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Filleted

Registration number: 11085741

Lisa Fearn Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2024

 

Lisa Fearn Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Lisa Fearn Limited

Company Information

Director

Mrs L A Fearn

Registered office

Allt y Gog Farm
Whitemill
Carmarthen
SA32 7AY

 

Lisa Fearn Limited

(Registration number: 11085741)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

291,761

294,908

Current assets

 

Stocks

6

3,700

5,723

Debtors

7

1,432

368

Cash at bank and in hand

 

15,093

14,971

 

20,225

21,062

Creditors: Amounts falling due within one year

8

(147,951)

(137,222)

Net current liabilities

 

(127,726)

(116,160)

Total assets less current liabilities

 

164,035

178,748

Creditors: Amounts falling due after more than one year

8

(164,213)

(174,395)

Net (liabilities)/assets

 

(178)

4,353

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(278)

4,253

Total equity

 

(178)

4,353

For the financial year ending 30 November 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Lisa Fearn Limited

(Registration number: 11085741)
Balance Sheet as at 30 November 2024

Approved and authorised by the director on 6 June 2025
 

.........................................
Mrs L A Fearn
Director

   
     
 

Lisa Fearn Limited

Notes to the Financial Statements for the Year Ended 30 November 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:
Allt y Gog Farm
Whitemill
Carmarthen
SA32 7AY

These financial statements were authorised for issue by the director on 6 June 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.

Going concern

The accounts have been prepared on a going concern basis, despite the fact that liabilities exceed assets. The director has given an undertaking to support the company until it returns to a net assets position and considers that it is appropriate to prepare the accounts on the going concern basis.

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.

 

Lisa Fearn Limited

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

Tax

The tax expense for the period comprises current 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.

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

20% Reducing balance

Office equipment

33% Reducing balance

Fixtures and fittings

20% Reducing balance

Property

2% 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.

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.

 

Lisa Fearn Limited

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

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 21 (2023 - 20).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

10,676

10,909

 

Lisa Fearn Limited

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

5

Tangible assets

Property refurbishments
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

305,931

10,530

15,669

6,334

5,200

343,664

Additions

-

360

10,176

737

-

11,273

Disposals

-

-

-

-

(5,200)

(5,200)

At 30 November 2024

305,931

10,890

25,845

7,071

-

349,737

Depreciation

At 1 December 2023

28,354

6,500

8,119

4,327

1,456

48,756

Charge for the year

6,119

854

2,864

839

-

10,676

Eliminated on disposal

-

-

-

-

(1,456)

(1,456)

At 30 November 2024

34,473

7,354

10,983

5,166

-

57,976

Carrying amount

At 30 November 2024

271,458

3,536

14,862

1,905

-

291,761

At 30 November 2023

277,577

4,030

7,550

2,007

3,744

294,908

 

Lisa Fearn Limited

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

6

Stocks

2024
£

2023
£

Other inventories

3,700

5,723

7

Debtors

2024
£

2023
£

Trade debtors

612

-

Prepayments

430

368

Other debtors

390

-

1,432

368

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

10,184

9,803

Trade creditors

 

12,003

5,799

Taxation and social security

 

25,971

17,397

Directors' loan accounts

11

97,508

101,808

Outstanding defined contribution pension costs

 

396

-

Corporation tax liability

 

-

821

Other creditors

 

1,889

1,594

 

147,951

137,222

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

19,801

29,983

Deferred income

 

144,412

144,412

 

164,213

174,395

 

Lisa Fearn Limited

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

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary GBP Shares of £1 each

100

100

100

100

         

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

19,801

29,983

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,184

9,803

Other borrowings

DBW Investments is denominated in GBP with a nominal interest rate of 8%, and the final instalment is due on 31 March 2030. The carrying amount at year end is £15,658 (2023 - £17,944).

The company has allowed a fixed and a floating charge over the Company's assets, including freehold land and buildings, as security for the loan.

11

Related party transactions

At the balance sheet date, the director, Mrs L Fearn, was owed £97,508 (2024: £101,808) from the company. The loan is interest free and repayable on demand.