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Registration number: 04371228

The Lavender Room Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

image-name
 

The Lavender Room Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

The Lavender Room Limited

Company Information

Directors

Ms Nicola Sanderson

Mrs Jennifer Atherton

Company secretary

Mr Thomas Alexander Atherton

Registered office

16 Bond Street
Brighton
East Sussex
BN1 1RD

Accountants

Lucraft Hodgson & Dawes LLP
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

The Lavender Room Limited

(Registration number: 04371228)
Balance Sheet as at 31 March 2023

Note

2023
 £

2022
 £

Fixed Assets

 

Tangible Assets

4

953

597

Current assets

 

Stocks

5

45,669

41,863

Debtors

6

6,673

4,045

Cash at bank and in hand

 

52,735

88,127

 

105,077

134,035

Creditors: Amounts falling due within one year

7

(57,177)

(43,363)

Net current assets

 

47,900

90,672

Total assets less current liabilities

 

48,853

91,269

Creditors: Amounts falling due after more than one year

7

(25,788)

(46,084)

Provisions for liabilities

(132)

-

Net assets

 

22,933

45,185

Capital and Reserves

 

Called up share capital

100

100

Profit and loss account

22,833

45,085

Total equity

 

22,933

45,185

For the financial year ending 31 March 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 November 2023 and signed on its behalf by:
 

 

The Lavender Room Limited

(Registration number: 04371228)
Balance Sheet as at 31 March 2023

.........................................
Ms Nicola Sanderson
Director

.........................................
Mrs Jennifer Atherton
Director

 
     
 

The Lavender Room Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
16 Bond Street
Brighton
East Sussex
BN1 1RD

These financial statements were authorised for issue by the Board on 13 November 2023.

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.

The financial statements are presented in Sterling, which is the functional currency of the company.

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.

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.

 

The Lavender Room Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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

Short leasehold

12.5% Straight line

Plant and machinery

33% Straight line

Furniture and fittings

33% Straight line

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.

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.

 

The Lavender Room Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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, analysed by category was as follows:

 

The Lavender Room Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2023
 No.

2022
 No.

Sales, marketing and distribution

10

10

10

10

 

The Lavender Room Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible Assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

40,000

23,941

13,966

77,907

Additions

-

990

-

990

At 31 March 2023

40,000

24,931

13,966

78,897

Depreciation

At 1 April 2022

40,000

23,941

13,369

77,310

Charge for the year

-

327

307

634

At 31 March 2023

40,000

24,268

13,676

77,944

Carrying amount

At 31 March 2023

-

663

290

953

At 31 March 2022

-

-

597

597

5

Stocks

2023
 £

2022
 £

Other inventories

45,669

41,863

6

Debtors

Current

2023
£

2022
£

Prepayments

3,480

-

Other debtors

3,193

4,045

 

The Lavender Room Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

10,903

1,271

Trade Creditors

 

27,061

6,823

Social security and other taxes

 

6,432

5,029

Outstanding defined contribution pension costs

 

300

224

Other payables

 

2,613

2,610

Accrued expenses

 

1,200

11,872

Corporation tax liability

8,668

15,534

 

57,177

43,363

Due after one year

 

Loans and borrowings

8

25,788

46,084

 

The Lavender Room Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Loans and borrowings

2023
 £

2022
 £

Non-current loans and borrowings

Bank borrowings

25,788

46,084

2023
 £

2022
 £

Current loans and borrowings

Bank borrowings

10,649

-

Other borrowings

254

1,271

10,903

1,271

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £35,000 (2022 - £32,000) These are annual commitements under non-cancellable operating leases. Financial commitments relate to operating lease payments committed to be paid over periods following the balance sheet date. The total commitment payable within one year is £34,000 (2022 - £32,000), with the balance of comittments falling due for payment more than one year after the balance sheet date.