Louella Belle Limited Filleted accounts for Companies House (small and micro)

LOUELLA BELLE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04391790

Louella Belle Limited

Filleted Unaudited Financial Statements

31 December 2022

Louella Belle Limited

Statement of Financial Position

31 December 2022

	2022		2021
Note	£	£	£

Fixed assets

Intangible assets	5	160,298	182,809
Tangible assets	6	28,176	54,815
Investments	7	300	300
		---------	---------
		188,774	237,924

Current assets

Stocks		327,040	334,735
Debtors	8	255,706	321,454
Cash at bank and in hand		163,986	357,373
		---------	------------
		746,732	1,013,562

Creditors: amounts falling due within one year	9	768,687		716,542
		---------		------------
Net current (liabilities)/assets			( 21,955)	297,020
			---------	---------
Total assets less current liabilities			166,819	534,944

Creditors: amounts falling due after more than one year	10		30,076	40,000

Provisions

Taxation including deferred tax	12,597	18,961
	---------	---------
Net assets	124,146	475,983
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	124,046	475,883
	---------	---------
Shareholders funds	124,146	475,983
	---------	---------

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 statement of comprehensive income has not been delivered.

For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Louella Belle Limited

Statement of Financial Position (continued)

31 December 2022

These financial statements were approved by the board of directors and authorised for issue on 20 September 2023 , and are signed on behalf of the board by:

Mr James Crook	Mr Darren Crook
Director	Director

Company registration number: 04391790

Louella Belle Limited

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ashdon House, Second Floor, Moon Lane, Barnet, EN5 5YL, Herts.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

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 significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	Over 5 years
Development Costs	-	Over 5 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Short Leasehold	-	Over 10 Years
Exhibition Stands	-	20% straight line
Fixtures & Fittings	-	20% straight line
Motor Vehicles	-	20% straight line
Computer Equipment	-	33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset 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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 20 (2021: 21 ).

5. Intangible assets

	Goodwill	Development costs	Total
	£	£	£
Cost
At 1 January 2022	229,558	59,009	288,567
Additions	–	–	–
Additions from internal developments	–	5,600	5,600
Acquisitions through business combinations	37,820	–	37,820
	---------	--------	---------
At 31 December 2022	267,378	64,609	331,987
	---------	--------	---------
Amortisation
At 1 January 2022	91,730	14,028	105,758
Charge for the year	53,476	12,455	65,931
	---------	--------	---------
At 31 December 2022	145,206	26,483	171,689
	---------	--------	---------
Carrying amount
At 31 December 2022	122,172	38,126	160,298
	---------	--------	---------
At 31 December 2021	137,828	44,981	182,809
	---------	--------	---------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2022	101,080	41,648	91,886	5,495	105,862	345,971
Additions	–	–	–	–	2,708	2,708
	---------	--------	--------	-------	---------	---------
At 31 Dec 2022	101,080	41,648	91,886	5,495	108,570	348,679
	---------	--------	--------	-------	---------	---------
Depreciation
At 1 Jan 2022	62,299	40,328	83,478	4,762	100,289	291,156
Charge for the year	20,216	480	4,470	733	3,448	29,347
	---------	--------	--------	-------	---------	---------
At 31 Dec 2022	82,515	40,808	87,948	5,495	103,737	320,503
	---------	--------	--------	-------	---------	---------
Carrying amount
At 31 Dec 2022	18,565	840	3,938	–	4,833	28,176
	---------	--------	--------	-------	---------	---------
At 31 Dec 2021	38,781	1,320	8,408	733	5,573	54,815
	---------	--------	--------	-------	---------	---------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2022 and 31 December 2022	300
	----
Impairment
At 1 January 2022 and 31 December 2022	–
	----

Carrying amount
At 31 December 2022	300
	----
At 31 December 2021	300
	----

8. Debtors

	2022	2021
	£	£
Trade debtors	113,455	259,824
Other debtors	142,251	61,630
	---------	---------
	255,706	321,454
	---------	---------

9. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	649,164	586,436
Corporation tax	–	19,477
Social security and other taxes	23,644	55,038
Other creditors	95,879	55,591
	---------	---------
	768,687	716,542
	---------	---------

10. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	30,076	40,000
	--------	--------