| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Lauren Richards Design Ltd |
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Lauren Richards Design Ltd |
| Lauren Richards Design Ltd (Registered number: 04027237) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Lauren Richards Design Ltd |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Chartered Accountants & Business Advisers |
| Alexandra House |
| 43 Alexandra St |
| Nottingham |
| Nottinghamshire |
| NG5 1AY |
| Lauren Richards Design Ltd (Registered number: 04027237) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Lauren Richards Design Ltd (Registered number: 04027237) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Lauren Richards Design Ltd is a |
| The principal activity of the company is that of importing textile garments and fashion accessories from overseas for sale to the domestic market. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £. |
| Significant judgements and estimates |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements: |
| Supplier refunds and customer returns or credit notes - this involves judgement as to the extent of the provisions required to account for any potential costs, and amounts that may be recoverable from the factories. |
| Turnover |
| Turnover represents amounts receivable for goods net of VAT and trade discounts and is recognised when an invoice is raised simultaneously as the goods are despatched from the warehouse, and for Free-on-Board sales when the orders leave the Chinese factories. |
| Tangible fixed assets |
| Fixtures, fittings & equipment | - |
| Motor vehicles | - |
| Computer and camera equipment | - |
| Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. |
| If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates. |
| Financial instruments |
| A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provision 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. |
| Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is no a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
| For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. |
| Any reversals of impairment are recognised in profit or loss immediately, to the extend that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
| Lauren Richards Design Ltd (Registered number: 04027237) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the income statement, 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 be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference. |
| Foreign currencies |
| Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss. |
| Defined contribution plans |
| Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. |
| Impairment |
| 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. |
| When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. |
| Operating leases |
| Lease payments are recognised as an expense over the lease term on a straight-line basis. Then aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. |
| Going concern |
| The directors are confident that the company can continue to operate as a going concern given current trading conditions and expected future order levels. In 2024 the company has returned to profitability despite some losses having been incurred in recent years. The company has sufficient reserves and operations to ensure its liabilities are met and can continue to trade for the foreseeable future defined as being no less than one year from the date of approval of the accounts. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Lauren Richards Design Ltd (Registered number: 04027237) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Computer |
| Fixtures, | and |
| fittings | Motor | camera |
| & equipment | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| The bank holds as security a debenture over all assets of the company, together with personal guarantees by Mr M Cooke and Mrs F Cooke, up to a total limit of £250,000. In addition, another guarantee has been given by Mr M Cooke, Mrs F Cooke and Ms J Pask over the business property, up to a total limit of £500,000. |
| 7. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| Lauren Richards Design Ltd (Registered number: 04027237) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary A Shares | 1 | 56 | 56 |
| Ordinary C Shares | 1 | 2 | 2 |
| 58 | 58 |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 10. | RELATED PARTY TRANSACTIONS |
| During the year, the directors had directors loan accounts as follows: |
| Directors loan creditor - £8,483 (2023 - £11,421); |
| Directors loan debtor - £1,333 (2023 - £Nil). |
| During the year, the shareholders that were not directors had loan accounts as follows: |
| Shareholders loan debtor - £49,520 (2023 - £56,167). |
| The above are included in other creditors and other debtors respectively and are repayable on demand. |
| The transactions on the loan accounts in the year related to various items of private expenditure incurred by the company, together with business expenses paid privately. |