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Registration number: 11331695

Lily Gill Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Lily Gill Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Lily Gill Ltd

Company Information

Director

Ms LG Gill

Registered office

11 Highfield Park
Heaton Mersey
Stockport
SK4 3HD

Accountants

Cameron Alexander Accountants Limited
Chartered Certified Accountants
2 Western Street
Barnsley
S70 2BP

 

Lily Gill Ltd

(Registration number: 11331695)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

868

391

Current assets

 

Debtors

4

2,835

1,240

Cash at bank and in hand

 

4,505

1,304

 

7,340

2,544

Creditors: Amounts falling due within one year

5

(11,808)

(22,236)

Net current liabilities

 

(4,468)

(19,692)

Total assets less current liabilities

 

(3,600)

(19,301)

Provisions for liabilities

(154)

(74)

Net liabilities

 

(3,754)

(19,375)

Capital and reserves

 

Called up share capital

6

1

1

Retained earnings

(3,755)

(19,376)

Shareholders' deficit

 

(3,754)

(19,375)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 July 2024
 

.........................................
Ms LG Gill
Director

 

Lily Gill Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

Accounting policies

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Lily Gill Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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

Office equipment

25% reducing balance

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.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Lily Gill Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

3

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

1,648

1,648

Additions

575

575

At 30 April 2024

2,223

2,223

Depreciation

At 1 May 2023

1,257

1,257

Charge for the year

98

98

At 30 April 2024

1,355

1,355

Carrying amount

At 30 April 2024

868

868

At 30 April 2023

391

391

4

Debtors

Current

2024
£

2023
£

Prepayments

39

39

Other debtors

2,796

1,201

2,835

1,240

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

54

48

Taxation and social security

-

19

Other creditors

11,754

22,169

11,808

22,236

 

Lily Gill Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

1

1

1

1

         

7

Related party transactions

Transactions with the director

2024

At 1 May 2023
£

Advances to director
£

At 30 April 2024
£

Ms LG Gill

No interest is charged on the loan and there is no fixed date of repayment

22,169

(10,436)

11,733