Living Designs Associates Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 04973071 (England and Wales)
Living Designs Associates Limited
Company Information
Directors
K Shaw
D Shaw
Secretary
K Shaw
Company number
04973071
Registered office
Royalty House
72-74 Dean Street
London
United Kingdom
W1D 3SG
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Living Designs Associates Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Living Designs Associates Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,748
21,989
Current assets
Debtors
4
530,336
564,086
Cash at bank and in hand
153,519
28,590
683,855
592,676
Creditors: amounts falling due within one year
5
(422,992)
(393,510)
Net current assets
260,863
199,166
Total assets less current liabilities
272,611
221,155
Creditors: amounts falling due after more than one year
7
(88,618)
(24,193)
Provisions for liabilities
(1,404)
(3,239)
Net assets
182,589
193,723
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
182,587
193,721
Total equity
182,589
193,723

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 31 December 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.

Living Designs Associates Limited
Balance Sheet (Continued)
As at 31 December 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 8 April 2024 and are signed on its behalf by:
K Shaw
Director
Company Registration No. 04973071
Living Designs Associates Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 3
1
Accounting policies
Company information

Living Designs Associates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Royalty House, 72-74 Dean Street, London, United Kingdom, W1D 3SG.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 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
Going concern

These financial statements are prepared on the going concern basis. The directors have reasonable expectation that the company will continue in operational existence for the foreseeable future. The directors believe that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts. true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

Revenue from contracts for the provision of professional services is recognised by reference to 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 are recoverable.

1.4
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, fittings & equipment
20 - 33% 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.

1.5
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.

Living Designs Associates Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.6
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.

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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
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.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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 profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Living Designs Associates Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 5
1.10
Retirement benefits

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

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was: 11 (Dec 2022 - 12).

3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 January 2023
40,549
Additions
2,584
At 31 December 2023
43,133
Depreciation and impairment
At 1 January 2023
18,560
Depreciation charged in the year
12,825
At 31 December 2023
31,385
Carrying amount
At 31 December 2023
11,748
At 31 December 2022
21,989
Living Designs Associates Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
171,254
259,620
Other debtors
350,435
293,063
Prepayments and accrued income
8,647
11,403
530,336
564,086
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
80,708
48,018
Trade creditors
19,297
52,175
Corporation tax
3,694
-
0
Other taxation and social security
95,059
53,952
Other creditors
11,361
14,867
Accruals and deferred income
212,873
224,498
422,992
393,510
6
Loans and overdrafts
2023
2022
£
£
Bank loans
169,326
72,211
Payable within one year
80,708
48,018
Payable after one year
88,618
24,193
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
88,618
24,193
Living Designs Associates Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
8
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Balances:
£
£
ACAs
1,404
3,239
2023
Movements in the year:
£
Liability at 1 January 2023
3,239
Credit to profit or loss
(1,835)
Liability at 31 December 2023
1,404

The deferred tax liability set out above is expected to reverse within 3 years and relates to accelerated capital allowances that are expected to mature within the same period.

9
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
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
121,500
254,786
Living Designs Associates Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 8
11
Related party transactions

Included in trade debtors is an amount of £14,000 (Dec 2022: £8,300) due from a company under common control, Living Group NY.

 

There is also an amount included in other debtors of £150,000 (Dec 2022: £nil) due from Living Group NY, a company under common control.

 

Also included within other debtors are amounts of £240,435 (Dec 2022: £240,611) due from Living Group Asia, a company under common control.

 

12
Parent company

The immediate and ultimate parent company is Living Group Limited, a company incorporated in England and Wales, by virtue of its 100% holding of the issued share capital of the company.

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