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Registration number: 06727643

Little Soap Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Little Soap Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Little Soap Company Limited

Company Information

Directors

EJ Heathcote-James

S Redrobe

Registered office

99 High Street
Broadway
Worcestershire
WR12 7AL

Accountants

Clement Rabjohns Limited
Chartered Accountants
111/113 High Street
Evesham
Worcestershire
WR11 4XP

 

Little Soap Company Limited

(Registration number: 06727643)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

15,414

-

Tangible assets

5

98,978

126,080

Investments

6

-

2

 

114,392

126,082

Current assets

 

Stocks

7

636,292

603,970

Debtors

8

492,840

510,917

Cash at bank and in hand

 

867,122

1,157,348

 

1,996,254

2,272,235

Creditors: Amounts falling due within one year

9

(405,868)

(565,200)

Net current assets

 

1,590,386

1,707,035

Total assets less current liabilities

 

1,704,778

1,833,117

Creditors: Amounts falling due after more than one year

9

(87,897)

(76,388)

Provisions for liabilities

(27,925)

(30,401)

Net assets

 

1,588,956

1,726,328

Capital and reserves

 

Called up share capital

1

1

Retained earnings

1,588,955

1,726,327

Shareholders' funds

 

1,588,956

1,726,328

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

 

Little Soap Company Limited

(Registration number: 06727643)
Balance Sheet as at 31 July 2024

Approved and authorised by the Board on 1 October 2024 and signed on its behalf by:
 

.........................................
EJ Heathcote-James
Director

 

Little Soap Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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:
99 High Street
Broadway
Worcestershire
WR12 7AL
England

These financial statements were authorised for issue by the Board on 1 October 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.

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.

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.

 

Little Soap Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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 and fittings

25% on cost

Computer equipment

25% on cost

Motor Vehicles

20% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer Software

Over length of licence

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Little Soap Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 14).

 

Little Soap Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

17,720

17,720

At 31 July 2024

17,720

17,720

Amortisation

Amortisation charge

2,306

2,306

At 31 July 2024

2,306

2,306

Carrying amount

At 31 July 2024

15,414

15,414

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

24,708

35,563

186,410

246,681

Additions

250

1,623

-

1,873

Disposals

-

(599)

-

(599)

At 31 July 2024

24,958

36,587

186,410

247,955

Depreciation

At 1 August 2023

22,461

21,413

76,727

120,601

Charge for the year

1,937

4,851

21,937

28,725

Eliminated on disposal

-

(349)

-

(349)

At 31 July 2024

24,398

25,915

98,664

148,977

Carrying amount

At 31 July 2024

560

10,672

87,746

98,978

At 31 July 2023

2,247

14,150

109,683

126,080

6

Investments

2024
£

2023
£

Investments in subsidiaries

-

2

 

Little Soap Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Subsidiaries

£

Cost or valuation

At 1 August 2023

2

Disposals

(2)

At 31 July 2024

-

Provision

Carrying amount

At 31 July 2024

-

At 31 July 2023

2

7

Stocks

2024
£

2023
£

Other inventories

636,292

603,970

8

Debtors

Current

2024
£

2023
£

Trade debtors

430,179

481,324

Prepayments

42,465

29,525

Other debtors

20,196

68

 

492,840

510,917

 

Little Soap Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

96,466

112,612

Trade creditors

 

109,103

101,224

Taxation and social security

 

48,477

118,774

Accruals and deferred income

 

148,685

229,442

Other creditors

 

3,137

3,148

 

405,868

565,200

Creditors include bank loans which are secured of £13,603 (2023 - £nil).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

87,897

76,388

Creditors include bank loans which are secured of £87,897 (2023 - £nil).

Creditors include bank loans repayable by instalments of £20,625 (2023 - £nil) due after more than five years.

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

87,897

76,388

Current loans and borrowings

2024
£

2023
£

Bank borrowings

96,466

112,612