Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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Investments | 5 |
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109,799 | 123,650 | |||
Current assets | ||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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4,409,553 | 3,850,044 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 3,719,199 | 3,168,169 | ||
Total assets less current liabilities | 3,828,998 | 3,291,819 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Lash House Ltd (registered number:
Mr B Green
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Lash House Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 5 Wingates Industrial Estate Barrs Fold Close, Westhoughton, Bolton, England, BL5 3XA, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Computer software |
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Leasehold improvements |
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Plant and machinery |
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Fixtures and fittings |
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Computer equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
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.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance sheet date.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Computer software | Total | ||
£ | £ | ||
Cost | |||
At 01 February 2023 |
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Additions |
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At 31 January 2024 |
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Accumulated amortisation | |||
At 01 February 2023 |
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Charge for the financial year |
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Impairment losses |
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At 31 January 2024 |
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Net book value | |||
At 31 January 2024 |
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At 31 January 2023 |
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Leasehold improve- ments |
Plant and machinery | Fixtures and fittings | Computer equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 February 2023 |
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Additions |
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At 31 January 2024 |
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Accumulated depreciation | |||||||||
At 01 February 2023 |
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Charge for the financial year |
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At 31 January 2024 |
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Net book value | |||||||||
At 31 January 2024 |
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At 31 January 2023 |
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Investments in associates | Total | ||
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Cost or valuation before impairment | |||
At 01 February 2023 |
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Additions |
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At 31 January 2024 |
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Carrying value at 31 January 2024 |
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Carrying value at 31 January 2023 |
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Investments in shares
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.01.2024 |
Held |
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Unit 5 Barrs Fold Close, Westhoughton, Bolton, England, BL5 3XA | Retail sale of cosmetic and toilet articles in specialised stores |
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Direct |
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by own subsidiaries |
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Amounts owed by related parties |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to directors |
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Accruals and deferred income |
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Taxation and social security |
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Other creditors |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2024 | 2023 | ||
£ | £ | ||
within one year |
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between one and five years |
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Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
2024 | 2023 | ||
£ | £ | ||
Unpaid contributions due to the fund (inc. in other creditors) |
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At the prior year end, Lash House Ltd wrote off an irrecoverable debt to a company under control of £6,344 due to cessation of trade.
During the year, Lash House Ltd provided a loan of £22,403 (2023: £16,191) to a company with common directors. At the year end Lash House Ltd was due £32,870 (2023: £12,466) from this company. The loan is interest free and repayable on demand.