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COMPANY REGISTRATION NUMBER: 11397243
Lumi Wears Limited
Filleted Unaudited Financial Statements
30 June 2024
Lumi Wears Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
32,669
43,384
Current assets
Debtors
5
7,653
Cash at bank and in hand
199
69
----
------
199
7,722
Creditors: amounts falling due within one year
6
13,974
14,868
-------
-------
Net current liabilities
13,775
7,146
-------
-------
Total assets less current liabilities
18,894
36,238
Creditors: amounts falling due after more than one year
7
27,515
39,750
-------
-------
Net liabilities
( 8,621)
( 3,512)
-------
-------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 8,622)
( 3,513)
------
------
Shareholders deficit
( 8,621)
( 3,512)
------
------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Lumi Wears Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 14 March 2025 , and are signed on behalf of the board by:
Mr D Neville
Director
Company registration number: 11397243
Lumi Wears Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 33 Goss Place, Alsager, ST7 2LR, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Company has the financial support of its director. The Director considers this adequate to meet the current creditors and therefore it is appropriate to prepare the accounts on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% straight line
Office equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
61,090
5,918
67,008
-------
------
-------
Depreciation
At 1 July 2023
18,626
4,998
23,624
Charge for the year
10,159
556
10,715
-------
------
-------
At 30 June 2024
28,785
5,554
34,339
-------
------
-------
Carrying amount
At 30 June 2024
32,305
364
32,669
-------
------
-------
At 30 June 2023
42,464
920
43,384
-------
------
-------
5. Debtors
2024
2023
£
£
Other debtors
7,653
----
------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,205
4,930
Corporation tax
1,312
1,554
Other creditors
7,457
8,384
-------
-------
13,974
14,868
-------
-------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,934
7,724
Other creditors
25,581
32,026
-------
-------
27,515
39,750
-------
-------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr D Neville
( 1,459)
927
( 532)
------
----
----
----
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr D Neville
6,806
( 8,265)
( 1,459)
------
----
------
------