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

REGISTERED NUMBER: SC573036 (Scotland)

Unaudited Financial Statements for the Year Ended 30 June 2019

for

Lia & Olive Luxury Wear Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

17,243

17,600

CURRENT ASSETS

Stocks

163,803

232,790

Debtors

5

239,626

267,220

Cash at bank and in hand

79,971

56,847

483,400

556,857

CREDITORS

Amounts falling due within one year

6

(733,756

)

(662,094

)

NET CURRENT LIABILITIES

(250,356

)

(105,237

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(233,113

)

(87,637

)

PROVISIONS FOR LIABILITIES

-

(2,992

)

NET LIABILITIES

(233,113

)

(90,629

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(233,213

)

(90,729

)

(233,113

)

(90,629

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 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 applicable to companies subject to the small companies regime.

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 20 March 2020 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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 year 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 year 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 year was 7 (2018 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 July 2018

and 30 June 2019

17,843

DEPRECIATION

At 1 July 2018

243

Charge for year

357

At 30 June 2019

600

NET BOOK VALUE

At 30 June 2019

17,243

At 30 June 2018

17,600

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Amounts owed by related parties

-

4,431

Other debtors

239,626

262,789

239,626

267,220

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Trade creditors

138,505

159,532

Amounts owed to related parties

577,924

474,470

Taxation and social security

8,106

1,066

Other creditors

9,221

27,026

733,756

662,094

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 30 June 2019 and the period ended

30 June 2018:

30.6.19

30.6.18

£

£

Miss N Cunningham

Balance outstanding at start of year

947

-

Amounts advanced

3,982

947

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

4,929

947

8.	RELATED PARTY DISCLOSURES

Transactions and balances with entities with common control are as follows:

Purchases - £300.00 (2018: £15,149.24)

Amounts Owed - £0.00 (2018: £4,430.50)

Amounts Due - £577,923.60 (2018: £474,470.00)