BrightAccountsProduction v1.0.0 v1.0.0 2023-06-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The Principal Activity of the business is selling Jewellery 30 January 2025 1 1 NI624753 2024-05-31 NI624753 2023-05-31 NI624753 2022-05-31 NI624753 2023-06-01 2024-05-31 NI624753 2022-06-01 2023-05-31 NI624753 uk-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 NI624753 uk-curr:PoundSterling 2023-06-01 2024-05-31 NI624753 uk-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 NI624753 uk-bus:FullAccounts 2023-06-01 2024-05-31 NI624753 uk-core:ShareCapital 2024-05-31 NI624753 uk-core:ShareCapital 2023-05-31 NI624753 uk-core:RetainedEarningsAccumulatedLosses 2024-05-31 NI624753 uk-core:RetainedEarningsAccumulatedLosses 2023-05-31 NI624753 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-05-31 NI624753 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-05-31 NI624753 uk-bus:FRS102 2023-06-01 2024-05-31 NI624753 uk-core:Goodwill 2023-06-01 2024-05-31 NI624753 uk-core:PlantMachinery 2023-06-01 2024-05-31 NI624753 uk-core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 NI624753 uk-core:Goodwill 2023-05-31 NI624753 uk-core:Goodwill 2024-05-31 NI624753 uk-core:WithinOneYear 2024-05-31 NI624753 uk-core:WithinOneYear 2023-05-31 NI624753 uk-core:AfterOneYear 2024-05-31 NI624753 uk-core:AfterOneYear 2023-05-31 NI624753 uk-core:AfterOneYear 2024-05-31 NI624753 uk-core:AfterOneYear 2023-05-31 NI624753 uk-core:WithinOneYear 2024-05-31 NI624753 uk-core:WithinOneYear 2023-05-31 NI624753 uk-core:BetweenOneTwoYears 2024-05-31 NI624753 uk-core:BetweenOneTwoYears 2023-05-31 NI624753 uk-core:BetweenTwoFiveYears 2024-05-31 NI624753 uk-core:BetweenTwoFiveYears 2023-05-31 NI624753 uk-core:OtherMiscellaneousReserve 2023-05-31 NI624753 uk-core:OtherMiscellaneousReserve 2023-06-01 2024-05-31 NI624753 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-05-31 NI624753 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-05-31 NI624753 uk-core:OtherDeferredTax 2024-05-31 NI624753 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-05-31 NI624753 uk-core:OtherMiscellaneousReserve 2024-05-31 NI624753 2023-06-01 2024-05-31 NI624753 uk-bus:Director1 2023-06-01 2024-05-31 NI624753 uk-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
Company Registration Number: NI624753
 
 
Lili Forbes Ltd
 
Unaudited Financial Statements
 
for the financial year ended 31 May 2024
Lili Forbes Ltd
Company Registration Number: NI624753
BALANCE SHEET
as at 31 May 2024

2024 2023
Notes £ £
 
Fixed Assets
Intangible assets 4 87,500 96,250
Tangible assets 5 15,354 5,396
───────── ─────────
Fixed Assets 102,854 101,646
───────── ─────────
 
Current Assets
Stocks 6 291,718 307,071
Cash and cash equivalents 15,251 23,774
───────── ─────────
306,969 330,845
───────── ─────────
Creditors: amounts falling due within one year 7 (44,619) (47,721)
───────── ─────────
Net Current Assets 262,350 283,124
───────── ─────────
Total Assets less Current Liabilities 365,204 384,770
 
Creditors:
amounts falling due after more than one year 8 (336,846) (309,764)
 
Provisions for liabilities 10 6,551 (607)
───────── ─────────
Net Assets 34,909 74,399
═════════ ═════════
 
Capital and Reserves
Called up share capital 1 1
Retained earnings 34,908 74,398
───────── ─────────
Equity attributable to owners of the company 34,909 74,399
═════════ ═════════
 
The financial statements have been prepared 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 company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Director's Report.
           
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges her responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Director and authorised for issue on 30 January 2025
           
           
________________________________          
Ms. Lisa Forbes          
Director          
           



Lili Forbes Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 May 2024

   
1. General Information
 
Lili Forbes Ltd is a company limited by shares incorporated in Northern Ireland. 4 West Street, Portadown, Co Armagh, BT62 3PD, Northern Ireland is the registered office, which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 May 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 20 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 10% Reducing balance
  Fixtures, fittings and equipment - 25% Reducing balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was:
 
  2024 2023
  Number Number
 
Employees 1 1
  ═════════ ═════════
       
4. Intangible assets
     
  Goodwill Total
  £ £
Cost
At 1 June 2023 175,000 175,000
  ───────── ─────────
 
At 31 May 2024 175,000 175,000
  ───────── ─────────
Amortisation
At 1 June 2023 78,750 78,750
Charge for financial year 8,750 8,750
  ───────── ─────────
At 31 May 2024 87,500 87,500
  ───────── ─────────
Net book value
At 31 May 2024 87,500 87,500
  ═════════ ═════════
At 31 May 2023 96,250 96,250
  ═════════ ═════════
         
5. Tangible assets
  Plant and Fixtures, Total
  machinery fittings and  
    equipment  
  £ £ £
Cost
At 1 June 2023 13,150 1,819 14,969
Additions 11,715 - 11,715
  ───────── ───────── ─────────
At 31 May 2024 24,865 1,819 26,684
  ───────── ───────── ─────────
Depreciation
At 1 June 2023 8,056 1,517 9,573
Charge for the financial year 1,681 76 1,757
  ───────── ───────── ─────────
At 31 May 2024 9,737 1,593 11,330
  ───────── ───────── ─────────
Net book value
At 31 May 2024 15,128 226 15,354
  ═════════ ═════════ ═════════
At 31 May 2023 5,094 302 5,396
  ═════════ ═════════ ═════════
       
6. Stocks 2024 2023
  £ £
 
Finished goods and goods for resale 291,718 307,071
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
7. Creditors 2024 2023
Amounts falling due within one year £ £
 
Loan Account 6,548 6,846
Trade creditors 22,012 21,375
Taxation  (Note 9) 7,049 11,378
Accruals 9,010 8,122
  ───────── ─────────
  44,619 47,721
  ═════════ ═════════
       
8. Creditors 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan 7,333 13,420
Director's loan accounts 329,513 296,344
  ───────── ─────────
  336,846 309,764
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 7) 6,548 6,846
Repayable between one and two years 7,333 6,706
Repayable between two and five years - 6,714
  ───────── ─────────
  13,881 20,266
  ═════════ ═════════
 
       
9. Taxation 2024 2023
  £ £
 
Creditors:
VAT 5,367 4,139
Corporation tax - 4,815
PAYE / NI 1,682 2,424
  ───────── ─────────
  7,049 11,378
  ═════════ ═════════
           
10. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Losses Total Total
  allowances      
         
      2024 2023
  £ £ £ £
 
At financial year start 607 - 607 642
Charged to profit and loss 2,780 (9,938) (7,158) (35)
  ───────── ───────── ───────── ─────────
At financial year end 3,387 (9,938) (6,551) 607
  ═════════ ═════════ ═════════ ═════════
           
11. Related party transactions
 
At the start of the year the director was owed £296,344 from Lili Forbes Ltd. During the year, Lili Forbes Ltd borrowed £76,044 and repaid £42,875 to the director. At the year end, the director is owed £329,513 (2023: £296,344) from Lili Forbes Ltd and this is included in the creditors section of the balance sheet.