Company registration number:
for the Period from 1 September 2017 to
Lucy Choi London Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Lucy Choi London Limited
(Registration number: 07634955)
Balance Sheet as at 30 August 2018
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30 August 2018 |
31 August 2017 |
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Fixed assets |
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Intangible 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 liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss reserve |
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Total equity |
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Lucy Choi London Limited
(Registration number: 07634955)
Balance Sheet as at 30 August 2018
For the financial period ending 30 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges her 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Lucy Choi London Limited
Notes to the Financial Statements
for the Period from 1 September 2017 to 30 August 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:
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.
These financial statements are presented in Sterling (£).
Going concern
The company has net liabilities of £1,363,615 at the year end which includes a loan from its director and her spouse totalling £662,019. The director and her spouse have agreed they will continue to support the company by not withdrawing their loan until trading conditions allow. They have also received support from the company's main supplier who has agreed to support the business whilst the brand is established. On this basis, the director considers it appropriate to prepare the accounts on the going concern basis.
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of shoes. Turnover is shown net of value added tax, returns and discounts, less a provision for future gift voucher use.
The company recognises revenue when shoes are sold.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Lucy Choi London Limited
Notes to the Financial Statements
for the Period from 1 September 2017 to 30 August 2018
Tangible assets
Tangible assets are stated at cost less accumulated depreciation.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
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 |
Short leasehold property |
10% straight line |
Furniture, fittings and equipment |
20% straight line & 20% reducing balance |
Intangible assets
Separately acquired trademarks are shown at historical cost.
Trademarks have a finite useful life and are carried at cost less accumulated amortisation.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Trademarks |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtor.
Stocks
Stocks consist of finished pairs of shoes and 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.
Lucy Choi London Limited
Notes to the Financial Statements
for the Period from 1 September 2017 to 30 August 2018
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Lucy Choi London Limited
Notes to the Financial Statements
for the Period from 1 September 2017 to 30 August 2018
Staff numbers |
The average number of persons employed by the company (including the director) during the period was
Intangible assets |
Trademarks |
Total |
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Cost or valuation |
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At 1 September 2017 |
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At 30 August 2018 |
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Amortisation |
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At 1 September 2017 |
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Amortisation charge |
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At 30 August 2018 |
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Carrying amount |
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At 30 August 2018 |
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At 31 August 2017 |
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Tangible assets |
Short leasehold property |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 September 2017 |
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Additions |
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At 30 August 2018 |
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Depreciation |
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At 1 September 2017 |
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Charge for the period |
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At 30 August 2018 |
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Carrying amount |
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At 30 August 2018 |
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At 31 August 2017 |
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Lucy Choi London Limited
Notes to the Financial Statements
for the Period from 1 September 2017 to 30 August 2018
Stocks |
2018 |
2017 |
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Other stocks |
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Debtors |
30 August 2018 |
31 August 2017 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Lucy Choi London Limited
Notes to the Financial Statements
for the Period from 1 September 2017 to 30 August 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2018 |
2017 |
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Current loans and borrowings |
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Bank overdrafts |
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2018 |
2017 |
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Non-current loans and borrowings |
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Other borrowings |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £