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Company No: 05563305 (England and Wales)

THE ART OF LIVING (HAMBLE) LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

THE ART OF LIVING (HAMBLE) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

THE ART OF LIVING (HAMBLE) LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
THE ART OF LIVING (HAMBLE) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTORS Ms S M West
Mr I J West
SECRETARY Ms S M West
REGISTERED OFFICE Court Lodge Valley Road
Fawkham
Longfield
DA3 8NA
England
United Kingdom
BUSINESS ADDRESS Court Lodge
Valley Road
Fawkham
Kent
DA3 8NA
COMPANY NUMBER 05563305 (England and Wales)
CHARTERED ACCOUNTANTS GRAVITA III LLP
66 Prescot Street
London
E1 8NN
THE ART OF LIVING (HAMBLE) LIMITED

BALANCE SHEET

As at 31 March 2023
THE ART OF LIVING (HAMBLE) LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 7,531 49,394
7,531 49,394
Current assets
Debtors 4 580,369 703,905
Cash at bank and in hand 66,625 47,184
646,994 751,089
Creditors: amounts falling due within one year 5 ( 201,720) ( 217,434)
Net current assets 445,274 533,655
Total assets less current liabilities 452,805 583,049
Creditors: amounts falling due after more than one year 6 ( 40,403) ( 50,152)
Provision for liabilities ( 996) ( 11,462)
Net assets 411,406 521,435
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 410,406 520,435
Total shareholders' funds 411,406 521,435

For the financial 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 financial statements of The Art of Living (Hamble) Limited (registered number: 05563305) were approved and authorised for issue by the Board of Directors on 24 November 2023. They were signed on its behalf by:

Ms S M West
Director
THE ART OF LIVING (HAMBLE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
THE ART OF LIVING (HAMBLE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Art of Living (Hamble) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Court Lodge Valley Road, Fawkham, Longfield, DA3 8NA, England, United Kingdom. The principal place of business is Court Lodge, Valley Road, Fawkham, Kent, DA3 8NA.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable from real estate developers, net of VAT.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounts to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is estimated to be less than its recoverable amount. The impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment loss are reversed if, and only if, the reasons for the impairment loss have ceased to apply, where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash at banks

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 4

3. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 April 2022 107,542 74,167 181,709
Additions 96,519 0 96,519
Disposals ( 191,786) 0 ( 191,786)
At 31 March 2023 12,275 74,167 86,442
Accumulated depreciation
At 01 April 2022 66,961 65,354 132,315
Charge for the financial year 4,599 2,204 6,803
Disposals ( 60,207) 0 ( 60,207)
At 31 March 2023 11,353 67,558 78,911
Net book value
At 31 March 2023 922 6,609 7,531
At 31 March 2022 40,581 8,813 49,394

4. Debtors

2023 2022
£ £
Trade debtors 1,652 5,320
Corporation tax 75,120 45,648
Other debtors 503,597 652,937
580,369 703,905

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 9,493 729
Trade creditors 9,865 11,800
Taxation and social security 17,316 39,576
Obligations under finance leases and hire purchase contracts 0 50,244
Other creditors 165,046 115,085
201,720 217,434

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 40,403 50,152

7. Related party transactions

Transactions with owners holding a participating interest in the entity

At the balance sheet date, the company owed £139,700 (2022: £99,700) to Sunbirth Investments Limited, a company which is controlled by the directors.

At the balance sheet date, the company was owed £480,000 (2022: £500,000) by Sunbirth (Turnstone) Limited, a company which is controlled by the directors.

At the balance sheet date, the company was owed £20,570 (2022: £Nil) by Sunbirth (Otford) Limited, a company which is controlled by the directors.

Transactions with the entity's directors

Dividends totaling £Nil (2022: £5,000) were paid in the year in respect of shares held by the company's directors.

At the reporting date, the directors owed £Nil (2022: £140,456) to the company.