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Registration number: 04157283

Liv 'N' Let Ltd

trading as Liv'N'Let Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2022

 

Liv 'N' Let Ltd

trading as Liv'N'Let Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Liv 'N' Let Ltd

trading as Liv'N'Let Limited

Company Information

Director

Mr Delroy Brown

Company secretary

Miss Nicola Schorlee

Registered office

Walker House
Market Place
Somerton
Somerset
TA11 7LZ

Accountants

Accounting Angels (SW) Ltd
Corporate Financial Accountants
Walker House
Market Place
Somerton
Somerset
TA10 7LX

 

Liv 'N' Let Ltd

trading as Liv'N'Let Limited

(Registration number: 04157283)
Balance Sheet as at 28 February 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

2,345

3,007

Current assets

 

Debtors

5

14

42,012

Cash at bank and in hand

 

312,034

178,831

 

312,048

220,843

Creditors: Amounts falling due within one year

6

(97,620)

(60,246)

Net current assets

 

214,428

160,597

Total assets less current liabilities

 

216,773

163,604

Creditors: Amounts falling due after more than one year

6

(212,891)

(161,671)

Net assets

 

3,882

1,933

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

3,880

1,931

Shareholders' funds

 

3,882

1,933

For the financial year ending 28 February 2022 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 year in question in accordance with section 476; and

The director acknowledges his 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 director on 18 August 2022
 

 

Liv 'N' Let Ltd

trading as Liv'N'Let Limited

(Registration number: 04157283)
Balance Sheet as at 28 February 2022

.........................................
Mr Delroy Brown
Director

 

Liv 'N' Let Ltd

trading as Liv'N'Let Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

1

General information

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

The address of its registered office is:
Walker House
Market Place
Somerton
Somerset
TA11 7LZ
England

These financial statements were authorised for issue by the director on 18 August 2022.

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 Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Liv 'N' Let Ltd

trading as Liv'N'Let Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

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.

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

Plant and Machinery

15%RB

Fixtures and Fittings

25%RB

Motor

25%RB

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed 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 receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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

 

Liv 'N' Let Ltd

trading as Liv'N'Let Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2021 - 6).

 

Liv 'N' Let Ltd

trading as Liv'N'Let Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2021

63,564

21,315

84,879

At 28 February 2022

63,564

21,315

84,879

Depreciation

At 1 March 2021

60,895

20,977

81,872

Charge for the year

578

84

662

At 28 February 2022

61,473

21,061

82,534

Carrying amount

At 28 February 2022

2,091

254

2,345

At 28 February 2021

2,669

338

3,007

5

Debtors

Current

2022
£

2021
£

Other debtors

14

42,012

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

3,506

588

Taxation and social security

20,884

20,541

Accruals and deferred income

1,223

1,223

Other creditors

72,007

37,894

97,620

60,246

Creditors: amounts falling due after more than one year

 

Liv 'N' Let Ltd

trading as Liv'N'Let Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

29,421

34,290

Other non-current financial liabilities

 

183,470

127,381

 

212,891

161,671

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

29,421

34,290

9

Dividends

Interim dividends paid

   

2022
£

 

2021
£

Interim dividend of £1,000.00 (2021 - £5,000.00) per each Ordinary

 

2,000

 

10,000