Luggage Superstore Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 09310718

Luggage Superstore Ltd

Filleted Unaudited Financial Statements

31 December 2024

Luggage Superstore Ltd

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Intangible assets	5	335,210	158,815
Tangible assets	6	197,245	75,958
		----------	----------
		532,455	234,773

Current assets

Stocks		705,267	916,024
Debtors	7	463,623	174,677
Cash at bank and in hand		21,143	39,159
		-------------	-------------
		1,190,033	1,129,860

Creditors: amounts falling due within one year	8	( 1,045,860)		( 433,488)
		-------------		-------------
Net current assets			144,173		696,372
			----------		----------
Total assets less current liabilities			676,628		931,145

Creditors: amounts falling due after more than one year	9	( 499,930)	( 594,579)
		----------	----------
Net assets		176,698	336,566
		----------	----------

Capital and reserves

Called up share capital	4	4
Profit and loss account	176,694	336,562
	----------	----------
Shareholders funds	176,698	336,566
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Luggage Superstore Ltd

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 24 December 2025 , and are signed on behalf of the board by:

Mr Y M Feldman
Director

Company registration number: 09310718

Luggage Superstore Ltd

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Changes in accounting estimates

During the year, the directors reviewed the estimated useful economic life of the company's website. Following this review, the amortisation rate has been changed from 20% per annum to 5% per annum, reflecting a reassessment of the period over which the website is expected to generate economic benefits for the company. This change has been treated as a change in accounting estimate and has been applied prospectively. The change has resulted in a reduction in the amortisation charge for the current year.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements,estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

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.

Taxation

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 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 and generates taxable income.

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 the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Website	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 18 (2023: 18 ).

5. Intangible assets

	Other intangible assets
	£
Cost
At 1 January 2024	207,206
Additions	196,585
	----------
At 31 December 2024	403,791
	----------
Amortisation
At 1 January 2024	48,391
Charge for the year	20,190
	----------
At 31 December 2024	68,581
	----------
Carrying amount
At 31 December 2024	335,210
	----------
At 31 December 2023	158,815
	----------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 January 2024	53,124	20,000	14,363	87,487
Additions	52,447	98,754	250	151,451
	----------	----------	---------	----------
At 31 December 2024	105,571	118,754	14,613	238,938
	----------	----------	---------	----------
Depreciation
At 1 January 2024	–	9,813	1,323	11,136
Charge for the year	–	27,235	3,322	30,557
	----------	----------	---------	----------
At 31 December 2024	–	37,048	4,645	41,693
	----------	----------	---------	----------
Carrying amount
At 31 December 2024	105,571	81,706	9,968	197,245
	----------	----------	---------	----------
At 31 December 2023	53,124	10,187	13,040	76,351
	----------	----------	---------	----------

7. Debtors

	2024	2023
	£	£
Trade debtors	15,126	94,837
Amounts owed by group undertakings	44,232	40,232
Other debtors	404,265	39,608
	----------	----------
	463,623	174,677
	----------	----------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	81,977	20,179
Trade creditors	604,882	304,218
Corporation tax	291	8,504
Social security and other taxes	119,728	63,846
Other creditors	238,982	36,741
	-------------	----------
	1,045,860	433,488
	-------------	----------

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	499,930	594,579
	----------	----------

10. Director's advances, credits and guarantees

The directors account was overdrawn by £93,370 (2023: nil). This was repaid within 9 months of the year end.