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Registration number: 13255133

Tica Lily Ltd

Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Tica Lily Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Tica Lily Ltd

Company Information

Director

Mrs C A Champion

Company secretary

Mr T R Champion

Registered office

Units 2A & 2B George Wheeler Court
Somerton Business park
Taunton
Somerset
TA11 6FW

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
North Somerset
BS23 1NF

 

Tica Lily Ltd

(Registration number: 13255133)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,803

2,885

Tangible assets

5

205

273

 

2,008

3,158

Current assets

 

Stocks

6

4,989

9,979

Debtors

7

14,579

21,982

Cash at bank and in hand

 

489

18

 

20,057

31,979

Creditors: Amounts falling due within one year

8

(51,374)

(57,805)

Net current liabilities

 

(31,317)

(25,826)

Net liabilities

 

(29,309)

(22,668)

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

(29,311)

(22,670)

Shareholders' deficit

 

(29,309)

(22,668)

For the financial year ending 31 July 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 her 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.

 

Tica Lily Ltd

(Registration number: 13255133)
Balance Sheet as at 31 July 2024

Approved and authorised by the director on 17 April 2025
 

.........................................
Mrs C A Champion
Director

 

Tica Lily Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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 and principal place of business is:
Units 2A & 2B George Wheeler Court
Somerton Business park
Taunton
Somerset
TA11 6FW
United Kingdom

These financial statements were authorised for issue by the director on 17 April 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.

The presentation currency of the financial statements is Pound Sterling (£).

 

Tica Lily Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

2

Accounting policies (continued)

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of 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.

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

Plant and machinery

25% reducing balance

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

Website development

5 year 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.

 

Tica Lily Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

2

Accounting policies (continued)

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.

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.

 

Tica Lily Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 1 (2023 - 1).

 

Tica Lily Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Intangible assets

Website development
 £

Total
£

Cost or valuation

At 1 August 2023

5,410

5,410

At 31 July 2024

5,410

5,410

Amortisation

At 1 August 2023

2,525

2,525

Amortisation charge

1,082

1,082

At 31 July 2024

3,607

3,607

Carrying amount

At 31 July 2024

1,803

1,803

At 31 July 2023

2,885

2,885

 

Tica Lily Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Tangible assets

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

546

546

At 31 July 2024

546

546

Depreciation

At 1 August 2023

273

273

Charge for the year

68

68

At 31 July 2024

341

341

Carrying amount

At 31 July 2024

205

205

At 31 July 2023

273

273

6

Stocks

2024
£

2023
£

Other inventories

4,989

9,979

 

Tica Lily Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

1,201

5,860

Prepayments

64

64

Other debtors

13,314

16,058

 

14,579

21,982

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

10,027

10,329

Trade creditors

 

9,378

1,420

Taxation and social security

 

10,331

-

Accruals and deferred income

 

1,650

1,563

Other creditors

 

19,988

44,493

 

51,374

57,805

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       
 

Tica Lily Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

10,027

10,329

11

Related party transactions

Transactions with the director

2024

At 1 August 2023
£

Advances to director
£

Repayments by director
£

At 31 July 2024
£

Mrs C A Champion

Directors loan account

151

(15,317)

4,982

(10,184)

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Mrs C A Champion

Directors loan account

-

56,629

56,780

151


The company considers the loan to the director as being interest free and repayable on demand.

As this loan has been repaid within 9 months of the year end, therefore section 455 tax has not been calculated on the overdrawn balance.

 

Tica Lily Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

11

Related party transactions (continued)

Summary of transactions with associates

Needles and Pins Aerospace Limited
Included in other creditors is a loan of £19,998 (2023 - £44,343) to Needles and Pins Aerospcae Ltd, a company under common control.

The loan is provided interest free and is repayable on demand.