WHITE LODGE FABRIC LIMITED
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 374 3,150
Tangible assets 4 254 339
628 3,489
Current assets
Stocks 28,519 25,941
Debtors 5 10 571
Cash at bank and in hand 19,542 18,216
48,071 44,728
Creditors: amounts falling due within one year 6 (36,977) (36,820)
Net current assets 11,094 7,908
Total assets less current liabilities 11,722 11,397
Provisions for liabilities - (64)
Net assets 11,722 11,333
Capital and reserves
Called up share capital 12 12
Profit and loss account 11,710 11,321
Shareholders' funds 11,722 11,333
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
D.J. WAIN
Director
Approved by the board on 2 April 2024
WHITE LODGE FABRIC LIMITED
Notes to the Accounts
for the year ended 30 November 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 27,758
At 30 November 2023 27,758
Amortisation
At 1 December 2022 24,608
Provided during the year 2,776
At 30 November 2023 27,384
Net book value
At 30 November 2023 374
At 30 November 2022 3,150
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Fixtures, fittings, tools and equipment
£
Cost
At 1 December 2022 4,637
At 30 November 2023 4,637
Depreciation
At 1 December 2022 4,298
Charge for the year 85
At 30 November 2023 4,383
Net book value
At 30 November 2023 254
At 30 November 2022 339
5 Debtors 2023 2022
£ £
Trade debtors and prepayments 10 571
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 4,876 4,594
Corporation tax 2,676 3,005
Other taxes and social security costs 339 1,178
Directors' loan account 29,086 28,043
36,977 36,820
7 Controlling party
Mr. D.J. Wain and Mrs. S.V. Wain, the directors of the company, each own 50% of the issued share capital.
8 Other information
WHITE LODGE FABRIC LIMITED is a private company limited by shares and incorporated in England (Company Number 07867514). Its registered office is Hollyoak Cottage, Church Lane, Croxton, Stafford, Staffordshire, ST21 6PG .
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