Little Red Gallery (Lincoln) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08455827 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

FOR

LITTLE RED GALLERY (LINCOLN) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs H Venn

REGISTERED OFFICE:

Landmark House

1 Riseholme Road

Lincoln

Lincolnshire

LN1 3SN

REGISTERED NUMBER:

08455827 (England and Wales)

ACCOUNTANTS:

Dexter & Sharpe (Lincoln) Ltd

Landmark House

1 Riseholme Road

Lincoln

Lincolnshire

LN1 3SN

FIXED ASSETS

Tangible assets

4

8,316

14,240

CURRENT ASSETS

Stocks

39,000

39,000

Debtors

5

27,926

7,732

Prepayments and accrued income

2,868

-

Cash at bank and in hand

11,091

18,315

80,885

65,047

CREDITORS

Amounts falling due within one year

6

79,504

54,753

NET CURRENT ASSETS

1,381

10,294

TOTAL ASSETS LESS CURRENT LIABILITIES

9,697

24,534

CREDITORS

Amounts falling due after more than one year

7

8,913

16,800

NET ASSETS

784

7,734

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

684

7,634

SHAREHOLDERS' FUNDS

784

7,734

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 21 December 2018 and were signed by:

Mrs H Venn - Director

1.	STATUTORY INFORMATION

Little Red Gallery (Lincoln) Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

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 6 (2017 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2017

32,331

Additions

629

At 31 March 2018

32,960

DEPRECIATION

At 1 April 2017

18,091

Charge for year

6,553

At 31 March 2018

24,644

NET BOOK VALUE

At 31 March 2018

8,316

At 31 March 2017

14,240

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

27,926

7,732

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

3,944

-

Trade creditors

32,871

38,452

Taxation and social security

(1

)

6,151

Other creditors

42,690

10,150

79,504

54,753

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

8,913

16,800