Company Registration No. 05052143 (England and Wales)
LOLA WILLIAMS BUSINESS CONSULTANCY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
PAGES FOR FILING WITH REGISTRAR
LOLA WILLIAMS BUSINESS CONSULTANCY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
LOLA WILLIAMS BUSINESS CONSULTANCY LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2020
31 August 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
754
279
Current assets
Debtors
4
26,975
27,751
Creditors: amounts falling due within one year
5
(30,507)
(30,483)
Net current liabilities
(3,532)
(2,732)
Total assets less current liabilities
(2,778)
(2,453)
Creditors: amounts falling due after more than one year
6
(10,000)
-
Net liabilities
(12,778)
(2,453)
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
(12,780)
(2,455)
Total equity
(12,778)
(2,453)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 10 November 2020
L. Williams
Director
Company Registration No. 05052143
LOLA WILLIAMS BUSINESS CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
- 2 -
1
Accounting policies
Company information
Lola Williams Business Consultancy Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
4 Prince Street, Watford, Herts, WD17 2NY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33.3% written down value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts
.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments
of FRS 102 to all of its financial instruments.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
LOLA WILLIAMS BUSINESS CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Government grants
Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 1
2020
2019
Number
Number
Total
1
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2019
7,871
Additions
583
At 31 August 2020
8,454
Depreciation and impairment
At 1 September 2019
7,592
Depreciation charged in the year
108
At 31 August 2020
7,700
Carrying amount
At 31 August 2020
754
At 31 August 2019
279
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
26,975
27,751
LOLA WILLIAMS BUSINESS CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
4
Debtors
(Continued)
- 4 -
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
2,153
4,993
Trade creditors
4,775
2,413
Taxation and social security
22,579
22,577
Other creditors
1,000
500
30,507
30,483
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
10,000
-
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
8
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
L. Williams -
-
26,598
8,625
(11,917)
23,306
26,598
8,625
(11,917)
23,306