Company registration number 3348806 (England and Wales)
LIVE OAK INVENTORIES LIMITED
Unaudited financial statements
For the year ended 31 March 2023
Pages for filing with registrar
LIVE OAK INVENTORIES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
LIVE OAK INVENTORIES LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,682
4,705
Current assets
Debtors
4
9,883
7,851
Cash at bank and in hand
20,303
15,311
30,186
23,162
Creditors: amounts falling due within one year
5
(29,807)
(26,685)
Net current assets/(liabilities)
379
(3,523)
Total assets less current liabilities
8,061
1,182
Provisions for liabilities
6
(1,679)
(894)
Net assets
6,382
288
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
6,380
286
Total equity
6,382
288
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 13 November 2023
J Jarrett
Director
Company Registration No. 3348806
LIVE OAK INVENTORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2023
- 2 -
1
Accounting policies
Company information
Live Oak Inventories Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8 Vanderbilt Road, London, SW18 3BQ.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation and less any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% straight line
Motor vehicles
25% straight line
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.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.5
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 statement of financial position 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.
LIVE OAK INVENTORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
1.6
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 income statement 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.
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 income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2022 - 3).
LIVE OAK INVENTORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2023
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
14,089
Additions
5,434
Disposals
(6,202)
At 31 March 2023
13,321
Depreciation and impairment
At 1 April 2022
9,384
Depreciation charged in the year
2,160
Eliminated in respect of disposals
(5,905)
At 31 March 2023
5,639
Carrying amount
At 31 March 2023
7,682
At 31 March 2022
4,705
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
9,106
7,372
Other debtors
777
479
9,883
7,851
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
14,048
10,641
Corporation tax
13,648
14,481
Other taxation and social security
2
43
Other creditors
2,109
1,520
29,807
26,685
LIVE OAK INVENTORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2023
- 5 -
6
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
1,679
894
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2