LUISA LOVEDAY LTD (FORMERLY KNOWN AS LOVEDAY LONDON LTD)
LUISA LOVEDAY LTD (FORMERLY KNOWN AS LOVEDAY LONDON LTD)
Company No:
LUISA LOVEDAY LTD (FORMERLY KNOWN AS LOVEDAY LONDON LTD)
Unaudited Financial Statements
For the financial year ended 30 June 2020
For the financial year ended 30 June 2020
Unaudited Financial Statements
Contents
COMPANY INFORMATION
COMPANY INFORMATION (continued)
DIRECTOR | Mrs L Kozlowski |
SECRETARY | S London |
REGISTERED OFFICE | Bishop Fleming LLP |
10 Temple Back | |
Bristol | |
BS1 6FL | |
United Kingdom | |
COMPANY NUMBER | 07655492(England and Wales) |
CHARTERED ACCOUNTANTS | Bishop Fleming LLP |
10 Temple Back | |
Bristol | |
BS1 6FL |
STATEMENT OF FINANCIAL POSITION
STATEMENT OF FINANCIAL POSITION (continued)
2020 | 2019 | |||
Note | £ | £ | ||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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4,000 | 6,013 | |||
Current assets | ||||
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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22,883 | 15,395 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
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Net current liabilities | (103,439) | (98,086) | ||
Total assets less current liabilities | (99,439) | (92,073) | ||
Creditors | ||||
Amounts falling due after more than one year | 7 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account | (
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Total shareholder's deficit | (
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Director's responsibilities:
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The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476; -
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements; and -
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.
The financial statements of Luisa Loveday Ltd (formerly known as Loveday London Ltd) (registered number:
Mrs L Kozlowski
Director |
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
General information and basis of accounting
Luisa Loveday Ltd (formerly known as Loveday London Ltd) (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Bishop Fleming LLP, 10 Temple Back, Bristol, BS1 6FL, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Luisa Loveday Ltd (formerly known as Loveday London Ltd) is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
Going concern
The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £117,439. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company.
Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Director’s Report.
Foreign currency
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover
Interest income
Employee benefits
Finance costs
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Intangible assets
Trademarks, patents and licences
Tangible fixed assets
Office equipment - 20% reducing balance
Computer equipment - 33% straight line
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Borrowing costs
Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Stocks
Trade and other debtors
Trade and other creditors
2. Employees
2020 | 2019 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including director |
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3. Intangible assets
Computer software | Trademarks, patents and licences | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 July 2019 |
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At 30 June 2020 |
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Accumulated amortisation | |||||
At 01 July 2019 |
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Charge for the financial year |
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At 30 June 2020 |
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Net book value | |||||
At 30 June 2020 |
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At 30 June 2019 |
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4. Tangible assets
Office equipment | Total | ||
£ | £ | ||
Cost/Valuation | |||
At 01 July 2019 |
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At 30 June 2020 |
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Accumulated depreciation | |||
At 01 July 2019 |
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Charge for the financial year |
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At 30 June 2020 |
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Net book value | |||
At 30 June 2020 |
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At 30 June 2019 |
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5. Debtors
2020 | 2019 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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6. Creditors: amounts falling due within one year
2020 | 2019 | ||
£ | £ | ||
Bank loans and overdrafts |
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Trade creditors |
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Other creditors |
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Other taxation and social security |
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7. Creditors: amounts falling due after more than one year
2020 | 2019 | ||
£ | £ | ||
Bank loans |
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8. Called-up share capital
2020 | 2019 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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9. Related party transactions
At the year end, the company owed the director £125,655 (2019: 71,320). This amount is shown in other creditors.