Company Registration No. 07162846 (England and Wales)
HONEST LIVING LIMITED
Unaudited accounts
for the year ended 31 March 2023
HONEST LIVING LIMITED
Unaudited accounts
Contents
HONEST LIVING LIMITED
Company Information
for the year ended 31 March 2023
Directors
S W Shaw
D N Lloyd
Company Number
07162846 (England and Wales)
Registered Office
UNIT D4 AVONDALE WORKS
WOODLAND WAY
BRISTOL
BS15 1PA
Accountants
FARQUHAR PARTNERSHIP LIMITED
151 WHITELADIES ROAD
CLIFTON
BRISTOL
BS8 2RA
HONEST LIVING LIMITED
Statement of financial position
as at 31 March 2023
Tangible assets
155,840
34,560
Cash at bank and in hand
178,043
358,830
Creditors: amounts falling due within one year
(468,102)
(497,920)
Net current (liabilities)/assets
(58,483)
68,474
Total assets less current liabilities
97,357
103,034
Creditors: amounts falling due after more than one year
(24,099)
(58,333)
Provisions for liabilities
Deferred tax
(28,016)
(6,301)
Called up share capital
101
101
Capital redemption reserve
44
44
Profit and loss account
45,097
38,255
Shareholders' funds
45,242
38,400
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 3 October 2023 and were signed on its behalf by
S W Shaw
Director
Company Registration No. 07162846
HONEST LIVING LIMITED
Notes to the Accounts
for the year ended 31 March 2023
HONEST LIVING LIMITED is a private company, limited by shares, registered in England and Wales, registration number 07162846. The registered office is UNIT D4 AVONDALE WORKS, WOODLAND WAY, BRISTOL, BS15 1PA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on reducing balance & 14.29% / 50% on straight line basis
Motor vehicles
25% on cost
Computer equipment
50% on cost
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
HONEST LIVING LIMITED
Notes to the Accounts
for the year ended 31 March 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Government grants in relation to covid assistance are credited to profit and loss using the accruals model and are recognised in Other operating income.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2022
100,824
61,532
55,159
217,515
Additions
98,389
25,553
19,884
143,826
Disposals
(4,000)
(6,241)
(5,911)
(16,152)
At 31 March 2023
195,213
80,844
69,132
345,189
At 1 April 2022
73,633
61,532
47,790
182,955
Charge for the year
7,257
5,856
9,433
22,546
On disposals
(4,000)
(6,241)
(5,911)
(16,152)
At 31 March 2023
76,890
61,147
51,312
189,349
At 31 March 2023
118,323
19,697
17,820
155,840
At 31 March 2022
27,191
-
7,369
34,560
Raw materials
44,242
20,430
Work in progress
30,077
13,044
HONEST LIVING LIMITED
Notes to the Accounts
for the year ended 31 March 2023
Amounts falling due within one year
Trade debtors
70,260
141,413
Accrued income and prepayments
66,991
29,729
Other debtors
20,006
2,948
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
50,000
50,000
Obligations under finance leases and hire purchase contracts
4,979
-
Trade creditors
163,043
88,839
Taxes and social security
20,202
97,462
Other creditors
7,637
3,663
Deferred income
190,095
212,342
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
15,766
-
9
Deferred taxation
2023
2022
Accelerated capital allowances
29,609
6,566
Tax losses carried forward
(1,274)
(4)
Other deferred taxation
(319)
(261)
Provision at start of year
6,301
8,161
Charged/(credited) to the profit and loss account
21,715
(1,860)
Provision at end of year
28,016
6,301
Allotted, called up and fully paid:
101 Ordinary shares of £1 each
101
101
HONEST LIVING LIMITED
Notes to the Accounts
for the year ended 31 March 2023
11
Operating lease commitments
2023
2022
At 31 March 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
12,663
11,663
Later than one year and not later than five years
-
11,100
12
Average number of employees
During the year the average number of employees was 28 (2022: 25).