Lily's Boutique Ltd. 31/01/2021 iXBRL

Lily's Boutique Ltd. 31/01/2021 iXBRL

LILY'S BOUTIQUE LTD. - Company Information

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Company registration number: 10552474
Lily's Boutique Ltd.
Unaudited filleted financial statements
31 January 2021
Lily's Boutique Ltd.
Contents
Statement of financial position
Notes to the financial statements
Lily's Boutique Ltd.
Statement of financial position
31 January 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 262 606
_______ _______
262 606
Current assets
Stocks 6 9,683 11,914
Cash at bank and in hand 6,986 1,728
_______ _______
16,669 13,642
Creditors: amounts falling due
within one year 7 ( 38,637) ( 53,344)
_______ _______
Net current liabilities ( 21,968) ( 39,702)
_______ _______
Total assets less current liabilities ( 21,706) ( 39,096)
Creditors: amounts falling due
after more than one year 8 ( 460) ( 3,472)
_______ _______
Net liabilities ( 22,166) ( 42,568)
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 22,167) ( 42,569)
_______ _______
Shareholder deficit ( 22,166) ( 42,568)
_______ _______
For the year ending 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 October 2021 , and are signed on behalf of the board by:
Miss Kathryn Botting
Director
Company registration number: 10552474
Lily's Boutique Ltd.
Notes to the financial statements
Year ended 31 January 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cwm Glas, Talybont, Ceredigion, Wales, SY24 5EE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statments of the company have been prepared on a going concern basis. The director feels this basis is appropriate as she has guaranteed her financial support to the company for the foreseeable future.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the service has been completed.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2020: 3 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 February 2020 and 31 January 2021 1,415 1,415
_______ _______
Depreciation
At 1 February 2020 809 809
Charge for the year 344 344
_______ _______
At 31 January 2021 1,153 1,153
_______ _______
Carrying amount
At 31 January 2021 262 262
_______ _______
At 31 January 2020 606 606
_______ _______
6. Stocks
2021 2020
£ £
Goods for resale 9,683 11,914
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 2,950 2,899
Trade creditors - 651
Social security and other taxes 488 792
Other creditors 35,199 49,002
_______ _______
38,637 53,344
_______ _______
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Other creditors 460 3,472
_______ _______