Registered number
12960795
Lace & Thread Limited
Filleted Accounts
31 October 2024
Lace & Thread Limited
Registered number: 12960795
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Current assets
Stocks 500 500
Debtors 3 360 -
Cash at bank and in hand 87,825 79,130
88,685 79,630
Creditors: amounts falling due within one year 4 (13,916) (9,720)
Net current assets 74,769 69,910
Net assets 74,769 69,910
Capital and reserves
Called up share capital 100 100
Profit and loss account 74,669 69,810
Shareholder's funds 74,769 69,910
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sara Hassan
Director
Approved by the board on 24 July 2025
Lace & Thread Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Current tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Debtors 2024 2023
£ £
Trade debtors 360 -
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 2,061 -
Taxation and social security costs 8,935 6,800
Other creditors 2,920 2,920
13,916 9,720
5 Other information
Lace & Thread Limited is a private company limited by shares and incorporated in England. Its registered office is:
7 Colebrook Road
Timperley
Altrincham
Greater Manchester
WA15 6NW
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