Company Registration No. 09281783 (England and Wales)
MADE IN LITTLE FRANCE IMPORT LIMITED
ABRIDGED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
MADE IN LITTLE FRANCE IMPORT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MADE IN LITTLE FRANCE IMPORT LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
12,971
21,652
Current assets
Stocks
108,677
133,449
Debtors
5
206,355
104,363
Cash at bank and in hand
1,483
8,550
316,515
246,362
Creditors: amounts falling due within one year
6
(276,302)
(191,208)
Net current assets
40,213
55,154
Total assets less current liabilities
53,184
76,806
Creditors: amounts falling due after more than one year
7
(52,246)
(75,466)
Net assets
938
1,340
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
936
1,338
Total equity
938
1,340
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 26 July 2024
Mr M Masurier
Director
Company registration number 09281783 (England and Wales)
MADE IN LITTLE FRANCE IMPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information
MADE IN LITTLE FRANCE IMPORT LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is 397 St. John Street, London, EC1V 4LD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
over 10 years
Shop equipment, fixtures and fittings
25% straight line
Electric bike
25% straight line
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
MADE IN LITTLE FRANCE IMPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Pension costs and other post-retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
9
9
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
4,363
10,608
MADE IN LITTLE FRANCE IMPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
4
Tangible fixed assets
Leasehold land and buildings
Shop equipment, fixtures and fittings
Electric bike
Total
£
£
£
£
Cost
At 1 November 2022
20,000
40,679
2,082
62,761
Additions
447
447
At 31 October 2023
20,000
41,126
2,082
63,208
Depreciation and impairment
At 1 November 2022
14,000
25,765
1,344
41,109
Depreciation charged in the year
2,000
6,608
520
9,128
At 31 October 2023
16,000
32,373
1,864
50,237
Carrying amount
At 31 October 2023
4,000
8,753
218
12,971
At 31 October 2022
6,000
14,914
738
21,652
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
206,355
104,363
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
61,570
12,366
Trade creditors
38,354
45,076
Corporation tax
94,341
64,237
Other taxation and social security
71,392
41,602
Other creditors
8,645
23,841
Accruals
2,000
4,086
276,302
191,208
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
52,246
75,466