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 2021

for

Lia & Olive Luxury Wear Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

31,045

16,886

CURRENT ASSETS

Stocks

288,006

176,624

Debtors

5

141,299

155,031

Cash at bank and in hand

36,976

58,053

466,281

389,708

CREDITORS

Amounts falling due within one year

6

(694,347

)

(667,636

)

NET CURRENT LIABILITIES

(228,066

)

(277,928

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(197,021

)

(261,042

)

CREDITORS

Amounts falling due after more than one year

7

(48,372

)

(50,000

)

NET LIABILITIES

(245,393

)

(311,042

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(245,493

)

(311,142

)

(245,393

)

(311,042

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 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 and authorised for issue on 8 February 2022 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.

Plant and machinery etc

-

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 (2020 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2020

17,843

Additions

23,373

At 30 June 2021

41,216

DEPRECIATION

At 1 July 2020

957

Charge for year

9,214

At 30 June 2021

10,171

NET BOOK VALUE

At 30 June 2021

31,045

At 30 June 2020

16,886

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Trade debtors

-

2,315

Amounts owed by related parties

5,502

1,284

Other debtors

135,797

151,432

141,299

155,031

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Bank loans and overdrafts

10,000

-

Trade creditors

61,357

74,402

Amounts owed to related parties

570,878

583,814

Taxation and social security

40,880

7,296

Other creditors

11,232

2,124

694,347

667,636

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.21

30.6.20

£

£

Bank loans

40,000

50,000

Other creditors

8,372

-

48,372

50,000

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2021 and 30 June 2020:

30.6.21

30.6.20

£

£

Mrs N Alexander

Balance outstanding at start of year

17,897

4,929

Amounts advanced

42,241

12,968

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

60,138

17,897

9.	RELATED PARTY DISCLOSURES

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

Purchases - £1,202 (2020: £Nil)

Amounts Owed - £5,501 (2020: £1,284)

Amounts Due - £570,878 (2020: £583,814)