Company registration number 11608698 (England and Wales)
LIFE'S LITTLE RECIPES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
LIFE'S LITTLE RECIPES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
LIFE'S LITTLE RECIPES LTD
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
34,955
46,218
Tangible assets
4
2,868
4,215
37,823
50,433
Current assets
Stocks
11,033
16,718
Debtors
5
635
474
Cash at bank and in hand
1,636
3,616
13,304
20,808
Creditors: amounts falling due within one year
6
(50,869)
(45,131)
Net current liabilities
(37,565)
(24,323)
Total assets less current liabilities
258
26,110
Creditors: amounts falling due after more than one year
7
(15,957)
(17,701)
Provisions for liabilities
(801)
Net (liabilities)/assets
(15,699)
7,608
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(15,799)
7,508
Total equity
(15,699)
7,608
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
LIFE'S LITTLE RECIPES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 22 April 2024
Mrs F E W Thomas
Director
Company registration number 11608698 (England and Wales)
LIFE'S LITTLE RECIPES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Life's Little Recipes Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, United Kingdom, EX2 5WS.
1.1
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.
1.2
Going concern
The company is reliant on the director to provide funding to cover many of the day to day running costs. The director has a loan account with the company, of which she does not intend to request repayment in the short term nor withdraw her support of the company. On this basis,true the director continues to adopt the going concern basis of accounting for preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation.
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Unimole design & development
20% per annum on cost (previously 10% per annum on cost)
Card design & development
20% per annum on cost (previously 10% per annum on cost)
LIFE'S LITTLE RECIPES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
During the period ended 31 October 2023, the director determined that the amortisation accounting estimate was too long and revised the useful life from 10 years to 5 years. The amortisation has been updated accordingly and this new estimate will be applied prospectively.
The effect of this change is an increase to amortisation of £4,631 for the period.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% per annum on cost
E-commerce website
20% per annum on cost
Computers
33% per annum on cost
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.
1.7
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.
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
LIFE'S LITTLE RECIPES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Intangible fixed assets
Goodwill
Product design / develop-ment
Card design / develop-ment
Total
£
£
£
£
Cost
At 1 November 2022 and 31 October 2023
10,000
41,916
4,398
56,314
Amortisation and impairment
At 1 November 2022
8,000
2,096
10,096
Amortisation charged for the year
2,000
8,383
880
11,263
At 31 October 2023
10,000
10,479
880
21,359
Carrying amount
At 31 October 2023
31,437
3,518
34,955
At 31 October 2022
2,000
39,820
4,398
46,218
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 and 31 October 2023
6,265
Depreciation and impairment
At 1 November 2022
2,050
Depreciation charged in the year
1,347
At 31 October 2023
3,397
Carrying amount
At 31 October 2023
2,868
At 31 October 2022
4,215
LIFE'S LITTLE RECIPES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
151
Other debtors
484
474
635
474
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,402
7,344
Trade creditors
676
1,395
Taxation and social security
699
2,729
Other creditors
43,092
33,663
50,869
45,131
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,957
17,701
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
6,722
9,043