Silverfin false 31/01/2023 01/02/2022 31/01/2023 Mr B Green 01/03/2021 Mrs H Putjato 19/10/2020 24 October 2023 no description of principal activity 09293938 2023-01-31 09293938 bus:Director1 2023-01-31 09293938 bus:Director2 2023-01-31 09293938 2022-01-31 09293938 core:CurrentFinancialInstruments 2023-01-31 09293938 core:CurrentFinancialInstruments 2022-01-31 09293938 core:ShareCapital 2023-01-31 09293938 core:ShareCapital 2022-01-31 09293938 core:RetainedEarningsAccumulatedLosses 2023-01-31 09293938 core:RetainedEarningsAccumulatedLosses 2022-01-31 09293938 core:ComputerSoftware 2022-01-31 09293938 core:ComputerSoftware 2023-01-31 09293938 core:LeaseholdImprovements 2022-01-31 09293938 core:PlantMachinery 2022-01-31 09293938 core:FurnitureFittings 2022-01-31 09293938 core:ComputerEquipment 2022-01-31 09293938 core:LeaseholdImprovements 2023-01-31 09293938 core:PlantMachinery 2023-01-31 09293938 core:FurnitureFittings 2023-01-31 09293938 core:ComputerEquipment 2023-01-31 09293938 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-01-31 09293938 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-01-31 09293938 core:WithinOneYear 2023-01-31 09293938 core:WithinOneYear 2022-01-31 09293938 core:BetweenOneFiveYears 2023-01-31 09293938 core:BetweenOneFiveYears 2022-01-31 09293938 2022-02-01 2023-01-31 09293938 bus:FullAccounts 2022-02-01 2023-01-31 09293938 bus:SmallEntities 2022-02-01 2023-01-31 09293938 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 09293938 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 09293938 bus:Director1 2022-02-01 2023-01-31 09293938 bus:Director2 2022-02-01 2023-01-31 09293938 core:ComputerSoftware core:TopRangeValue 2022-02-01 2023-01-31 09293938 core:LeaseholdImprovements core:TopRangeValue 2022-02-01 2023-01-31 09293938 core:PlantMachinery 2022-02-01 2023-01-31 09293938 core:FurnitureFittings 2022-02-01 2023-01-31 09293938 core:ComputerEquipment core:TopRangeValue 2022-02-01 2023-01-31 09293938 2021-02-01 2022-01-31 09293938 core:ComputerSoftware 2022-02-01 2023-01-31 09293938 core:LeaseholdImprovements 2022-02-01 2023-01-31 09293938 core:ComputerEquipment 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure

Company No: 09293938 (England and Wales)

LASH HOUSE LTD

Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

LASH HOUSE LTD

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

LASH HOUSE LTD

BALANCE SHEET

As at 31 January 2023
LASH HOUSE LTD

BALANCE SHEET (continued)

As at 31 January 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 40,155 13,689
Tangible assets 4 83,495 73,304
123,650 86,993
Current assets
Stocks 2,389,889 2,222,259
Debtors 5 253,564 198,158
Cash at bank and in hand 1,206,591 709,262
3,850,044 3,129,679
Creditors: amounts falling due within one year 6 ( 681,875) ( 431,847)
Net current assets 3,168,169 2,697,832
Total assets less current liabilities 3,291,819 2,784,825
Provision for liabilities ( 19,743) ( 12,830)
Net assets 3,272,076 2,771,995
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 3,271,076 2,770,995
Total shareholder's funds 3,272,076 2,771,995

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Lash House Ltd (registered number: 09293938) were approved and authorised for issue by the Director on 24 October 2023. They were signed on its behalf by:

Mr B Green
Director
LASH HOUSE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
LASH HOUSE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Lash House Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 5 Wingates Industrial Estate Barrs Fold Close, Westhoughton, Bolton, England, BL5 3XA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 3 years straight line
Plant and machinery 15 % reducing balance
Fixtures and fittings 15 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as 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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Holiday Pay Accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance sheet date.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 50 41

3. Intangible assets

Computer software Total
£ £
Cost
At 01 February 2022 19,245 19,245
Additions 41,990 41,990
At 31 January 2023 61,235 61,235
Accumulated amortisation
At 01 February 2022 5,556 5,556
Charge for the financial year 15,524 15,524
At 31 January 2023 21,080 21,080
Net book value
At 31 January 2023 40,155 40,155
At 31 January 2022 13,689 13,689

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 February 2022 73,248 14,208 13,910 86,464 187,830
Additions 26,850 3,351 25,511 13,546 69,258
At 31 January 2023 100,098 17,559 39,421 100,010 257,088
Accumulated depreciation
At 01 February 2022 49,052 8,374 9,897 47,203 114,526
Charge for the financial year 25,681 3,705 5,726 23,955 59,067
At 31 January 2023 74,733 12,079 15,623 71,158 173,593
Net book value
At 31 January 2023 25,365 5,480 23,798 28,852 83,495
At 31 January 2022 24,196 5,834 4,013 39,261 73,304

5. Debtors

2023 2022
£ £
Trade debtors 119,361 93,212
Amounts owed by related parties 12,464 1,466
Other debtors 121,739 103,480
253,564 198,158

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 216,064 71,408
Amounts owed to related parties 0 2,420
Amounts owed to directors 34,396 20,205
Accruals and deferred income 42,834 76,912
Taxation and social security 347,899 240,401
Other creditors 40,682 20,501
681,875 431,847

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 66,147 43,230
between one and five years 37,657 4,645
103,804 47,875

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 4,524 5,779

8. Related party transactions

At the prior year end, Lash House Ltd wrote off an irrecoverable debt to a company under control of £27,000. During the year, Lash House Ltd made a further loan £6,344. Due to cessation in trade, this balance has been provided for in full at 31 January 2023.

During the year, Lash House Ltd provided a loan of £16,191 (2022: £1,468) to a company with common directors. At the year end Lash House Ltd was due £12,466 (2022: £1,468) from this company. The loan is interest free and repayable on demand.