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
Little Village Grp Shropshire Limited
Company Information
for the year ended 29 February 2024
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
Little Village Grp Shropshire Limited
Statement of financial position
as at 29 February 2024
Tangible assets
46,583
30,478
Cash at bank and in hand
13,196
-
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)
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
Little Village Grp Shropshire Limited
Notes to the Accounts
for the year ended 29 February 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 (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 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.
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.
Little Village Grp Shropshire Limited
Notes to the Accounts
for the year ended 29 February 2024
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.
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
At 29 February 2024
30,000
At 29 February 2024
30,000
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
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
At 29 February 2024
13,510
33,073
46,583
At 28 February 2023
9,743
20,735
30,478
Little Village Grp Shropshire Limited
Notes to the Accounts
for the year ended 29 February 2024
Amounts falling due within one year
Trade debtors
27,381
14,271
Accrued income and prepayments
942
-
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
3,054
11,740
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
8
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
6,545
5,194
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).