Year Ended 31 January 2018
Lulu Browns Limited
Balance Sheet
31 January 2018
Registration Number:
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial 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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Mrs Helen Ashley Lord
Director
Lulu Browns Limited
Notes to the Financial Statements
Year Ended 31 January 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
17 Accrington Road
Whalley
Clitheroe
Lancashire
BB7 9TD
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets is stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Lulu Browns Limited
Notes to the Financial Statements
Year Ended 31 January 2018
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives as follows:
Asset class |
Depreciation method and rate |
Fixtures and Fittings |
15% on reducing balances |
Office equipment |
25% on reducing balances |
Motor vehicles |
25% on reducing balances |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Share capital
Ordinary shares are classified as equity.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Lulu Browns Limited
Notes to the Financial Statements
Year Ended 31 January 2018
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 February 2017 |
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Additions |
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At 31 January 2018 |
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Depreciation |
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At 1 February 2017 |
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Charge for the year |
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At 31 January 2018 |
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Carrying amount |
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At 31 January 2018 |
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At 31 January 2017 |
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Debtors |
2018 |
2017 |
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Prepayments |
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Other debtors |
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Lulu Browns Limited
Notes to the Financial Statements
Year Ended 31 January 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Directors' loan account |
3,949 |
62,141 |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
At the balance sheet date the total amount of rentals payable in respect of the property lease covering the period to the end of the lease is £