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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
Page
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HONEST LIVING LIMITED Company Information for the year ended 31 March 2023
Directors
S W Shaw D N Lloyd
Secretary
S W Shaw
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
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HONEST LIVING LIMITED Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
155,840 
34,560 
Current assets
Inventories
74,319 
33,474 
Debtors
157,257 
174,090 
Cash at bank and in hand
178,043 
358,830 
409,619 
566,394 
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)
Net assets
45,242 
38,400 
Capital and reserves
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
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HONEST LIVING LIMITED Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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 taxation
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.
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HONEST LIVING LIMITED Notes to the Accounts for the year ended 31 March 2023
Leased assets
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.
Pension costs
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.
Foreign exchange
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
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 
Depreciation
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 
Net book value
At 31 March 2023
118,323 
19,697 
17,820 
155,840 
At 31 March 2022
27,191 
- 
7,369 
34,560 
5
Inventories
2023 
2022 
£ 
£ 
Raw materials
44,242 
20,430 
Work in progress
30,077 
13,044 
74,319 
33,474 
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HONEST LIVING LIMITED Notes to the Accounts for the year ended 31 March 2023
6
Debtors
2023 
2022 
£ 
£ 
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 
157,257 
174,090 
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 
Accruals
32,146 
45,614 
Deferred income
190,095 
212,342 
468,102 
497,920 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
8,333 
58,333 
Obligations under finance leases and hire purchase contracts
15,766 
- 
24,099 
58,333 
9
Deferred taxation
2023 
2022 
£ 
£ 
Accelerated capital allowances
29,609 
6,566 
Tax losses carried forward
(1,274)
(4)
Other deferred taxation
(319)
(261)
28,016 
6,301 
2023 
2022 
£ 
£ 
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 
10
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
101 Ordinary shares of £1 each
101 
101 
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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 
12,663 
22,763 
12
Average number of employees
During the year the average number of employees was 28 (2022: 25).
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