Company registration number 09439352 (England and Wales)
L-L-O REIGATE LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022
PAGES FOR FILING WITH REGISTRAR
L-L-O REIGATE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
L-L-O REIGATE LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2022
30 September 2022
- 1 -
Restated
30 September 2022
31 March 2022
Notes
£
£
£
£
Current assets
Stocks
7,077,710
5,592,710
Debtors
6
42,903
8,578
Cash at bank and in hand
75,536
23,553
7,196,149
5,624,841
Creditors: amounts falling due within one year
7
(8,568,227)
(3,969,708)
Net current (liabilities)/assets
(1,372,078)
1,655,133
Creditors: amounts falling due after more than one year
8
-
(2,729,253)
Net liabilities
(1,372,078)
(1,074,120)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(1,372,178)
(1,074,220)
Total equity
(1,372,078)
(1,074,120)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 by the board of directors and authorised for issue on 28 November 2023 and are signed on its behalf by:
H Chawda
R Chawda
Director
Director
Company registration number 09439352 (England and Wales)
L-L-O REIGATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022
- 2 -
1
Accounting policies
Company information

L-L-O Reigate Limited is a private company limited by shares incorporated in England and Wales. The registered office is 29/30 Fitzroy Square, London, United Kingdom, W1T 6LQ.

1.1
Reporting period

The company presents its results for the 6 month period ended 30 September 2022. The comparative figures are for the year ended 31 March 2022.

1.2
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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of The Life Less Ordinary Group Limited. These consolidated financial statements are available from its registered office,

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

At the year end, the company is in a net liability position. However, it has been confirmed that support will be provided at group level, if required.

L-L-O REIGATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
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 balance sheet 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 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.

Classification of financial liabilities

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.

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.

L-L-O REIGATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.7
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
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Stocks

The carrying value of stocks requires management judgement in determining the profitability of each project at the point of sale. The group gives consideration to the status or each project, stage of development, current tenants and revenues and market conditions, when ensuring stocks are valued at the lower of cost and net realisable value.

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2022
2022
Number
Number
Total
4
4
4
Interest payable and similar expenses
2022
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
116,297
172,430
5
Taxation
£
£
Current tax
UK corporation tax on profits for the current period
-
0
-
0
L-L-O REIGATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2022
- 5 -
6
Debtors
2022
2022
Amounts falling due within one year:
£
£
Other debtors
42,903
8,578
7
Creditors: amounts falling due within one year
Restated
2022
2022
£
£
Bank loans
3,390,846
-
0
Trade creditors
9,876
11,459
Amounts owed to group undertakings
5,150,308
3,950,319
Other creditors
17,197
7,930
8,568,227
3,969,708

The bank loan is secured against the property assets of the company to which it relates and bears interest at 6.40% over Base Rate. The loan is repayable on 10 September 2023.

 

8
Creditors: amounts falling due after more than one year
Restated
2022
2022
£
£
Bank loans and overdrafts
-
0
2,729,253

 

9
Called up share capital
2022
2022
2022
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary - A Shares of £1 each
70
70
70
70
Ordinary - B Shares of £1 each
30
30
30
30
100
100
100
100

 

10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

L-L-O REIGATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2022
10
Audit report information
(Continued)
- 6 -
Senior Statutory Auditor:
Paul Bailey
Statutory Auditor:
Goodman Jones LLP
11
Parent company

The ultimate parent company is The Life Less Ordinary Group Limited, a company registered in England and Wales. The company's registration number is 10569348.

 

The ultimate controlling parties are the directors.

12
Related party transactions

The company has taken the exemption under FRS 102 not to disclose transactions with wholly owned entities within the same group.

13
Prior year adjustment

A prior year adjustment has been recognised in relation to the reclassification of the UTB bank loan, from current liabilities to non-current liabilities. The loan repayment date as at the balance sheet date is 10 September 2023, therefore the loan was incorrectly recognised as a current liability in the prior year.

 

As a result of this, a total of £2,729,253 was reclassified to non-current liabilities for the year ended 31 March 2022.

14
Post balance sheet events

Subsequent to the reporting date the terms of the bank loan were varied such that the repayment date was extended to 10 January 2024.

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