Little White Dove Ltd - Period Ending 2020-08-31

Little White Dove Ltd - Period Ending 2020-08-31


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Registration number: SC638170

Little White Dove Ltd

trading as House 54

Annual Report and Unaudited Financial Statements

for the Period from 7 August 2019 to 31 August 2020

 

Little White Dove Ltd

trading as House 54

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Little White Dove Ltd

trading as House 54

Company Information

Director

Mr A Maxwell

Registered office

 

38 Pinewood Park
Deans
Livingston
EH54 8NN

Accountants

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Little White Dove Ltd

trading as House 54
for the Period Ended 31 August 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Little White Dove Ltd for the period ended 31 August 2020 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Little White Dove Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Little White Dove Ltd and state those matters that we have agreed to state to the Board of Directors of Little White Dove Ltd, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Little White Dove Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Little White Dove Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Little White Dove Ltd. You consider that Little White Dove Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Little White Dove Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

26 November 2020

 

Little White Dove Ltd

trading as House 54

(Registration number: SC638170)
Balance Sheet as at 31 August 2020

Note

2020
£

Fixed assets

 

Tangible assets

4

15,807

Current assets

 

Stocks

5

492

Debtors

6

3,213

Cash at bank and in hand

 

29,658

 

33,363

Creditors: Amounts falling due within one year

7

(26,576)

Net current assets

 

6,787

Total assets less current liabilities

 

22,594

Creditors: Amounts falling due after more than one year

7

(20,000)

Provisions for liabilities

(2,281)

Net assets

 

313

Capital and reserves

 

Called up share capital

9

1

Profit and loss account

312

Shareholders' funds

 

313

For the financial period ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the 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.

 

Little White Dove Ltd

trading as House 54

(Registration number: SC638170)
Balance Sheet as at 31 August 2020

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 director on 26 November 2020
 

.........................................

Mr A Maxwell
Director

 

Little White Dove Ltd

trading as House 54

Notes to the Unaudited Financial Statements for the Period from 7 August 2019 to 31 August 2020

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
38 Pinewood Park
Deans
Livingston
EH54 8NN

These financial statements were authorised for issue by the director on 26 November 2020.

2

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 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. There were no material departures from that standard.

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.

The presentation currency of the financial statements is the Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration derived from barber and hairdresser chair rental services.
Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within
the company.

 

Little White Dove Ltd

trading as House 54

Notes to the Unaudited Financial Statements for the Period from 7 August 2019 to 31 August 2020

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

10% and 20% on cost

Computer equipment

25% on cost

 

Little White Dove Ltd

trading as House 54

Notes to the Unaudited Financial Statements for the Period from 7 August 2019 to 31 August 2020

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and
rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the
present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the
shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in
the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease
obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

 

 

Little White Dove Ltd

trading as House 54

Notes to the Unaudited Financial Statements for the Period from 7 August 2019 to 31 August 2020

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

18,399

18,399

At 31 August 2020

18,399

18,399

Depreciation

Charge for the period

2,592

2,592

At 31 August 2020

2,592

2,592

Carrying amount

At 31 August 2020

15,807

15,807

5

Stocks

2020
£

Stocks

492

6

Debtors

2020
£

Other debtors

3,213

3,213

 

Little White Dove Ltd

trading as House 54

Notes to the Unaudited Financial Statements for the Period from 7 August 2019 to 31 August 2020

7

Creditors

Creditors: amounts falling due within one year

2020
£

Due within one year

Trade creditors

2,864

Other creditors

23,712

26,576

Creditors: amounts falling due after more than one year

Note

2020
£

Due after one year

 

Loans and borrowings

8

20,000

8

Loans and borrowings

2020
£

Non-current loans and borrowings

Bank borrowings

20,000

 

Little White Dove Ltd

trading as House 54

Notes to the Unaudited Financial Statements for the Period from 7 August 2019 to 31 August 2020

9

Share capital

Allotted, called up and fully paid shares

 

2020

 

No.

£

Ordinary shares of £1 each

1

1

     

10

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 £80,000.

11

Related party transactions

The company operates a loan account with the director, Mr A Maxwell.

During the year, the director advanced loans totalling £23,713 to the company. At the year end, the balance due to the director was £23,713. This loan is unsecured, interest free and has no fixed repayment terms.