Registered number
12459714
LILLY BEAUTY LTD
Filleted Accounts
28 February 2023
LILLY BEAUTY LTD
Registered number: 12459714
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 520 650
Current assets
Debtors 4 14,000 14,000
Cash at bank and in hand 32,081 34,803
46,081 48,803
Creditors: amounts falling due within one year 5 (4,958) (4,225)
Net current assets 41,123 44,578
Total assets less current liabilities 41,643 45,228
Creditors: amounts falling due after more than one year 6 (41,000) (44,403)
Net assets 643 825
Capital and reserves
Called up share capital 100 100
Profit and loss account 543 725
Shareholder's funds 643 825
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs Fatma Boybeyi
Director
Approved by the board on 28 November 2023
LILLY BEAUTY LTD
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 840
At 28 February 2023 840
Depreciation
At 1 March 2022 190
Charge for the year 130
At 28 February 2023 320
Net book value
At 28 February 2023 520
At 28 February 2022 650
4 Debtors 2023 2022
£ £
Other debtors 14,000 14,000
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 2,872 3,145
Taxation and social security costs 1,610 701
Other creditors 476 379
4,958 4,225
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 41,000 44,403
7 Other information
LILLY BEAUTY LTD is a private company limited by shares and incorporated in England. Its registered office is:
52 Great Cambridge Road
Tottenham
London
UK
N17 7BU
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