Company registration number 00872836 (England and Wales)
COUNTY LIFE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
COUNTY LIFE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
COUNTY LIFE LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,191
4,789
Tangible assets
4
2,541
3,950
6,732
8,739
Current assets
Stocks
1,000
1,748
Debtors
6
74,829
83,533
Investments
7
260,000
Cash at bank and in hand
182,995
48,985
258,824
394,266
Creditors: amounts falling due within one year
8
(64,520)
(115,119)
Net current assets
194,304
279,147
Total assets less current liabilities
201,036
287,886
Creditors: amounts falling due after more than one year
9
(42,857)
Provisions for liabilities
(635)
(18,463)
Net assets
200,401
226,566
Capital and reserves
Called up share capital
10
180,000
180,000
Capital redemption reserve
20,000
20,000
Profit and loss reserves
401
26,566
Total equity
200,401
226,566
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
COUNTY LIFE LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 November 2023 and are signed on its behalf by:
Ms J C Bingham
Director
Company Registration No. 00872836
COUNTY LIFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information
County Life Limited is a private company limited by shares incorporated in England and Wales. The registered office is County House, 9 Checkpoint Court, Sadler Road, Lincoln, Lincolnshire, LN6 3PW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill has been fully amortised.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are capitalised at cost. Intangible assets acquired on business combinations are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition.
Intangible assets are amortised on a straight line basis over their useful lives. The useful lives of intangible assets are as follows:
Website
10 years
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
COUNTY LIFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving stock where appropriate.
1.8
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.
1.9
Financial instruments
Debtors and creditors receivable/payable with a year
Debtors and creditors are recorded at transaction price receivable or payable within one year. Any losses arising from impairment are recognised in the profit and loss account within administrative expenses.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. They are subsequently measured at amortised cost using the effective interest rate method, less impairment.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
COUNTY LIFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
11
3
Intangible fixed assets
Goodwill
Website
Total
£
£
£
Cost
At 1 June 2022 and 31 May 2023
102,625
5,985
108,610
Amortisation and impairment
At 1 June 2022
102,625
1,196
103,821
Amortisation charged for the year
598
598
At 31 May 2023
102,625
1,794
104,419
Carrying amount
At 31 May 2023
4,191
4,191
At 31 May 2022
4,789
4,789
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 and 31 May 2023
142,159
Depreciation and impairment
At 1 June 2022
138,209
Depreciation charged in the year
1,409
At 31 May 2023
139,618
Carrying amount
At 31 May 2023
2,541
At 31 May 2022
3,950
COUNTY LIFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
5
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
-
260,000
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
69,750
82,860
Corporation tax recoverable
4,399
Other debtors
680
673
74,829
83,533
7
Current asset investments
2023
2022
£
£
Property
260,000
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
14,694
Trade creditors
26,270
30,000
Corporation tax
14,955
Other taxation and social security
22,260
35,425
Other creditors
15,990
20,045
64,520
115,119
Bank loans and overdrafts are secured by way of fixed and floating charge over the assets of the company.
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
42,857
Bank loans and overdrafts are secured by way of fixed and floating charge over the assets of the company.
COUNTY LIFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
80,000
80,000
80,000
80,000
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £5 each
20,000
20,000
100,000
100,000
Preference shares classified as equity
100,000
100,000
Total equity share capital
180,000
180,000
11
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
25,667