Lia & Olive Luxury Wear Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC573036 (Scotland)

Unaudited Financial Statements

for the Period 8 August 2017 to 30 June 2018

for

Lia & Olive Luxury Wear Limited

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

17,600

CURRENT ASSETS

Stocks

232,790

Debtors

5

267,220

Cash at bank and in hand

56,847

556,857

CREDITORS

Amounts falling due within one year

6

(662,094

)

NET CURRENT LIABILITIES

(105,237

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(87,637

)

PROVISIONS FOR LIABILITIES

(2,992

)

NET LIABILITIES

(90,629

)

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

(90,729

)

(90,629

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 4 February 2019 and were signed on its behalf by:

Mr C M Alexander - Director

1.	STATUTORY INFORMATION

Lia & Olive Luxury Wear Ltd is a private company, limited by shares, domiciled in Scotland, registration

number SC573036. The registered office is Algo Business Centre, Glenearn Road, Perth, United Kingdom, PH2

0NJ.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods and services in respect of retail of clothing, excluding value

added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

2% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any

incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all

tangible fixed assets are depreciated to nil value.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items. Cost is represented by purchase price.

Taxation

Taxation for the period 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is

probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably

estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time

value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is

determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of

an outflow with respect to any one item included in the same class of obligations may be small.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 6 .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

Additions

17,843

At 30 June 2018

17,843

DEPRECIATION

Charge for period

243

At 30 June 2018

243

NET BOOK VALUE

At 30 June 2018

17,600

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Amounts owed by associates

4,431

Other debtors

262,789

267,220

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

159,532

Amounts owed to associates

474,470

Taxation and social security

1,066

Other creditors

27,026

662,094

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 30 June 2018:

£

Miss N Cunningham

Balance outstanding at start of period

-

Amounts advanced

947

Amounts repaid

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of period

947