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Company registration number: 11132260
LYME DESIGN LIMITED
UNAUDITED FINANCIAL STATEMENTS
31 January 2024
Contents
Accountants report 1
Profit and Loss Account 2
Balance sheet 3
Notes to the financial statements 4 - 6
The following pages do not form part of the statutory accounts
Trading accounts for the year to 31st January 2024 7
LYME DESIGN LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LYME DESIGN LIMITED
YEAR ENDED 31ST JANUARY 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lyme Design Limited for the year ended 31st January 2024 which comprise the Profit and Loss Account, Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
This report is made solely to the director of Lyme Design Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Lyme Design Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lyme Design Limited and its director as a body for our work or for this report.
It is your duty to ensure that Lyme Design Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Lyme Design Limited. You consider that Lyme Design Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Lyme Design Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Martin and Company (Bridport) Limited
2 Victoria Grove
Bridport
Dorset
DT6 3AA
LYME DESIGN LIMITED
PROFIT AND LOSS ACCOUNT
YEAR ENDED 31ST JANUARY 2024
2024 2023
£ £
Turnover - 1,890
Depreciation and other amounts written off assets ( 76) ( 90)
Other charges (291) (1,505)
_______ _______
(Loss)/profit ( 367) 295
_______ _______
LYME DESIGN LIMITED
BALANCE SHEET
31ST JANUARY 2024
2024 2023
£ £
Fixed assets 431 507
_______ _______
Current assets 64 81
Creditors: amounts falling due within one year ( 6,105) ( 4,498)
_______ _______
Net current liabilities ( 6,041) ( 4,417)
_______ _______
Total assets less current liabilities ( 5,610) ( 3,910)
Creditors: amounts falling due after more than one year - ( 1,051)
Accruals and deferred income ( 240) ( 522)
_______ _______
Net liabilities ( 5,850) ( 5,483)
_______ _______
Capital and reserves ( 5,850) ( 5,483)
_______ _______
Notes to the financial statements
LYME DESIGN LIMITED
YEAR ENDED 31ST JANUARY 2024
Notes to the financial statements
1. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 %
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
2. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
3. Operating loss/profit
Operating loss/profit is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 76 90
_______ _______
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1st February 2023 and 31st January 2024 1,014 1,014
_______ _______
Depreciation
At 1st February 2023 507 507
Charge for the year 76 76
_______ _______
At 31st January 2024 583 583
_______ _______
Carrying amount
At 31st January 2024 431 431
_______ _______
At 31st January 2023 507 507
_______ _______
6. Net Current Assets
2024 2023
£ £
Cash at bank and in hand 40 57
PAYE recoverable 24 24
_______ _______
64 81
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts - 375
Accruals and deferred income 240 522
Director loan accounts 6,105 4,123
_______ _______
6,345 5,020
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts - 1,051
_______ _______
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 10 10 10 10
_______ _______ _______ _______
10. Reserves
Share Profit Total
Capital and loss
Account Account
£ £ £
At 1st February 2023 10 (5,493) (5,483)
(Loss)/profit for the year (367) (367)
_______ _______ _______
At 31st January 2024 10 (5,860) (5,850)
_______ _______ _______
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsiblities:
- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements have been prepared in accordance with the micro-entity provisions.
These financial statements were approved by the board of directors and authorised for issue on 29 October 2024 , and are signed on behalf of the board by:
Sianne Page-Smith
Director
Company registration number: 11132260
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Victoria Grove, Bridport, Dorset, DT6 3AA.
LYME DESIGN LIMITED
DETAILED PROFIT AND LOSS ACCOUNT
YEAR ENDED 31ST JANUARY 2024
2024 2023
£ £ £ £
Turnover
Sales - 1,890
Depreciation and other amounts written off assets
Depreciation of tangible assets 76 90
_______ _______
( 76) ( 90)
_______ _______
76 1,800
Other charges
Use of premises - 312
Insurance - 126
Printing, postage and stationery - 189
Telephone - 96
Computer costs - 36
Accountancy fees 265 546
Bank charges 16 96
General expenses - 63
Bank loan interest 10 41
_______ _______
(291) (1,505)
_______ _______
Operating profit/(loss) (367) 295
_______
Tax on profit on ordinary activities - -
_______ | _______ |
Profit/(loss) after tax (367) 295
_______ | _______ |