Lola's Apothecary Limited Filleted accounts for Companies House (small and micro)

Lola's Apothecary Limited Filleted accounts for Companies House (small and micro)

LOLA'S APOTHECARY LTD - Company Information

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COMPANY REGISTRATION NUMBER: 07844918
LOLA'S APOTHECARY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2018
LOLA'S APOTHECARY LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2018
2018
2017
Note
£
£
£
FIXED ASSETS
Tangible assets
5
2,601
1,683
CURRENT ASSETS
Stocks
11,544
12,478
Debtors
6
4,512
3,827
Cash at bank and in hand
7,548
1,224
----------
----------
23,604
17,529
CREDITORS: amounts falling due within one year
7
70,724
44,202
----------
----------
NET CURRENT LIABILITIES
47,120
26,673
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 44,519)
( 24,990)
----------
----------
NET LIABILITIES
( 44,519)
( 24,990)
----------
----------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
( 44,619)
( 25,090)
----------
----------
SHAREHOLDERS DEFICIT
( 44,519)
( 24,990)
----------
----------
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 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 January 2018 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 .
LOLA'S APOTHECARY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2018
These financial statements were approved by the board of directors and authorised for issue on 20 November 2018 , and are signed on behalf of the board by:
Mr D B B Phillips
Director
Company registration number: 07844918
LOLA'S APOTHECARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2018
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Colleton Manor, Colleton, CHUMLEIGH, Devon, EX18 7JS.
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.
GOING CONCERN
The accounts have been prepared on a going concern basis on the assumption that the directors will continue to support the company through their directors' loan accounts.
DISCLOSURE EXEMPTIONS
The company has taken advantage of the disclosure exemptions applicable for small entities under FRS 102 Section 1A.
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.
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:
Plant and machinery
-
20% reducing balance
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2017: 2 ).
5. TANGIBLE ASSETS
Plant and machinery
£
Cost
At 1 February 2017
3,167
Additions
1,568
--------
At 31 January 2018
4,735
--------
Depreciation
At 1 February 2017
1,484
Charge for the year
650
--------
At 31 January 2018
2,134
--------
Carrying amount
At 31 January 2018
2,601
--------
At 31 January 2017
1,683
--------
6. DEBTORS
2018
2017
£
£
Trade debtors
1,787
3,827
Other debtors
2,725
–
--------
--------
4,512
3,827
--------
--------
7. CREDITORS: amounts falling due within one year
2018
2017
£
£
Trade creditors
2,081
1,825
Social security and other taxes
2,109
2,589
Other creditors
66,534
39,788
----------
----------
70,724
44,202
----------
----------