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Statement of Consent to Prepare Abridged Financial Statements
All of the members of Good Life Factory Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 28 February 2018 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 10008663
Good Life Factory Limited
Filleted Unaudited Abridged Financial Statements
28 February 2018
Good Life Factory Limited
Abridged Financial Statements
Year ended 28 February 2018
Contents
Page
Abridged statement of financial position
1
Statement of changes in equity
2
Notes to the abridged financial statements
3
Good Life Factory Limited
Abridged Statement of Financial Position
28 February 2018
2018
2017
Note
£
£
Current assets
Debtors
271
Cash at bank and in hand
9
1,907
----
-------
280
1,907
Creditors: amounts falling due within one year
180
1,112
----
-------
Net current assets
100
795
----
----
Total assets less current liabilities
100
795
----
----
Net assets
100
795
----
----
Capital and reserves
Called up share capital
100
100
Profit and loss account
695
----
----
Shareholders funds
100
795
----
----
These abridged 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 abridged statement of comprehensive income has not been delivered.
For the year ending 28 February 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 abridged 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 abridged financial statements .
These abridged financial statements were approved by the board of directors and authorised for issue on 13 November 2018 , and are signed on behalf of the board by:
N Z Drenchev
Director
Company registration number: 10008663
Good Life Factory Limited
Statement of Changes in Equity
Year ended 28 February 2018
Called up share capital
Profit and loss account
Total
£
£
£
At 16 February 2016
Profit for the year
2,766
2,766
----
-------
-------
Total comprehensive income for the year
2,766
2,766
Issue of shares
100
100
Dividends paid and payable
( 2,071)
( 2,071)
----
-------
-------
Total investments by and distributions to owners
100
( 2,071)
( 1,971)
At 28 February 2017
100
696
796
Loss for the year
( 266)
( 266)
----
-------
-------
Total comprehensive income for the year
( 266)
( 266)
Dividends paid and payable
( 430)
( 430)
----
----
----
Total investments by and distributions to owners
( 430)
( 430)
----
----
----
At 28 February 2018
100
100
----
----
----
Good Life Factory Limited
Notes to the Abridged Financial Statements
Year ended 28 February 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 Kingfisher House, Hurstwood Grange, Hurstwood Lane, Haywards Heath, West Sussex, RH17 7QX.
2. Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2018
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
N Z Drenchev
271
271
----
----
----
2017
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
N Z Drenchev
----
----
----