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Registration number: 11073457

Lottie's Frome Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Lottie's Frome Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Lottie's Frome Ltd

Company Information

Directors

C S A E Evans

J G Whelan

Registered office

23 Catherine Street
Frome
Somerset
BA11 1DB

Accountants

Burton Sweet Limited
Chartered Accountants and Business Advisors
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

Lottie's Frome Ltd

(Registration number: 11073457)
Balance Sheet
30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

25,675

34,287

Current assets

 

Stocks

5

9,720

9,360

Debtors

6

196,790

43,636

Cash at bank and in hand

 

14,765

94,414

 

221,275

147,410

Creditors: Amounts falling due within one year

7

(244,598)

(177,244)

Net current liabilities

 

(23,323)

(29,834)

Total assets less current liabilities

 

2,352

4,453

Creditors: Amounts falling due after more than one year

7

(114,507)

(25,785)

Net liabilities

 

(112,155)

(21,332)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(112,255)

(21,432)

Shareholders' deficit

 

(112,155)

(21,332)

 

Lottie's Frome Ltd

(Registration number: 11073457)
Balance Sheet
30 November 2023

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

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.

Approved and authorised by the Board on 20 August 2024 and signed on its behalf by:
 

.........................................
C S A E Evans
Director

 

Lottie's Frome Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
23 Catherine Street
Frome
Somerset
BA11 1DB

These financial statements were authorised for issue by the Board on 20 August 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.

Going concern

The financial statements have been prepared on a going concern basis due to the ongoing support of the directors.

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 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.

 

Lottie's Frome Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 November 2023

Tax

The tax expense for the period comprises 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 corporation 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.

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

Fixtures & Fittings

4 years straight line

Computer Equipment

4 years straight line

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 services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. 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.

 

Lottie's Frome Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 November 2023

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. 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 and are recognised at transaction price. 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.

Borrowings

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Lottie's Frome Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 November 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 43 (2022 - 43).

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 December 2022

64,463

1,028

65,491

Additions

10,349

-

10,349

At 30 November 2023

74,812

1,028

75,840

Depreciation

At 1 December 2022

30,632

572

31,204

Charge for the year

18,704

257

18,961

At 30 November 2023

49,336

829

50,165

Carrying amount

At 30 November 2023

25,476

199

25,675

At 30 November 2022

33,831

456

34,287

5

Stocks

2023
£

2022
£

Other inventories

9,720

9,360

6

Debtors

2023
£

2022
£

Trade debtors

12,070

11,453

Other debtors

163,546

27,192

Prepayments

21,174

4,991

196,790

43,636

 

Lottie's Frome Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

8,500

9,870

Trade creditors

 

75,830

37,855

Taxation and social security

 

56,686

75,017

Accruals and deferred income

 

2,000

3,000

Other creditors

 

101,582

51,502

 

244,598

177,244

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

17,285

25,785

Other non-current financial liabilities

 

97,222

-

 

114,507

25,785

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

17,285

25,785

Current loans and borrowings

2023
£

2022
£

Bank borrowings

8,500

9,870