Company Registration No. 11472428 (England and Wales)
LITTLE LILLIES DESIGNS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
PAGES FOR FILING WITH REGISTRAR
LITTLE LILLIES DESIGNS LIMITED
BALANCE SHEET
AS AT
31 JULY 2020
31 July 2020
1
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
31,545
25,172
Current assets
Debtors
5
18,117
42,213
Cash at bank and in hand
32,170
2,125
50,287
44,338
Creditors: amounts falling due within one year
6
(28,229)
(28,064)
Net current assets
22,058
16,274
Total assets less current liabilities
53,603
41,446
Creditors: amounts falling due after more than one year
7
(40,000)
Provisions for liabilities
(5,994)
(4,783)
Net assets
7,609
36,663
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
7,607
36,661
Total equity
7,609
36,663
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have 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.
LITTLE LILLIES DESIGNS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2020
31 July 2020
2
The financial statements were approved by the board of directors and authorised for issue on 27 April 2021 and are signed on its behalf by:
Mrs A Lavin
Director
Company Registration No. 11472428
LITTLE LILLIES DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
3
1
Accounting policies
Company information
Little Lillies Designs Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
198 Shirley Road, Southampton, UK, SO15 3FL.
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 goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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:
Fixtures and fittings
20% reducing balance
Motor vehicles
205 reducing balance
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 and cash equivalents
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. Bank overdrafts are shown within borrowings in current liabilities.
LITTLE LILLIES DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
1
Accounting policies (Continued)
4
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
3
3
3
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
1,568
8,742
LITTLE LILLIES DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
3
Taxation
2020
2019
£
£ (Continued)
5
Deferred tax
Origination and reversal of timing differences
1,211
4,783
Total tax charge
2,779
13,525
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 August 2019
28,793
2,673
31,466
Additions
14,260
14,260
At 31 July 2020
28,793
16,933
45,726
Depreciation and impairment
At 1 August 2019
5,759
535
6,294
Depreciation charged in the year
4,607
3,280
7,887
At 31 July 2020
10,366
3,815
14,181
Carrying amount
At 31 July 2020
18,427
13,118
31,545
At 31 July 2019
23,034
2,138
25,172
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
3,016
38,062
Other debtors
15,101
4,151
18,117
42,213
LITTLE LILLIES DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
6
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
7,885
8,803
Corporation tax
9,810
8,742
Other taxation and social security
3,002
9,377
Other creditors
7,532
1,142
28,229
28,064
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
40,000
8
Controlling party
The ultimate controlling parties are the directors, A Lavin and O Lavin, by virtue of their shareholdings.