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Company Registration No. 07941665 (England and Wales)
Little Village Grp Shropshire Limited Unaudited accounts for the year ended 29 February 2024
Little Village Grp Shropshire Limited Unaudited accounts Contents
Page
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Little Village Grp Shropshire Limited Company Information for the year ended 29 February 2024
Director
P R Kynaston
Secretary
E Kynaston
Company Number
07941665 (England and Wales)
Registered Office
Olive Bank Cottage 3 Canal Side Whixall Whitchurch SY13 2PQ England
Accountants
Tim Dean T/A TFD Accountancy Coed y Glyn Uchaf Glyn Ceiriog Llangollen Wrexham LL20 7NP
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Little Village Grp Shropshire Limited Statement of financial position as at 29 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
46,583 
30,478 
Current assets
Inventories
15,000 
15,300 
Debtors
32,754 
15,360 
Cash at bank and in hand
13,196 
- 
60,950 
30,660 
Creditors: amounts falling due within one year
(55,814)
(42,712)
Net current assets/(liabilities)
5,136 
(12,052)
Total assets less current liabilities
51,719 
18,426 
Creditors: amounts falling due after more than one year
(10,475)
(12,178)
Provisions for liabilities
Deferred tax
(10,248)
(5,791)
Net assets
30,996 
457 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
30,896 
357 
Shareholders' funds
30,996 
457 
For the year ending 29 February 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 11 November 2024 and were signed on its behalf by
P R Kynaston Director Company Registration No. 07941665
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Little Village Grp Shropshire Limited Notes to the Accounts for the year ended 29 February 2024
1
Statutory information
Little Village Grp Shropshire Limited is a private company, limited by shares, registered in England and Wales, registration number 07941665. The registered office is Olive Bank Cottage 3 Canal Side, Whixall, Whitchurch, SY13 2PQ, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
20% reducing balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Little Village Grp Shropshire Limited Notes to the Accounts for the year ended 29 February 2024
Deferred taxation
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 accounts. 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.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Restatement of Prior Period Comparatives
In the current financial year, the Company has reassessed the classification of wages related to direct labour. As a result, £49,138 previously classified under administrative expenses in the prior year’s financial statements has been reclassified within the cost of sales. This reclassification has no impact on the previously reported profit, cash flow, or equity.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 March 2023
30,000 
At 29 February 2024
30,000 
Amortisation
At 1 March 2023
30,000 
At 29 February 2024
30,000 
Net book value
At 29 February 2024
- 
5
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 March 2023
40,495 
40,421 
80,916 
Additions
8,082 
19,495 
27,577 
Disposals
- 
(10,895)
(10,895)
At 29 February 2024
48,577 
49,021 
97,598 
Depreciation
At 1 March 2023
30,752 
19,686 
50,438 
Charge for the year
4,315 
4,872 
9,187 
On disposals
- 
(8,610)
(8,610)
At 29 February 2024
35,067 
15,948 
51,015 
Net book value
At 29 February 2024
13,510 
33,073 
46,583 
At 28 February 2023
9,743 
20,735 
30,478 
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Little Village Grp Shropshire Limited Notes to the Accounts for the year ended 29 February 2024
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
27,381 
14,271 
Accrued income and prepayments
942 
- 
Other debtors
4,431 
1,089 
32,754 
15,360 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
3,054 
11,740 
VAT
13,693 
- 
Obligations under finance leases and hire purchase contracts
9,835 
3,746 
Trade creditors
4,330 
8,732 
Taxes and social security
23,035 
11,710 
Other creditors
237 
- 
Accruals
1,630 
6,784 
55,814 
42,712 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
3,930 
6,984 
Obligations under finance leases and hire purchase contracts
6,545 
5,194 
10,475 
12,178 
9
Transactions with related parties
The balance of the director's loan account at 29/02/2024 is £4,431. The amount outstanding at the year end is interest free and repayable on demand and is classified in other debtors. (2023: £1,089)
10
Average number of employees
During the year the average number of employees was 4 (2023: 4).
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