current liabilities

   

525,505

 

348,750

Provisions for liabilities

13

 

(1,636)

 

(1,940)

Net assets

   

523,869

 

346,810

capital and reserves

   

 

Called up share capital

11

200

 

200

 

Revaluation reserve

991

 

-

 

Profit and loss account

522,678

 

346,610

 

Total equity

   

523,869

 

346,810

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Lucys World Limited

(Registration number: 08688039)
Balance Sheet as at 31 December 2021

Approved and authorised by the Board on 13 September 2022

and signed on its behalf by:
 

.........................................

Mr SJ Wilson
Director

.........................................

Mrs LL Wilson
Director

 

Lucys World Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Alexander & Co Schooners Business Park
Bess Park Road
Wadebridge
Cornwall
PL27 6HB
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Lucys World Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and Fittings

25% Reducing Balance

Plant and Machinery

25% Reducing Balance

Computer Equipment

33% Straight Line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Useful life of 3 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Lucys World Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2020 - 7).

4

Taxation

Tax charged/(credited) in the income statement

 

Lucys World Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

2021
 £

2020
 £

Current taxation

UK corporation tax

57,736

84,388

Deferred taxation

Arising from changes in tax rates and laws

(303)

1,108

Tax expense in the income statement

57,433

85,496

 

Lucys World Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2021

80,000

80,000

At 31 December 2021

80,000

80,000

Amortisation

At 1 January 2021

80,000

80,000

At 31 December 2021

80,000

80,000

Carrying amount

At 31 December 2021

-

-

6

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2021

7,736

10,069

27,544

45,349

Additions

-

-

4,458

4,458

At 31 December 2021

7,736

10,069

32,002

49,807

Depreciation

At 1 January 2021

6,598

8,648

19,894

35,140

Charge for the year

284

356

5,415

6,055

At 31 December 2021

6,882

9,004

25,309

41,195

Carrying amount

At 31 December 2021

854

1,065

6,693

8,612

At 31 December 2020

1,138

1,421

7,650

10,209

 

Lucys World Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

7

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

Fair value adjustments

991

991

Additions

198,058

198,058

At 31 December 2021

199,049

199,049

Impairment

Carrying amount

At 31 December 2021

199,049

199,049

8

Stocks

2021
£

2020
£

Other inventories

13,089

20,000

 

Lucys World Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

9

debtors

Current

2021
£

2020
£

Trade debtors

50,064

54,434

Prepayments

1,701

1,680

Other debtors

47,594

61,086

 

99,359

117,200

10

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Trade creditors

55,628

52,907

Taxation and social security

57,725

83,766

Accruals and deferred income

3,858

3,681

Other creditors

11,078

-

128,289

140,354

11

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary A of £0.10 each

1,000

100

1,000

100

Ordinary B of £0.10 each

1,000

100

1,000

100

 

2,000

200

2,000

200

12

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

991

991

 

Lucys World Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

13

Deferred tax and other provisions

Deferred tax
£

Total
£

At 1 January 2021

1,940

1,940

Increase (decrease) in existing provisions

(304)

(304)

At 31 December 2021

1,636

1,636

 

Lucys World Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

14

Dividends

Final dividends paid

   

2021
£

 

2020
£

A final dividend of £Nil was paid per each Ordinary A share

 

-

 

-

A final dividend of £Nil was paid per each Ordinary B share

 

-

 

-

   

-

 

-

Interim dividends paid

   

2021
£

 

2020
£

An interim dividend of £33.732 (2020 - £111.50) was paid per each Ordinary A share

 

33,732

 

111,500

An interim dividend of £33.732 (2020 - £111.50) was paid per each Ordinary B share

 

33,732

 

111,500

   

67,464

 

223,000