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Registered number: 12374994










LITMUS RETAIL LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
LITMUS RETAIL LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LITMUS RETAIL LIMITED
FOR THE YEAR ENDED 30 JUNE 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Litmus Retail Limited for the year ended 30 June 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Litmus Retail Limited, as a body, in accordance with the terms of our engagement letter dated 2 September 2024Our work has been undertaken solely to prepare for your approval the financial statements of Litmus Retail Limited and state those matters that we have agreed to state to the Board of Directors of Litmus Retail Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Litmus Retail Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Litmus Retail Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Litmus Retail Limited. You consider that Litmus Retail Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Litmus Retail Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
7 March 2025
Page 1

 
LITMUS RETAIL LIMITED
REGISTERED NUMBER: 12374994

BALANCE SHEET
AS AT 30 JUNE 2024

As restated
2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
42,120
40,424

  
42,120
40,424

Creditors: amounts falling due within one year
 5 
(15,163)
(25,847)

Net current assets
  
 
 
26,957
 
 
14,577

Total assets less current liabilities
  
26,957
14,577

  

Net assets
  
26,957
14,577


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
26,857
14,477

  
26,957
14,577


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 March 2025.




P Silva
Director
Page 2

 
LITMUS RETAIL LIMITED
REGISTERED NUMBER: 12374994
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024


The notes on pages 4 to 6 form part of these financial statements.

Page 3

 
LITMUS RETAIL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Litmus Retail Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office can be found on the Company Information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
LITMUS RETAIL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 4).


4.


Debtors

As restated
2024
2023
£
£


Trade debtors
13,882
15,421

Amounts owed by group undertakings
28,238
25,003

42,120
40,424



5.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Trade creditors
9,232
1,221

Corporation tax
-
3,512

Accruals and deferred income
5,931
21,114

15,163
25,847



6.


Prior year adjustment

In the prior year, £29,927 relating to funds held in the parent company's bank account on behalf of the Company was incorrectly recognised within cash at bank. This amount has now been amended, with a corresponding debtor recognised for amounts owed by group undertakings. There is no impact on the Statement of Comprehensive Income in the current or prior years.

Page 5

 
LITMUS RETAIL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Controlling party

The immediate and ultimate parent company is The Litmus Partnership Limited, registered office 7 The Close, Norwich, Norfolk, NR1 4DJ.

 
Page 6