Registration number:
Tica Lily Ltd
for the
Year Ended 31 July 2024
Tica Lily Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Tica Lily Ltd
Company Information
Director |
Mrs C A Champion |
Company secretary |
Mr T R Champion |
Registered office |
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Accountants |
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Tica Lily Ltd
(Registration number: 13255133)
Balance Sheet as at 31 July 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' deficit |
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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:
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The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Tica Lily Ltd
(Registration number: 13255133)
Balance Sheet as at 31 July 2024
Approved and authorised by the
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Tica Lily Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
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:
United Kingdom
These financial statements were authorised for issue by the
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tica Lily Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Intangible assets |
Website development |
Total |
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Cost or valuation |
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At 1 August 2023 |
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At 31 July 2024 |
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Amortisation |
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At 1 August 2023 |
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Amortisation charge |
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At 31 July 2024 |
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Carrying amount |
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At 31 July 2024 |
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At 31 July 2023 |
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Tica Lily Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Tangible assets |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 August 2023 |
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At 31 July 2024 |
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Depreciation |
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At 1 August 2023 |
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Charge for the year |
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At 31 July 2024 |
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Carrying amount |
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At 31 July 2024 |
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At 31 July 2023 |
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Stocks |
2024 |
2023 |
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Other inventories |
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Tica Lily Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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- |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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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
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Other borrowings |
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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 |
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Directors loan account |
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( |
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( |
2023 |
At 1 April 2022 |
Advances to director |
Repayments by director |
At 31 July 2023 |
Mrs C A Champion |
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Directors loan account |
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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
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.