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Registered number: 11472428
Little Lillies Designs Limited
Unaudited Financial Statements
For the Period 1 August 2022 to 31 January 2024
Naylor Accountancy Services Limited
25 Hursley Road
Chandler's Ford
Eastleigh
Hampshire
SO53 2FS
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountants' Report
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Little Lillies Designs Limited for the period 1 August 2022 to 31 January 2024 which comprise the Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.
This report is made solely to the directors of Little Lillies Designs Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Little Lillies Designs Limited and state those matters that we have agreed to state to the directors of Little Lillies Designs Limited in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.
It is your duty to ensure that Little Lillies Designs 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 profit of Little Lillies Designs Limited . You consider that Little Lillies Designs 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 Little Lillies Designs 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.
Signed
Naylor Accountancy Services
30th October 2024
Naylor Accountancy Services Limited
25 Hursley Road
Chandler's Ford
Eastleigh
Hampshire
SO53 2FS
Page 1
Page 2
Balance Sheet
Registered number: 11472428
31 January 2024 31 July 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 27,708 20,330
27,708 20,330
CURRENT ASSETS
Stocks 5 2,377 -
Debtors 6 111,178 74,896
Cash at bank and in hand 2,326 6,105
115,881 81,001
Creditors: Amounts Falling Due Within One Year 7 (91,393 ) (53,299 )
NET CURRENT ASSETS (LIABILITIES) 24,488 27,702
TOTAL ASSETS LESS CURRENT LIABILITIES 52,196 48,032
Creditors: Amounts Falling Due After More Than One Year 8 (36,764 ) (34,936 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,863 ) (3,863 )
NET ASSETS 11,569 9,233
CAPITAL AND RESERVES
Called up share capital 2 2
Profit and Loss Account 11,567 9,231
SHAREHOLDERS' FUNDS 11,569 9,233
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For the period ending 31 January 2024 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr O Lavin
Director
30th October 2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Little Lillies Designs Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11472428 . The registered office is 25 Hursley Road, Chandler's Ford, Eastleigh, Hampshire, SO53 2FS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20% reducing balance
Fixtures & Fittings 20% reducing balance
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.
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 2 (2022: 3)
2 3
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4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 August 2022 16,933 29,551 46,484
Additions 13,000 3,954 16,954
Disposals (3,673 ) (1,701 ) (5,374 )
As at 31 January 2024 26,260 31,804 58,064
Depreciation
As at 1 August 2022 8,538 17,616 26,154
Provided during the period 3,590 3,830 7,420
Disposals (2,067 ) (1,151 ) (3,218 )
As at 31 January 2024 10,061 20,295 30,356
Net Book Value
As at 31 January 2024 16,199 11,509 27,708
As at 1 August 2022 8,395 11,935 20,330
5. Stocks
31 January 2024 31 July 2022
£ £
Stock 2,377 -
6. Debtors
31 January 2024 31 July 2022
£ £
Due within one year
Trade debtors (651 ) 6,685
Other debtors 111,829 68,211
111,178 74,896
7. Creditors: Amounts Falling Due Within One Year
31 January 2024 31 July 2022
£ £
Trade creditors 7,057 7,348
Bank loans and overdrafts - 9,800
Other loans 13,000 -
Other creditors 33,574 10,737
Taxation and social security 37,762 25,414
91,393 53,299
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8. Creditors: Amounts Falling Due After More Than One Year
31 January 2024 31 July 2022
£ £
Bank loans 36,764 34,936
9. Directors Advances, Credits and Guarantees
Dividends paid to directors £67,000 (2022 - £60,000) were paid in the year in respect of shares held by the company director's.
10. Controlling Parties
The company's ultimate controlling party are the directors, A Lavin and O Lavin by virtue of their interest in the share capital of the company.
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