30/11/2021
2021-11-30
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No description of principal activities is disclosed
2020-12-01
Sage Accounts Production 21.0 - FRS102_2019
xbrli:pure
xbrli:shares
iso4217:GBP
12565074
2020-12-01
2021-11-30
12565074
2021-11-30
12565074
2019-12-01
2020-11-30
12565074
2020-11-30
12565074
bus:Director1
2020-12-01
2021-11-30
12565074
core:ShareCapital
2019-12-01
2020-11-30
12565074
core:RetainedEarningsAccumulatedLosses
2019-12-01
2020-11-30
12565074
core:ShareCapital
2020-12-01
2021-11-30
12565074
core:RetainedEarningsAccumulatedLosses
2020-12-01
2021-11-30
12565074
core:WithinOneYear
2021-11-30
12565074
core:WithinOneYear
2020-11-30
12565074
core:ShareCapital
2021-11-30
12565074
core:ShareCapital
2020-11-30
12565074
core:RetainedEarningsAccumulatedLosses
2021-11-30
12565074
core:RetainedEarningsAccumulatedLosses
2020-11-30
12565074
bus:SmallEntities
2020-12-01
2021-11-30
12565074
bus:AuditExempt-NoAccountantsReport
2020-12-01
2021-11-30
12565074
bus:FullAccounts
2020-12-01
2021-11-30
12565074
bus:SmallCompaniesRegimeForAccounts
2020-12-01
2021-11-30
12565074
bus:PrivateLimitedCompanyLtd
2020-12-01
2021-11-30
12565074
core:OtherRelatedParties
2020-12-01
2021-11-30
Company registration number:
12565074
Reverse Life Ltd
Unaudited filleted financial statements
30 November 2021
Reverse Life Ltd
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Reverse Life Ltd
Statement of financial position
30 November 2021
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30/11/21 |
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30/11/20 |
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Note |
£ |
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£ |
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£ |
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£ |
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|
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|
|
|
Current assets |
|
|
|
|
|
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|
|
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Stocks |
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811,872 |
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173,299 |
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|
Debtors |
|
5 |
343,301 |
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|
|
134,900 |
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|
Cash at bank and in hand |
|
7 |
151,634 |
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|
156,324 |
|
|
|
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|
_______ |
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|
_______ |
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1,306,807 |
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464,523 |
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Creditors: amounts falling due |
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|
|
|
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|
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|
within one year |
|
7 |
(
1,563,365) |
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(
633,841) |
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|
_______ |
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_______ |
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Net current liabilities |
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|
(
256,558) |
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|
(
169,318) |
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_______ |
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_______ |
Total assets less current liabilities |
|
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|
(
256,558) |
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(
169,318) |
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_______ |
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_______ |
Net liabilities |
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|
(
256,558) |
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|
(
169,318) |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
|
|
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|
1,500 |
|
|
|
1,000 |
Profit and loss account |
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|
|
|
(
258,058) |
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|
|
(
170,318) |
|
|
|
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|
_______ |
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|
_______ |
Shareholders deficit |
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|
(
256,558) |
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(
169,318) |
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|
_______ |
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_______ |
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For the year ending 30 November 2021 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 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 financial statements.
These 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 Section 1A of 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
05 September 2022
, and are signed on behalf of the board by:
Mr Christopher Niebel
Director
Company registration number:
12565074
Reverse Life Ltd
Statement of changes in equity
Year ended 30 November 2021
|
|
Called up share capital |
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Profit and loss account |
Total |
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£ |
|
£ |
£ |
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At 1 December 2019 |
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- |
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- |
- |
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|
|
|
|
|
|
|
|
Loss for the year |
|
- |
|
(
170,318) |
(
170,318) |
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|
|
|
|
|
|
_______ |
|
_______ |
_______ |
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|
Total comprehensive income for the year |
|
- |
|
(
170,318) |
(
170,318) |
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|
|
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|
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Issue of shares |
|
1,000 |
|
- |
1,000 |
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_______ |
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_______ |
_______ |
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Total investments by and distributions to owners |
|
1,000 |
|
- |
1,000 |
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_______ |
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_______ |
_______ |
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At 30 November 2020 and 1 December 2020 |
|
1,000 |
|
(
170,318) |
(
169,318) |
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|
|
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Loss for the year |
|
- |
|
(
87,740) |
(
87,740) |
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|
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_______ |
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_______ |
_______ |
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Total comprehensive income for the year |
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- |
|
(
87,740) |
(
87,740) |
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|
|
|
|
|
|
|
|
|
|
|
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Issue of shares |
|
500 |
|
- |
500 |
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|
|
|
|
|
|
_______ |
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_______ |
_______ |
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|
|
|
|
Total investments by and distributions to owners |
|
500 |
|
- |
500 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
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_______ |
_______ |
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At 30 November 2021 |
|
1,500 |
|
(
258,058) |
(
256,558) |
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|
|
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_______ |
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_______ |
_______ |
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Reverse Life Ltd
Notes to the financial statements
Year ended 30 November 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Deansfield House, 98 Lancaster Road, Newcastle under Lyme, Staffordshire, ST5 1DS.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3.
Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2020:
2
).
5.
Debtors
|
|
|
30/11/21 |
30/11/20 |
|
|
|
£ |
£ |
|
Trade debtors |
|
104,714 |
5,965 |
|
Other debtors |
|
104,047 |
- |
|
Amounts owed by related parties |
|
131,495 |
128,604 |
|
Corporation tax recoverable |
|
- |
81 |
|
Called up share capital unpaid |
|
500 |
250 |
|
Prepayments and accrued income |
|
2,545 |
- |
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|
_______ |
_______ |
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343,301 |
134,900 |
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_______ |
_______ |
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6.
Cash and cash equivalents
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30/11/21 |
30/11/20 |
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|
£ |
£ |
|
Cash at bank and in hand |
|
151,634 |
156,324 |
|
|
|
_______ |
_______ |
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7.
Creditors: amounts falling due within one year
|
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30/11/21 |
30/11/20 |
|
|
|
£ |
£ |
|
Trade creditors |
|
24,048 |
33,588 |
|
Amounts owed to related parties |
|
307,128 |
524,325 |
|
Corporation tax |
|
- |
81 |
|
Social security and other taxes |
|
886,420 |
68,363 |
|
Directors loan account - Mark Shephard |
|
872 |
1,047 |
|
Directors loan account - Chris Niebel |
|
872 |
1,047 |
|
Other creditors |
|
237,339 |
390 |
|
Accruals and deferred income |
|
106,686 |
5,000 |
|
|
|
_______ |
_______ |
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1,563,365 |
633,841 |
|
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_______ |
_______ |
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|
8.
Related party transactions
Mr C Niebel is considered to be a related party by virtue of his directorship and shareholding in the company. During the year Mr C Niebel withdrew net monies from the company amounting to £175 (2020: £1,047). At the balance sheet date, the company owed Mr C Niebel £872 (2020: £1,047). The loan was unsecured with no specific repayment terms.Mr M Shephard is considered to be a related party by virtue of his directorship and shareholding in the company. During the year Mr M Shephard withdrew net monies from the company amounting to £175 (2020: £1,047). At the balance sheet date, the company owed Mr M Shephard £872 (2020: £1,047). The loan was unsecured with no specific repayment terms.TGG Ltd is considered to be a related company by virtue of a common directors and shareholders. During the year the company repaid to TGG Ltd amounts in the sum of £217,587 (2020: TGG Ltd loaned the company £524,325). At the balance sheet date, the company owed TGG Ltd £306,738 (2020: £524,325). The loan was unsecured and interest free with no specific repayment terms.Geni Hair Ltd is considered to be a related company by virtue of common directors and shareholders. During the year the company received loan funds from Geni Hair Ltd in the sum of £14,229 (2020: loaned to Geni Hair Ltd £124,224). At the balance sheet date, the company was owed £109,995 (2020: £124,224). The loan was unsecured and interest free with no specific repayment terms. Wager War Ltd is considered to be a related party by virtue of common directors and shareholders. During the year the company loaned net funds to Wager War Ltd in the sum of £21,500 (2020: £Nil). At the balance sheet date Wager War Ltd owed the company £21,500 (2020: £Nil). The loan was unsecured and interest free with no specific repayment terms.Nowsign Ltd is considered to be a related party by virtue of a common director and shareholder. During the year Nowsign Ltd loaned the company net funds in the sum of £Nil (2020: £390). At the balance sheet date, the company owed Nowsign Ltd £390 (2020: £390). The loan was unsecured and interest free with no specific repayment terms.Want That Hair Ltd is considered to be a related party by virtue of common directors and shareholders during the year. The company ceased to be a related party on 1 August 2021. During the year, the company loaned net funds to Want That Hair Ltd in the sum of £1,201 (2020: £4,380). At the balance sheet date the loan was written off as an irrecoverable debt in the sum of £5,581. At the balance sheet date Want That Hair Ltd owed the company £Nil (2020: £4,380).
9.
Current year material event
It was identified by the directors that there had been a material underpayment of VAT totalling £587,000. The directors subsequently successfully negotiated a time to pay arrangement with HM Revenue and Customs in respect of this liability.
10.
Going concern
As reflected within these financial statements, the company has reported a trading loss of £87,740 (2020 : £170,318) and has a net deficiency of assets of £256,558 as at 30 November 2021. (2020 : £169,318). Cash utilisation within
Reverse Life Ltd
has been in line with expectations. During the year the company has continued to receive financial support from TGG Ltd through it's existing cash resources. Reverse Life Ltd
successfully obtained additional loan funding post the financial year end to finance ongoing working capital requirements.