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Company registration number: 13241239
Living Dimensions Ltd
Unaudited filleted financial statements
31 March 2023
Living Dimensions Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Living Dimensions Ltd
Directors and other information
Directors Mr Matthew Jesson
Mr Craig Turner
Company number 13241239
Poole
BH13 7LL
Business address 5 Chaddesley Pines
Canford Cliffs
Poole
BH13 7LL
Accountants Hicks and Company
Accountants & Tax Specialists
83 High Street
Hemel Hempstead
HP1 3AH
Living Dimensions Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Living Dimensions Ltd
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Living Dimensions Ltd for the year ended 31 March 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Living Dimensions Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Living Dimensions Ltd and state those matters that we have agreed to state to the board of directors of Living Dimensions Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Living Dimensions Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Living Dimensions Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Living Dimensions Ltd. You consider that Living Dimensions Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Living Dimensions Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Accountants & Tax Specialists
83 High Street
Hemel Hempstead
HP1 3AH
18 September 2023
Living Dimensions Ltd
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 16,011 303
_______ _______
16,011 303
Current assets
Debtors 6 420 -
Cash at bank and in hand 5,444 5,836
_______ _______
5,864 5,836
Creditors: amounts falling due
within one year 7 ( 10,753) ( 4,494)
_______ _______
Net current (liabilities)/assets ( 4,889) 1,342
_______ _______
Total assets less current liabilities 11,122 1,645
Creditors: amounts falling due
after more than one year 8 479 ( 4,578)
_______ _______
Net assets/(liabilities) 11,601 ( 2,933)
_______ _______
Capital and reserves
Profit and loss account 11,601 ( 2,933)
_______ _______
Shareholders funds/(deficit) 11,601 ( 2,933)
_______ _______
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.
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.
These financial statements were approved by the board of directors and authorised for issue on 18 September 2023 , and are signed on behalf of the board by:
Mr Matthew Jesson
Director
Company registration number: 13241239
Living Dimensions Ltd
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 & Wales. The address of the registered office is 5 Chaddesley Pines, Poole, BH13 7LL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 33 % reducing balance
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 - 448 - 448
Additions 2,344 408 18,369 21,121
_______ _______ _______ _______
At 31 March 2023 2,344 856 18,369 21,569
_______ _______ _______ _______
Depreciation
At 1 April 2022 - 145 - 145
Charge for the year 586 235 4,592 5,413
_______ _______ _______ _______
At 31 March 2023 586 380 4,592 5,558
_______ _______ _______ _______
Carrying amount
At 31 March 2023 1,758 476 13,777 16,011
_______ _______ _______ _______
At 31 March 2022 - 303 - 303
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Other debtors 420 -
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 2,691 -
Social security and other taxes 6,353 -
Other creditors 1,709 4,494
_______ _______
10,753 4,494
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Trade creditors - 3,878
Other creditors ( 479) 700
_______ _______
( 479) 4,578
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Matthew Jesson ( 4,494) 4,190 ( 304)
Mr Craig Turner - ( 205) ( 205)
_______ _______ _______
( 4,494) 3,985 ( 509)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Matthew Jesson - ( 4,494) ( 4,494)
Mr Craig Turner - - -
_______ _______ _______