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Registered number: 09713441
Luggage & Bags Ltd
Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09713441
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 1,100 1,040
1,100 1,040
CURRENT ASSETS
Stocks 6 15,440 38,050
Debtors 7 2,099 5,269
Cash at bank and in hand 296,764 165,270
314,303 208,589
Creditors: Amounts Falling Due Within One Year 8 (217,062 ) (130,973 )
NET CURRENT ASSETS (LIABILITIES) 97,241 77,616
TOTAL ASSETS LESS CURRENT LIABILITIES 98,341 78,656
NET ASSETS 98,341 78,656
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 98,241 78,556
SHAREHOLDERS' FUNDS 98,341 78,656
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
H A Farook
Director
26th August 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Luggage & Bags Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09713441 . The registered office is 109 Coleman Road, Leicester, Leicestershire, LE5 4LE.
The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.
Intangible Assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20% on reducing balance
Office Equipment 33% on cost
2.5. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
2.6. Taxation
Taxation for the year comprises current and deferred tax. 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.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
Page 3
Page 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 September 2023 5,000
As at 31 August 2024 5,000
Amortisation
As at 1 September 2023 5,000
As at 31 August 2024 5,000
Net Book Value
As at 31 August 2024 -
As at 1 September 2023 -
5. Tangible Assets
Motor Vehicles Office Equipment Total
£ £ £
Cost
As at 1 September 2023 4,000 1,974 5,974
Additions - 582 582
As at 31 August 2024 4,000 2,556 6,556
Depreciation
As at 1 September 2023 3,329 1,605 4,934
Provided during the period 134 388 522
As at 31 August 2024 3,463 1,993 5,456
Net Book Value
As at 31 August 2024 537 563 1,100
As at 1 September 2023 671 369 1,040
6. Stocks
2024 2023
£ £
Stock 15,440 38,050
7. Debtors
2024 2023
£ £
Due within one year
Other debtors 2,099 5,269
Page 4
Page 5
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 86,487 37,326
Other creditors 116,337 86,677
Taxation and social security 14,238 6,970
217,062 130,973
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
The following advances and credits to directors subsisted during the current and prior periods:
As at 1 September 2023 Amounts advanced Amounts repaid Amounts written off As at 31 August 2024
£ £ £ £ £
Mr. Hassan Farook (62,916 ) 2,162 (22,927 ) - (83,681 )
The above loan is unsecured, interest free and repayable on demand.
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