Lucy and Yak Ltd - Accounts to registrar (filleted) - small 18.2
Lucy and Yak Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2021 |
| FOR |
| LUCY AND YAK LTD |
| LUCY AND YAK LTD (REGISTERED NUMBER: 10850530) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| LUCY AND YAK LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 JULY 2021 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 12 Victoria Road |
| Barnsley |
| South Yorkshire |
| S70 2BB |
| LUCY AND YAK LTD (REGISTERED NUMBER: 10850530) |
| BALANCE SHEET |
| 31 JULY 2021 |
| 31.7.21 | 31.7.20 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| LUCY AND YAK LTD (REGISTERED NUMBER: 10850530) |
| BALANCE SHEET - continued |
| 31 JULY 2021 |
| 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. |
| 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 |
| LUCY AND YAK LTD (REGISTERED NUMBER: 10850530) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 1. | STATUTORY INFORMATION |
| Lucy and Yak Ltd is a |
| The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| No judgements have been made in the process of applying the below accounting policies that have had the most significant effect on amounts recognised in the financial statements. |
| There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. |
| Turnover from the sale of clothing is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| LUCY AND YAK LTD (REGISTERED NUMBER: 10850530) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
| Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
| Computer equipment | - 33% reducing balance |
| Fixtures and fittings | - 20% reducing balance |
| Plant and machinery | - 25% reducing balance |
| Motor vehicles | - 25% reducing balance |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving stock. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition. |
| 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. |
| LUCY AND YAK LTD (REGISTERED NUMBER: 10850530) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 August 2020 |
| and 31 July 2021 |
| AMORTISATION |
| At 1 August 2020 |
| Charge for year |
| At 31 July 2021 |
| NET BOOK VALUE |
| At 31 July 2021 |
| At 31 July 2020 |
| LUCY AND YAK LTD (REGISTERED NUMBER: 10850530) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 August 2020 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 July 2021 |
| DEPRECIATION |
| At 1 August 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 July 2021 |
| NET BOOK VALUE |
| At 31 July 2021 |
| At 31 July 2020 |
| At the year end the net book value of assets held under hire purchase contracts was £5,043 (2020:£19,492). |
| 6. | STOCKS |
| 31.7.21 | 31.7.20 |
| £ | £ |
| Stocks | 3,525,036 | 3,513,447 |
| Stock deposits on account |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.7.21 | 31.7.20 |
| £ | £ |
| Other debtors |
| Prepayments |
| LUCY AND YAK LTD (REGISTERED NUMBER: 10850530) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.7.21 | 31.7.20 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| VAT | 763,137 | 209,643 |
| Other creditors |
| Directors' current accounts | 189,033 | 75,217 |
| Accruals and deferred income |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.7.21 | 31.7.20 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Bank loans more 5 yr by instal |
| Hire purchase contracts (see note 10) |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | - | 10,000 |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 31.7.21 | 31.7.20 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| LUCY AND YAK LTD (REGISTERED NUMBER: 10850530) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 10. | LEASING AGREEMENTS - continued |
| Non-cancellable | operating leases |
| 31.7.21 | 31.7.20 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.7.21 | 31.7.20 |
| £ | £ |
| Hire purchase contracts | 4,499 | 21,160 |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.7.21 | 31.7.20 |
| value: | £ | £ |
| Ordinary | £1 | 2 | 2 |