7 8 Lockwoods Flowers Limited 07321956 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is a florist. Digita Accounts Production Advanced 6.30.9574.0 true 07321956 2023-07-01 2024-06-30 07321956 2024-06-30 07321956 core:RetainedEarningsAccumulatedLosses 2024-06-30 07321956 core:ShareCapital 2024-06-30 07321956 core:CurrentFinancialInstruments 2024-06-30 07321956 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 07321956 core:Goodwill 2024-06-30 07321956 core:FurnitureFittings 2024-06-30 07321956 core:MotorVehicles 2024-06-30 07321956 core:OfficeEquipment 2024-06-30 07321956 bus:SmallEntities 2023-07-01 2024-06-30 07321956 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 07321956 bus:FilletedAccounts 2023-07-01 2024-06-30 07321956 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 07321956 bus:RegisteredOffice 2023-07-01 2024-06-30 07321956 bus:Director1 2023-07-01 2024-06-30 07321956 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07321956 core:Goodwill 2023-07-01 2024-06-30 07321956 core:NetGoodwill 2023-07-01 2024-06-30 07321956 core:FurnitureFittings 2023-07-01 2024-06-30 07321956 core:MotorVehicles 2023-07-01 2024-06-30 07321956 core:OfficeEquipment 2023-07-01 2024-06-30 07321956 countries:EnglandWales 2023-07-01 2024-06-30 07321956 2023-06-30 07321956 core:Goodwill 2023-06-30 07321956 core:FurnitureFittings 2023-06-30 07321956 core:MotorVehicles 2023-06-30 07321956 core:OfficeEquipment 2023-06-30 07321956 2022-07-01 2023-06-30 07321956 2023-06-30 07321956 core:RetainedEarningsAccumulatedLosses 2023-06-30 07321956 core:ShareCapital 2023-06-30 07321956 core:CurrentFinancialInstruments 2023-06-30 07321956 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 07321956 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2023-06-30 07321956 core:FurnitureFittings 2023-06-30 07321956 core:MotorVehicles 2023-06-30 07321956 core:OfficeEquipment 2023-06-30 07321956 core:PreviouslyStatedAmount 2023-06-30 xbrli:pure iso4217:GBP

Registration number: 07321956

Lockwoods Flowers Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Lockwoods Flowers Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Lockwoods Flowers Limited

(Registration number: 07321956)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

10,890

11,346

Current assets

 

Stocks

7

1,875

1,675

Debtors

8

10,522

11,932

Cash at bank and in hand

 

188,295

171,002

 

200,692

184,609

Creditors: Amounts falling due within one year

9

(38,377)

(32,420)

Net current assets

 

162,315

152,189

Total assets less current liabilities

 

173,205

163,535

Provisions for liabilities

(2,069)

(2,156)

Net assets

 

171,136

161,379

Capital and reserves

 

Called up share capital

2

2

Retained earnings

171,134

161,377

Shareholders' funds

 

171,136

161,379

For the financial year ending 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 March 2025
 

.........................................
Mr M Sleight
Director

 

Lockwoods Flowers Limited

Notes to the Financial Statements for the Year Ended 30 June 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:
35 Surrey Street
Sheffield
South Yorkshire
S1 2LG

These financial statements were authorised for issue by the director on 13 March 2025.

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.

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Lockwoods Flowers Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Fixtures and Fittings

20% straight line basis

Motor Vehicles

25% reducing balance basis

Office Equipment

20% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Lockwoods Flowers Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2023 - 8).

 

Lockwoods Flowers Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

3,943

4,498

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

63,000

63,000

At 30 June 2024

63,000

63,000

Amortisation

At 1 July 2023

63,000

63,000

At 30 June 2024

63,000

63,000

Carrying amount

At 30 June 2024

-

-

6

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

2,376

5,991

25,426

33,793

Additions

2,280

1,207

-

3,487

At 30 June 2024

4,656

7,198

25,426

37,280

Depreciation

At 1 July 2023

2,337

4,647

15,463

22,447

Charge for the year

495

957

2,491

3,943

At 30 June 2024

2,832

5,604

17,954

26,390

Carrying amount

At 30 June 2024

1,824

1,594

7,472

10,890

At 30 June 2023

39

1,344

9,963

11,346

 

Lockwoods Flowers Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

7

Stocks

2024
£

2023
£

Other inventories

1,875

1,675

8

Debtors

2024
£

2023
£

Trade debtors

6,655

6,441

Other debtors

-

1,437

Prepayments

3,867

4,054

10,522

11,932

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

14,298

14,665

Amounts owed to related parties

285

-

Taxation and social security

 

18,100

13,899

Corporation tax

 

2,375

490

Accrued expenses

 

3,319

3,366

 

38,377

32,420