Company registration number 13470676 (England and Wales)
NEXT LEVEL LIVING PARTNERSHIP LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
NEXT LEVEL LIVING PARTNERSHIP LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
NEXT LEVEL LIVING PARTNERSHIP LTD (REGISTERED NUMBER: 13470676)
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,843
Investment property
4
550,000
309,569
557,843
309,569
Current assets
Debtors
5
83,360
15,478
Cash at bank and in hand
14,095
97,455
15,478
Creditors: amounts falling due within one year
6
(3,006)
(253,367)
Net current assets/(liabilities)
94,449
(237,889)
Total assets less current liabilities
652,292
71,680
Creditors: amounts falling due after more than one year
7
(499,718)
(80,000)
Provisions for liabilities
(33,046)
Net assets/(liabilities)
119,528
(8,320)
Capital and reserves
Called up share capital
2
2
Non-distributable profits reserve
8
134,525
Distributable profit and loss reserves
(14,999)
(8,322)
Total equity
119,528
(8,320)
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 30 June 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.
NEXT LEVEL LIVING PARTNERSHIP LTD (REGISTERED NUMBER: 13470676)
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 October 2023 and are signed on its behalf by:
Miss J A Leader
Mrs J Hubbard
Director
Director
NEXT LEVEL LIVING PARTNERSHIP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
Next Level Living Partnership Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 399-401 Strand, London, WC2R 0LT.
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 £1.
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 is recognised at the fair value of the consideration received or receivable for rent.
1.3
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% reducing balance
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
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
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.
NEXT LEVEL LIVING PARTNERSHIP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 July 2022
Additions
10,317
At 30 June 2023
10,317
Depreciation and impairment
At 1 July 2022
Depreciation charged in the year
2,474
At 30 June 2023
2,474
Carrying amount
At 30 June 2023
7,843
At 30 June 2022
NEXT LEVEL LIVING PARTNERSHIP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
4
Investment property
2023
£
Fair value
At 1 July 2022
309,569
Additions
74,351
Revaluations
166,080
At 30 June 2023
550,000
Investment property comprises £550,000. The fair value of the investment property has been arrived at by way of the directors best estimate. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
83,360
15,478
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
3,006
253,367
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
419,718
Other creditors
80,000
80,000
499,718
80,000
The bank loans are secured against the properties in the company's name by way of a fixed and floating charge.
NEXT LEVEL LIVING PARTNERSHIP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
8
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
-
-
Non distributable profits in the year
134,525
-
At the end of the year
134,525
-