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Registration number: 05977195

Lingerie By Victoria Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Lingerie By Victoria Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Lingerie By Victoria Ltd

(Registration number: 05977195)
Statement of Financial Position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

788

797

Current assets

 

Stocks

5

101,285

101,764

Debtors

6

962

223

Cash at bank and in hand

 

669

923

 

102,916

102,910

Creditors: Amounts falling due within one year

7

(158,030)

(133,933)

Net current liabilities

 

(55,114)

(31,023)

Total assets less current liabilities

 

(54,326)

(30,226)

Creditors: Amounts falling due after more than one year

7

(27,910)

(33,226)

Net liabilities

 

(82,236)

(63,452)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(82,237)

(63,453)

Shareholders' deficit

 

(82,236)

(63,452)

 

Lingerie By Victoria Ltd

(Registration number: 05977195)
Statement of Financial Position as at 29 February 2024 (continued)

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 20 November 2024 and signed on its behalf by:
 


Mrs V J Fielding
Director

 

Lingerie By Victoria Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Plym House
3 Longbridge Road
Plymouth
Marsh Mills
Devon
PL6 8LT

Principal activity

The principal activity of the company is retail sales of lingerie.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors.

If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current
assets.

The directors continue to support the company and believe that it is appropriate for the financial statements to be prepared on the going concern basis.

 

Lingerie By Victoria Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fittings, fixtures, and equipment

15% reducing balance

Computer Equipment

25% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Lingerie By Victoria Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

825

6,056

6,881

Additions

-

394

394

Disposals

(376)

(3,924)

(4,300)

At 29 February 2024

449

2,526

2,975

Depreciation

At 1 March 2023

698

5,386

6,084

Charge for the year

14

218

232

Eliminated on disposal

(340)

(3,789)

(4,129)

At 29 February 2024

372

1,815

2,187

Carrying amount

At 29 February 2024

77

711

788

At 28 February 2023

127

670

797

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

101,285

101,764

6

Debtors

2024
£

2023
£

Trade debtors

962

223

962

223

 

Lingerie By Victoria Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Loans and borrowings

9,216

3,998

Trade creditors

 

9,820

10,020

Taxation and social security

 

8,322

5,087

Accruals and deferred income

 

1,990

1,880

Other creditors

 

128,682

112,948

 

158,030

133,933

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

 

Loans and borrowings

27,910

33,226


Creditors include bank loans repayable by instalments more than 5 years of £6,645 (2023: £11,961). This is from a Natwest Bounce Back Loan, which has a fixed interest rate of 2.5% pa with monthly repayments until May 2030

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.