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REGISTERED NUMBER: 04817441 (England and Wales)














STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

ORDINARY LIVING LIMITED

ORDINARY LIVING LIMITED (REGISTERED NUMBER: 04817441)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 17


ORDINARY LIVING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: Mr S J Turner





SECRETARY: Mr S J Turner





REGISTERED OFFICE: Grenville House
9 Boutport Street
Barnstaple
Devon
EX31 1TZ





REGISTERED NUMBER: 04817441 (England and Wales)





AUDITORS: BK Plus Audit Limited
Azzurri House
Walsall Business Park
Walsall Road
WALSALL
WS9 0RB

ORDINARY LIVING LIMITED (REGISTERED NUMBER: 04817441)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023


The director presents his strategic report for the year ended 31 March 2023.

REVIEW OF BUSINESS
The company has maintained profitable financial performance, with net profit for the year of £82,089 before tax. This is in line with expectations.

The full results are set out in the financial statements, the main highlights of which are:

2023 2022 Change
£ £ £
Turnover 1,819,490 1,906,331 (86,841)
Gross Profit 1,797,631 1,840,149 (45,518)

Profit before tax 74,589 328,662 (246,573)
Profit after tax 35,294 273,661 (232,292)

Net Assets 5,211,454 5,183,660 33,869

The majority of the decrease in profits is attributable to an amount of £191,050 written off in relation to a Joint Venture investment.


ORDINARY LIVING LIMITED (REGISTERED NUMBER: 04817441)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The director has assessed the risks and uncertainties which could have an impact on the company's long term performance. Any risks identified are reviewed by the board and controls are introduced to mitigate the risks faced. The broad categories of risk identified are as follows:

Funding
We continue to have sufficient funding.

Regulatory Risks
There is a risk that the company could fail to comply with employment law, health and safety regulations and other regulations which could also affect the company's ability to trade. The company reviews its systems regularly to ensure any increased risks are managed.

Commercial and Reputation Risks
The company is reliant on its reputation to maintain existing clients and attract new clients, and as such the company has systems in place to ensure it maintains its good reputation.

General Risks
The company trades in an environment where there is general risk of losses from both internal and external factors. The director has reviewed the risks, including considering those beyond his control, and has put in place insurance and other mitigating measures to mitigate the risks arising.

IT Risk
There is a risk that computer systems may fail and cause business disruption to trading and the effectiveness of records. This risk is mitigated by third party assistance and regular computer back ups.

SIGNED BY ORDER OF THE DIRECTOR:





Mr S J Turner - Director


12 October 2023

ORDINARY LIVING LIMITED (REGISTERED NUMBER: 04817441)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MARCH 2023


The director presents his report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of providing services for the disabled.

DIVIDENDS
An interim dividend of £3,750 per share was paid on 31 March 2023. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2023 will be £ 7,500 .

DIRECTOR
Mr S J Turner held office during the whole of the period from 1 April 2022 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ORDINARY LIVING LIMITED (REGISTERED NUMBER: 04817441)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MARCH 2023


AUDITORS
The auditors, BK Plus Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

SIGNED BY ORDER OF THE DIRECTOR:





Mr S J Turner - Director


12 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ORDINARY LIVING LIMITED


Opinion
We have audited the financial statements of Ordinary Living Limited (the 'company') for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ORDINARY LIVING LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ORDINARY LIVING LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are detailed below:

· the nature of the sector, control environment and the company's performance;
· results of our enquiries of management and the directors, about their own identification and assessment of the risks of irregularities;
· any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
· the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We identified and obtained an understanding of the laws and regulations that are of significance to the company by discussions with directors and by updating our understanding of the sector in which the company operated in. Laws and regulations that are of direct significance to the company, and of which non-compliance could result in material misstatement, are considered to be the UK Companies Act, FRS 102 and UK tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included data protection regulations, health and safety regulations, employment legislation, and other licensing laws, together with consumer rights and protections.
Our procedures to respond to risks identified included the following:
· reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
· reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
· enquiring of directors and management concerning actual and potential litigation and claims;
· performing procedures to confirm material compliance with the requirements of the above regulations;
· performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ORDINARY LIVING LIMITED

· reading minutes of director's meetings; and
· in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Chris Hession CA (Senior Statutory Auditor)
for and on behalf of BK Plus Audit Limited
Azzurri House
Walsall Business Park
Walsall Road
WALSALL
WS9 0RB

12 October 2023

ORDINARY LIVING LIMITED (REGISTERED NUMBER: 04817441)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £    £    £   

TURNOVER 1,819,490 1,906,331

Cost of sales 21,859 66,182
GROSS PROFIT 1,797,631 1,840,149

Overheads 1,570,624 1,596,813
227,007 243,336

Other operating income 39,246 59,584
OPERATING PROFIT 4 266,253 302,920

Income from participating interests - 25,850
Interest receivable and similar income 636 100
636 25,950
266,889 328,870
Amounts written off investments 191,050 -
75,839 328,870

Interest payable and similar expenses 5 1,250 208
PROFIT BEFORE TAXATION 74,589 328,662

Tax on profit 6 39,295 55,001
PROFIT FOR THE FINANCIAL
YEAR

35,294

273,661

ORDINARY LIVING LIMITED (REGISTERED NUMBER: 04817441)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 3,010,158 3,079,763
Investments 9 - 258,500
Investment property 10 1,416,046 1,406,069
4,426,204 4,744,332

CURRENT ASSETS
Debtors 11 121,643 166,227
Cash at bank and in hand 894,282 513,073
1,015,925 679,300
CREDITORS
Amounts falling due within one year 12 192,615 196,443
NET CURRENT ASSETS 823,310 482,857
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,249,514

5,227,189

CREDITORS
Amounts falling due after more than one
year

13

38,060

43,529
NET ASSETS 5,211,454 5,183,660

CAPITAL AND RESERVES
Called up share capital 15 2 2
Retained earnings 16 5,211,452 5,183,658
SHAREHOLDERS' FUNDS 5,211,454 5,183,660

ORDINARY LIVING LIMITED (REGISTERED NUMBER: 04817441)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements were approved by the director and authorised for issue on 12 October 2023 and were signed by:





Mr S J Turner - Director


ORDINARY LIVING LIMITED (REGISTERED NUMBER: 04817441)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 April 2021 2 4,939,997 4,939,999

Changes in equity
Dividends - (30,000 ) (30,000 )
Total comprehensive income - 273,661 273,661
Balance at 31 March 2022 2 5,183,658 5,183,660

Changes in equity
Dividends - (7,500 ) (7,500 )
Total comprehensive income - 35,294 35,294
Balance at 31 March 2023 2 5,211,452 5,211,454

ORDINARY LIVING LIMITED (REGISTERED NUMBER: 04817441)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 30,878 337,018
Interest paid (1,250 ) (208 )
Tax paid (55,001 ) (62,171 )
Net cash from operating activities (25,373 ) 274,639

Cash flows from investing activities
Purchase of tangible fixed assets (200,348 ) (651,609 )
Purchase of investment property - (207,240 )
Sale of tangible fixed assets - 34,895
Sale of investment property 308,863 -
Joint Venture write off 336,050 -
Interest received 636 100
Net cash from investing activities 445,201 (823,854 )

Cash flows from financing activities
Loan repayments in year (5,469 ) (915 )
Amount introduced by directors - 30,000
Amount withdrawn by directors (25,650 ) (29,118 )
Equity dividends paid (7,500 ) (30,000 )
Net cash from financing activities (38,619 ) (30,033 )

Increase/(decrease) in cash and cash equivalents 381,209 (579,248 )
Cash and cash equivalents at
beginning of year

2

513,073

1,092,321

Cash and cash equivalents at end of
year

2

894,282

513,073

ORDINARY LIVING LIMITED (REGISTERED NUMBER: 04817441)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 74,589 328,662
Depreciation charges 2,713 2,100
Profit on disposal of fixed assets (51,600 ) (16,929 )
Finance costs 1,250 208
Finance income (636 ) (25,950 )
26,316 288,091
Increase in trade and other debtors (8,265 ) (21,136 )
Increase in trade and other creditors 12,827 70,063
Cash generated from operations 30,878 337,018

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 894,282 513,073
Year ended 31 March 2022
31/3/22 1/4/21
£    £   
Cash and cash equivalents 513,073 1,092,321


ORDINARY LIVING LIMITED (REGISTERED NUMBER: 04817441)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/22 Cash flow At 31/3/23
£    £    £   
Net cash
Cash at bank and in hand 513,073 381,209 894,282
513,073 381,209 894,282
Debt
Debts falling due within 1 year (5,556 ) - (5,556 )
Debts falling due after 1 year (43,529 ) 5,469 (38,060 )
(49,085 ) 5,469 (43,616 )
Total 463,988 386,678 850,666

ORDINARY LIVING LIMITED (REGISTERED NUMBER: 04817441)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Ordinary Living Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The judgements and estimates made by the director are not considered material.

Turnover
Turnover represents services invoiced during the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings and equipment - 15% on reducing balance

The director considers that the residual values of freehold property are equal to or greater than their carrying value. As such, any depreciation charge, whether cumulative or annual, would be immaterial to these accounts.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

ORDINARY LIVING LIMITED (REGISTERED NUMBER: 04817441)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.



ORDINARY LIVING LIMITED (REGISTERED NUMBER: 04817441)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
Taxation for the year comprises current and deferred tax. 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 equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


ORDINARY LIVING LIMITED (REGISTERED NUMBER: 04817441)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,346,147 1,357,379
Social security costs 126,306 107,055
Other pension costs 23,515 21,551
1,495,968 1,485,985

The average number of employees during the year was as follows:
2023 2022

Directors 1 1
Staff 58 59
59 60

2023 2022
£    £   
Director's remuneration 89,690 54,353

ORDINARY LIVING LIMITED (REGISTERED NUMBER: 04817441)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 356 1,424
Depreciation - owned assets 2,713 2,100
Profit on disposal of fixed assets (51,600 ) (16,929 )
Auditors' remuneration 15,000 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 1,250 208

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 39,295 55,001
Tax on profit 39,295 55,001

UK corporation tax has been charged at 19% (2022 - 19%).

ORDINARY LIVING LIMITED (REGISTERED NUMBER: 04817441)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 74,589 328,662
Profit multiplied by the standard rate of corporation tax in the UK
of 19% (2022 - 19%)

14,172

62,446

Effects of:
Income not taxable for tax purposes - (4,912 )
Capital allowances in excess of depreciation (1,373 ) (2,533 )
Utilisation of tax losses (9,804 ) -
Joint venture investment written off 36,300 -
Total tax charge 39,295 55,001

7. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 7,500 30,000

ORDINARY LIVING LIMITED (REGISTERED NUMBER: 04817441)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. TANGIBLE FIXED ASSETS
Fixtures,
fittings
Freehold and
property equipment Totals
£    £    £   
COST
At 1 April 2022 3,067,852 18,653 3,086,505
Additions 194,177 6,171 200,348
Reclassification/transfer (267,240 ) - (267,240 )
At 31 March 2023 2,994,789 24,824 3,019,613
DEPRECIATION
At 1 April 2022 - 6,742 6,742
Charge for year - 2,713 2,713
At 31 March 2023 - 9,455 9,455
NET BOOK VALUE
At 31 March 2023 2,994,789 15,369 3,010,158
At 31 March 2022 3,067,852 11,911 3,079,763

9. FIXED ASSET INVESTMENTS
Loans to
joint
ventures
£   
At 1 April 2022 258,500
Repayment in year (145,000 )
Other movement (113,500 )
At 31 March 2023 -

ORDINARY LIVING LIMITED (REGISTERED NUMBER: 04817441)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


10. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 1,406,069
Disposals (257,263 )
Reclassification/transfer 267,240
At 31 March 2023 1,416,046
NET BOOK VALUE
At 31 March 2023 1,416,046
At 31 March 2022 1,406,069

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 85,524 67,307
Amounts owed by joint ventures - 77,550
Other debtors - 1,500
Directors' current accounts 24,701 -
Prepayments and accrued income 11,418 19,870
121,643 166,227

The directors current account was overdrawn by £24,701 as at 31 March 2023. This is to be repaid within 9 months of the year end.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 14) 5,556 5,556
Trade creditors 5,000 5,000
Corporation tax 39,295 55,001
Social security and other taxes 25,736 27,584
Other creditors 52,791 53,103
Directors' current accounts - 949
Accruals and deferred income 64,237 49,250
192,615 196,443

ORDINARY LIVING LIMITED (REGISTERED NUMBER: 04817441)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans (see note 14) 38,060 43,529

14. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bounce back loan 5,556 5,556

Amounts falling due between two and five years:
Bounce back loan - 2-5 years 22,222 22,222

Amounts falling due in more than five years:

Repayable by instalments
Bounce back loan over 5 years 15,838 21,307

The bank loan is with Barclays Bank over a term of 10 years at an interest rate of 2.5%.

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

16. RESERVES
Retained
earnings
£   

At 1 April 2022 5,183,658
Profit for the year 35,294
Dividends (7,500 )
At 31 March 2023 5,211,452

ORDINARY LIVING LIMITED (REGISTERED NUMBER: 04817441)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


17. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr S J Turner.