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Registration number: 11399381

The Factory Live Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

image-name
 

The Factory Live Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

The Factory Live Limited

Company Information

Director

Mr Steven Gardner

Registered office

Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

Accountants

Lucraft Hodgson & Dawes LLP
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

The Factory Live Limited

(Registration number: 11399381)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

73,617

3,374

Current assets

 

Stocks

5

2,212

83,860

Debtors

387

646

Cash at bank and in hand

 

673

2,135

 

3,272

86,641

Creditors: Amounts falling due within one year

6

(256,989)

(229,669)

Net current liabilities

 

(253,717)

(143,028)

Total assets less current liabilities

 

(180,100)

(139,654)

Creditors: Amounts falling due after more than one year

6

(27,434)

(40,956)

Net liabilities

 

(207,534)

(180,610)

Capital and Reserves

 

Called up share capital

100

100

Retained Earnings

(207,634)

(180,710)

Shareholders' deficit

 

(207,534)

(180,610)

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 March 2024
 

 

The Factory Live Limited

(Registration number: 11399381)
Balance Sheet as at 30 June 2023

.........................................
Mr Steven Gardner
Director

   
     
 

The Factory Live Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF
England

These financial statements were authorised for issue by the director on 28 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements are presented in Sterling, which is the functional currency of the company.

Going concern

These accounts have been prepared on a going concern basis notwithstanding the company's net liability position at the balance sheet date. The director is confident that with his continued support, the company can remain in operational existence for the foreseeable future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

The Factory Live Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

Depreciation straight line at 25%

Office equipment

Depreciation straight line at 25%

Plant and machinery

Depreciation straight line at 25%

Short leashold improvements

Depreciation straight line at 10%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

The Factory Live Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

The Factory Live Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2023
 No.

2022
 No.

Administration and support

1

1

1

1

4

Tangible Assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

-

14,529

4,030

18,559

Additions

81,648

-

-

81,648

At 30 June 2023

81,648

14,529

4,030

100,207

Depreciation

At 1 July 2022

-

12,296

2,889

15,185

Charge for the year

8,165

2,233

1,007

11,405

At 30 June 2023

8,165

14,529

3,896

26,590

Carrying amount

At 30 June 2023

73,483

-

134

73,617

At 30 June 2022

-

2,233

1,141

3,374

Included within the net book value of land and buildings above is £73,483 (2022 - £Nil) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Work in progress

2,212

83,860

 

The Factory Live Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

251,158

227,636

Trade Creditors

 

1,748

1,093

Taxation and social security

 

3,143

-

Accruals and deferred income

 

940

940

 

256,989

229,669

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

27,434

40,956

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

27,434

40,956

2023
£

2022
£

Current loans and borrowings

Bank borrowings

8,200

8,200

Other borrowings

242,958

219,436

251,158

227,636