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Registration number: 10891383

Lucy Coggle Design Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Lucy Coggle Design Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Lucy Coggle Design Limited

Company Information

Directors

Miss Lucy Rhiain Coggle

Mr Edmund Thomas Owen Wethered

Company secretary

Mr Edmund Thomas Owen Wethered

Registered office

88 Southmoor Road
Oxford
OX2 6RB

Accountants

SJB & Co
8 Barnfield
Feering
Colchester
Essex
CO5 9HP

 

Lucy Coggle Design Limited

(Registration number: 10891383)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

827

1,341

Current assets

 

Stocks

5

18,112

21,606

Debtors

6

2,487

2,996

Cash at bank and in hand

 

7,543

3,515

 

28,142

28,117

Creditors: Amounts falling due within one year

7

(27,775)

(29,077)

Net current assets/(liabilities)

 

367

(960)

Net assets

 

1,194

381

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

1,094

281

Shareholders' funds

 

1,194

381

For the financial year ending 31 July 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 April 2024 and signed on its behalf by:
 

.........................................
Miss Lucy Rhiain Coggle
Director

 

Lucy Coggle Design Limited

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

1

General information

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

The address of its registered office is:
88 Southmoor Road
Oxford
OX2 6RB

These financial statements were authorised for issue by the Board on 24 April 2024.

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 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.

 

Lucy Coggle Design Limited

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

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.

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

Furniture, fitttings and equipmentt

Straight line over 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.

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.

Borrowings

 

Lucy Coggle Design Limited

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

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, was 2 (2022 - 2).

 

Lucy Coggle Design Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

10,022

10,022

Additions

364

364

At 31 July 2023

10,386

10,386

Depreciation

At 1 August 2022

8,681

8,681

Charge for the year

878

878

At 31 July 2023

9,559

9,559

Carrying amount

At 31 July 2023

827

827

At 31 July 2022

1,341

1,341

5

Stocks

2023
£

2022
£

Other inventories

18,112

21,606

6

Debtors

Current

2023
£

2022
£

Trade debtors

1,710

1,583

Prepayments

777

1,413

 

2,487

2,996

7

Creditors

Creditors: amounts falling due within one year

 

Lucy Coggle Design Limited

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

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

63

-

Trade creditors

 

881

288

Taxation and social security

 

16,725

8,047

Accruals and deferred income

 

4,810

2,870

Other creditors

 

5,296

17,872

 

27,775

29,077

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary shares of £1 each

50

50

50

50

B Ordinary shares of £1 each

50

50

50

50

 

100

100

100

100

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

63

-

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £484.00 (2022 - £200.00) per each A Ordinary shares

 

24,200

 

10,000

Interim dividend of £598.00 (2022 - £400.00) per each B Ordinary shares

 

29,900

 

20,000

   

54,100

 

30,000

11

Related party transactions

 

Lucy Coggle Design Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,889

8,920

Contributions paid to money purchase schemes

10,000

-

22,889

8,920

Dividends paid to directors

   

2023
£

 

2022
£

Miss Lucy Rhiain Coggle

       

Interim dividend

 

24,200

 

10,000

         

Mr Edmund Thomas Owen Wethered

       

Interim dividend

 

29,900

 

20,000

         

Other transactions with directors

The directors provided work space and storage facilities to the company in the period and received rent totalling £2,560 during the year (2022: £1,860).