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Company No: 10760469 (England and Wales)

THE LIFE OF RILEY GROUP LIMITED

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

THE LIFE OF RILEY GROUP LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

THE LIFE OF RILEY GROUP LIMITED

BALANCE SHEET

As at 31 July 2023
THE LIFE OF RILEY GROUP LIMITED

BALANCE SHEET (continued)

As at 31 July 2023
Note 2023 2022
£ £
Current assets
Debtors 4 25,100 25,100
Cash at bank and in hand 5,371 19,826
30,471 44,926
Creditors: amounts falling due within one year 5 ( 12,550) ( 8,700)
Net current assets 17,921 36,226
Total assets less current liabilities 17,921 36,226
Creditors: amounts falling due after more than one year 6 ( 396,241) ( 399,422)
Net liabilities ( 378,320) ( 363,196)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 378,420 ) ( 363,296 )
Total shareholders' deficit ( 378,320) ( 363,196)

For the financial year ending 31 July 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 financial statements of The Life of Riley Group Limited (registered number: 10760469) were approved and authorised for issue by the Director on 30 July 2024. They were signed on its behalf by:

S Riley
Director
THE LIFE OF RILEY GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
THE LIFE OF RILEY GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 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 Life of Riley Group 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 Riley Business Centre Preston New Road, Samlesbury, Preston, PR5 0UP, England, United Kingdom.

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 £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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 Statement of Income and Retained Earnings 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.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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:

Plant and machinery etc. 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year. 0 0

The directors did not receive any remuneration in the period.

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 August 2022 98,534 98,534
At 31 July 2023 98,534 98,534
Accumulated depreciation
At 01 August 2022 98,534 98,534
At 31 July 2023 98,534 98,534
Net book value
At 31 July 2023 0 0
At 31 July 2022 0 0

4. Debtors

2023 2022
£ £
Amounts owed by related parties 25,000 25,000
Other debtors 100 100
25,100 25,100

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 2,050 0
Other creditors 10,500 8,700
12,550 8,700

Bank loans represents a government backed bank loan. It is not secured over any assets of the company.

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

2023 2022
£ £
Bank loans 26,819 30,000
Amounts owed to related parties 369,422 369,422
396,241 399,422

The bank loan is backed by the government and not secured over any assets of the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (repayable by instalments) 10,017 14,643

The bank loan is backed by the government and not secured over any assets of the company.

7. Related party transactions

Other related party transactions

Included in creditors is an amount of £369,422 (2022: £369,422) owing to a company under common control. The loan is unsecured, interest free and repayable on demand.