Registration number:
Lilestone Limited
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Lilestone Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Lilestone Limited
Company Information
Director |
G T Hogarth |
Registered office |
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Accountants |
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Lilestone Limited
Statement of Financial Position as at 31 December 2019
Note |
2019 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current (liabilities)/assets |
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Net (liabilities)/assets |
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Capital and reserves |
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Called up share capital |
48,699,205 |
48,699,205 |
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Share premium reserve |
1,594,282 |
1,594,282 |
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Profit and loss account |
(51,481,644) |
(49,122,294) |
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Shareholders' (deficit)/funds |
(1,188,157) |
1,171,193 |
For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Lilestone Limited
Statement of Financial Position as at 31 December 2019
Approved and authorised by the
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G T Hogarth
Director
Company registration number: 03970757
Lilestone Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of the design and retail of luxury lingerie and accessories
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Group accounts not prepared
Going concern
The company made a loss for the year ended 31 December 2019 and had net liabilities amounting to £1,188,157. At that date an amount of £3,223,345 was due to the director, who has confirmed he will not call for repayment until such time as the company has sufficient working capital.
The company has no bank facilities, and meets its day to day working capital requirements through loans from the director.
The director has also considered the impact of COVID-19 which was declared a pandemic by the World Health Organisation on 11 March 2020.
At the date of these financial statements, it is still not possible to evaluate the full impact of the pandemic on the company's operations given that the full extent of possible restrictions is unknown. Nonetheless, the director believes that to the best of his knowledge the impact of the virus will not have a material impact on the company to continue as a going concern.
After making enquiries, and considering the circumstances described above, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For these reasons, he continues to adopt the going concern basis in preparing the financial statements.
Lilestone Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
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.
The company recognises revenue from sales in shops or concessions at the point of retail sale. Wholesale and internet sales are recognised at the point of dispatch of goods to customers.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Patents, trademarks and licences |
20% straight line |
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 over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures, fittings and equipment |
20% to 50% straight line |
Leasehold property |
straight line over the length of the lease |
Lilestone Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Operating 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.
Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.
The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Lilestone Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Staff numbers |
The average number of persons employed by the company during the year, was
Intangible assets |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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At 1 January 2019 |
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At 31 December 2019 |
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Amortisation |
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At 1 January 2019 |
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Amortisation charge |
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At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
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At 31 December 2018 |
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Lilestone Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Tangible assets |
Leasehold property |
Assets under construction |
Fixtures, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2019 |
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Additions |
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- |
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Disposals |
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( |
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( |
At 31 December 2019 |
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- |
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Depreciation |
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At 1 January 2019 |
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- |
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Charge for the year |
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- |
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At 31 December 2019 |
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- |
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Carrying amount |
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At 31 December 2019 |
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- |
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At 31 December 2018 |
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Investments |
2019 |
2018 |
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Investment in subsidiary undertaking |
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£ |
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Cost |
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At 1 January 2019 |
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Carrying amount |
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At 31 December 2019 |
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At 31 December 2018 |
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Stocks |
2019 |
2018 |
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Stock for resale |
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Lilestone Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Debtors |
2019 |
2018 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Other debtors includes an amount of £207,000 (2018: £207,000) recoverable in greater than 12 months.
Creditors |
Creditors: amounts falling due within one year
2019 |
(As restated) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The total amount of financial commitments not included in the statement of financial position is £
Related party transactions |
In accordance with FRS 102 paragraph 1AC.35, exemption is taken not to disclose transactions in the year between wholly owned group undertakings.
PRIOR PERIOD ADJUSTMENT |
At 31 December 2018 an amount of £1,607,044 was included in cash at bank in respect of a bank account in the director's personal name. This has been corrected in the current year to net this amount against the amount due to the director and the comparatives have been restated. The net assets at 31 December 2018 and the result for the year then ended are unaffected.