Company Registration No. 07517768 (England and Wales)
Lady Vintage Limited
Unaudited accounts
for the period from 1 September 2022 to 30 August 2023
Lady Vintage Limited
Unaudited accounts
Contents
Lady Vintage Limited
Company Information
for the period from 1 September 2022 to 30 August 2023
Company Number
07517768 (England and Wales)
Registered Office
Lady Vintage Ltd
Unit 15
Murrell Green Business Park, London Road
Hook
Hampshire
RG27 9GR
England
Accountants
Contrast Accounting Limited T/A Accrue Accounting
Unit E4 Arena Business Centre
Holyrood Close
Poole
BH17 7FP
Lady Vintage Limited
Statement of financial position
as at 30 August 2023
Tangible assets
97,271
4,610
Inventories
57,070
130,842
Debtors
1,071,782
1,097,458
Cash at bank and in hand
3,279
14,558
Creditors: amounts falling due within one year
(1,150,092)
(557,474)
Net current (liabilities)/assets
(17,961)
685,384
Total assets less current liabilities
79,382
690,082
Creditors: amounts falling due after more than one year
(90,981)
(115,555)
Provisions for liabilities
Net (liabilities)/assets
(11,599)
573,374
Called up share capital
400
400
Profit and loss account
(11,999)
572,974
Shareholders' funds
(11,599)
573,374
For the period ending 30 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 20 August 2024 and were signed on its behalf by
V Andreou
Director
Company Registration No. 07517768
Lady Vintage Limited
Notes to the Accounts
for the period from 1 September 2022 to 30 August 2023
Lady Vintage Limited is a private company, limited by shares, registered in England and Wales, registration number 07517768. The registered office is Lady Vintage Ltd, Unit 15, Murrell Green Business Park, London Road, Hook, Hampshire, RG27 9GR, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The accounts are presented in £ sterling.
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Trademarks 5% straight line basis
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line basis
Motor vehicles
10% straight line basis
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Lady Vintage Limited
Notes to the Accounts
for the period from 1 September 2022 to 30 August 2023
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is
measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Lady Vintage Limited
Notes to the Accounts
for the period from 1 September 2022 to 30 August 2023
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The company is continuing to trade on the basis that there has been an exceptional profit and loss item in the 2023 accounts. The Director is operating as usual and believes the company is a going concern.
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 September 2022
6,945
-
6,945
Additions
5,068
99,995
105,063
At 30 August 2023
12,013
99,995
112,008
At 1 September 2022
2,335
-
2,335
Charge for the period
2,403
9,999
12,402
At 30 August 2023
4,738
9,999
14,737
At 30 August 2023
7,275
89,996
97,271
At 31 August 2022
4,610
-
4,610
Lady Vintage Limited
Notes to the Accounts
for the period from 1 September 2022 to 30 August 2023
Amounts falling due within one year
Trade debtors
21,106
12,143
Other debtors
1,028,602
1,085,315
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
-
13,209
Trade creditors
68,297
64,594
Taxes and social security
76,295
92,443
Other creditors
971,000
387,228
8
Creditors: amounts falling due after more than one year
2023
2022
The long and short-term loans are secured by fixed charge over the assets of the company.
9
Transactions with related parties
At the balance sheet date the amount owed from the directors to the company was £224,951 (2022: £218,315). Interest has been charged on this amount. The loan was repaid in full after the year end.
10
Average number of employees
During the period the average number of employees was 4 (2022: 6).