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COMPANY REGISTRATION NUMBER: 10224335
On Living Limited
Filleted Unaudited Financial Statements
31 March 2023
On Living Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
On Living Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Current assets
Debtors
5
28,900
50,950
Cash at bank and in hand
9,144
13,888
--------
--------
38,044
64,838
Creditors: amounts falling due within one year
6
17,827
32,486
--------
--------
Net current assets
20,217
32,352
--------
--------
Total assets less current liabilities
20,217
32,352
Creditors: amounts falling due after more than one year
7
21,605
32,253
--------
--------
Net (liabilities)/assets
( 1,388)
99
--------
--------
Capital and reserves
Called up share capital
10
10
Profit and loss account
( 1,398)
89
-------
----
Shareholders (deficit)/funds
( 1,388)
99
-------
----
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 income and retained earnings has not been delivered.
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.
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 .
On Living Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 3 November 2023 , and are signed on behalf of the board by:
Mr L Harrison
Director
Company registration number: 10224335
On Living Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Logan House, St. Andrews Close, Canterbury, CT1 2RP, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Debtors
2023
2022
£
£
Other debtors
28,900
50,950
--------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,648
10,648
Corporation tax
6,179
20,838
Other creditors
1,000
1,000
--------
--------
17,827
32,486
--------
--------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,605
32,253
--------
--------
8. Directors' advances, credits and guarantees
At the year end the company owed the directors £Nil (2022: £Nil).
9. Related party transactions
At the year end the company was owed £30,150 (2022: £50,950) by a company associated under common control.