Lillywhite Limited 04912725 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is providing drawing services and contract management within the building and construction industry Digita Accounts Production Advanced 6.30.9574.0 true 04912725 2024-01-01 2024-12-31 04912725 2024-12-31 04912725 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2024-12-31 04912725 core:CurrentFinancialInstruments 2024-12-31 04912725 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 04912725 core:Non-currentFinancialInstruments 2024-12-31 04912725 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 04912725 core:FurnitureFittingsToolsEquipment 2024-12-31 04912725 bus:SmallEntities 2024-01-01 2024-12-31 04912725 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 04912725 bus:FilletedAccounts 2024-01-01 2024-12-31 04912725 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 04912725 bus:RegisteredOffice 2024-01-01 2024-12-31 04912725 bus:Director1 2024-01-01 2024-12-31 04912725 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04912725 core:ComputerEquipment 2024-01-01 2024-12-31 04912725 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 04912725 countries:EnglandWales 2024-01-01 2024-12-31 04912725 core:FurnitureFittingsToolsEquipment 2023-12-31 04912725 2023-01-01 2023-12-31 04912725 2023-12-31 04912725 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2023-12-31 04912725 core:CurrentFinancialInstruments 2023-12-31 04912725 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 04912725 core:Non-currentFinancialInstruments 2023-12-31 04912725 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 04912725 core:FurnitureFittingsToolsEquipment 2023-12-31 iso4217:GBP xbrli:pure

Registration number: 04912725

Prepared for the registrar

Lillywhite Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Lillywhite Limited

(Registration number: 04912725)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

130

265

Current assets

 

Debtors

5

24,323

36,559

Cash at bank and in hand

 

78

528

 

24,401

37,087

Creditors: Amounts falling due within one year

6

(20,805)

(31,715)

Net current assets

 

3,596

5,372

Total assets less current liabilities

 

3,726

5,637

Creditors: Amounts falling due after more than one year

6

(2,450)

(5,331)

Deferred tax liabilities

8

(25)

(50)

Net assets

 

1,251

256

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,151

156

Shareholders' funds

 

1,251

256

For the financial year ending 31 December 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 his 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.

Approved and authorised by the director on 7 August 2025
 


Mr T Lillywhite
Director

 

Lillywhite Limited

Notes to the Financial Statements for the Year Ended 31 December 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:
Old Ellis Stables
Chatter Street
Longney
Gloucester
Gloucestershire
GL2 3SN

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

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 and after eliminating sales within the company.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Lillywhite Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Tangible assets

Tangible assets are stated in the statement of financial position 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

Computer equipment

33.33% of cost per annum

Fixtures, fittings and equipment

20% of written down value per annum

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Lillywhite Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Lillywhite Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

4

Tangible assets

Fixtures and fittings
£

Cost

At 1 January 2024

2,256

Disposals

(1,089)

At 31 December 2024

1,167

Depreciation

At 1 January 2024

1,991

Charge for the year

135

Eliminated on disposal

(1,089)

At 31 December 2024

1,037

Carrying amount

At 31 December 2024

130

At 31 December 2023

265

 

5

Debtors

2024
£

2023
£

Trade debtors

-

12,822

Receivables from related parties

18,983

18,397

Other debtors

5,340

5,340

24,323

36,559

 

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

6,976

9,214

Trade creditors

 

126

2,322

Amounts due to related parties

 

3,963

-

Taxation and social security

 

7,520

18,365

Accruals and deferred income

 

2,220

1,760

Other creditors

 

-

54

 

20,805

31,715

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

2,450

5,331

 

Lillywhite Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

2,881

2,810

Bank overdraft

4,095

6,404

6,976

9,214

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

2,450

5,331

 

8

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

25

2023

Liability
£

Fixed asset timing differences

50

 

9

Related party transactions

Transactions with the director

At the year end, the company owed the director £3,963 (2023: £18,397 owed from the director) in the form of a director's loan account. The loan is unsecured, repayable on demand and interest was charged at 2.25% of the outstanding balance receivable during part of the year.

Transaction with other related parties

At the end of the year, the company was owed £18,983 (2023: £nil) from TCL Automotive Ltd, a company under common control, in the form of an intercompany loan. The loan is unsecured, interest-free and repayable on demand.