REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
LILLYANDSID LTD |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
LILLYANDSID LTD |
LILLYANDSID LTD (Registered number: 06855192) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
LILLYANDSID LTD |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Quadrant House |
4 Thomas More Square |
London |
E1W 1YW |
LILLYANDSID LTD (Registered number: 06855192) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LILLYANDSID LTD (Registered number: 06855192) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
LILLYANDSID LTD is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future and on the basis that the parent company which is one of the company's biggest creditor, has provided an undertaking that it will not seek repayment of amounts owed to them until such time as the company is able to. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Sale of goods |
Revenue represents amounts receivable from the distribution of garments net of discounts and value added tax. Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on delivery of the goods. |
Royalty income |
Royalty income is earned from the royalty agreements and is recognised when the ordered goods have been delivered to the customers. |
Goodwill |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
LILLYANDSID LTD (Registered number: 06855192) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
LILLYANDSID LTD (Registered number: 06855192) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary A | 1 | 60 | 60 |
Ordinary B | 1 | 40 | 40 |
100 | 100 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023: |
31.3.24 | 31.3.23 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
LILLYANDSID LTD (Registered number: 06855192) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
11. | RELATED PARTY DISCLOSURES |
During the year the company entered into the following transactions with related parties: |
2024 | 2023 |
£ | £ |
Balance at start of period | (1,182,239 | ) | (857,754 | ) |
Stock purchases from | (783,393 | ) | (2.240,652 | ) |
Recharge of design and marketing to | - | 260,869 |
Other purchases from | (387 | ) | - |
Recharged administration expenses from | (4,459 | ) | (98 | ) |
Repayments | 874,032 | 1,655,396 |
Balance at end of period - included in creditors | (1,096,446 | ) | (1,182,239 | ) |
Balance is interest free and is repayable on demand. All transaction were carried out under normal commercial trading terms. |
Design Arc Asia Limited, is a group company under the control of PDS Ltd, the ultimate parent company of Nor Lanka Manufacturing Limited. |
2024 | 2023 |
£ | £ |
Balance at start of period | (173,130 | ) | - |
Stock purchases from | (2,187,372 | ) | (4,558,862 | ) |
Recharged administration expenses to | 4,032 | - |
Repayments | 1,979,292 | 4,385,732 |
Balance at end of period - included in debtors | (377,178 | ) | (173,130 | ) |
Balance is interest free and is repayable on demand. All transaction were carried out under normal commercial trading terms. |
During the year Lillyandsid Ltd purchased stock and services from Multinational Textile Group Limited, totalling £4,530 (2023 - £nil). Amount owed at the year end was £4,530 (2023 - £nil) was owed by the company. All transaction were carried out under normal commercial trading terms. |
Multinational Textile Group Limited, is a group company under the control of PDS Ltd, the ultimate parent company of Nor Lanka Manufacturing Limited. |
12. | ULTIMATE CONTROLLING PARTY |
Nor Lanka Manufacturing Limited, a company incorporated in Hong Kong, owns 55 of the company's Ordinary A Shares. The financial statements of the company is incorporated within the consolidated financial statements of Nor Lanka Manufacturing Limited. |
The consolidated financial statements of Nor Lanka Manufacturing Limited can be obtained from the registered address 7th Floor, Park Fook Industrial Building, 615-617, Tai Nan West Street, Cheung Sha Wan, Kowloon, Hong Kong. |
The ultimate parent company is PDS Limited, a company incorporated in India. PDS Limited is listed on the BSE and National Stock Exchange in India. |