Lydia Fay Limited
Unaudited Financial Statements
For the year ended 30 June 2024
Pages for Filing with Registrar
Company Registration No. 06281829 (England and Wales)
Lydia Fay Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Lydia Fay Limited
Balance Sheet
As at 30 June 2024
Page 1
2024
2023
Notes
£
£
£
£
Current assets
Cash at bank and in hand
29,522
42,356
Creditors: amounts falling due within one year
4
(10,566)
(10,639)
Net current assets
18,956
31,717
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
6
18,955
31,716
Total equity
18,956
31,717
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 19 March 2025
L Fay
Director
Company Registration No. 06281829
Lydia Fay Limited
Notes to the Financial Statements
For the year ended 30 June 2024
Page 2
1
Accounting policies
Company information
Lydia Fay Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with section 1A FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.4
Financial instruments
Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Lydia Fay Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 3
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2023 - 1).
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 and 30 June 2024
2,050
Depreciation and impairment
At 1 July 2023 and 30 June 2024
2,050
Carrying amount
At 30 June 2024
At 30 June 2023
4
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
7,366
7,439
Accruals and deferred income
3,200
3,200
10,566
10,639
5
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
Lydia Fay Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 4
6
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
31,716
76,165
Profit for the year
31,404
31,716
Dividends
(44,165)
(76,165)
At the beginning and end of the year
18,955
31,716
7
Related party transactions
During the year, the director received a dividend of £44,165 (2023: £76,165).
8
Control
The company is controlled by the director, L Fay, by virtue of her 100% shareholding.