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Registered number: 09775383
Land of Living Limited
Financial Statements
For The Year Ended 29 September 2023
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09775383
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 33,423 62,369
Investment Properties 5 190,000 -
Investments 6 32,050 32,050
255,473 94,419
CURRENT ASSETS
Stocks 7 45,000 100,000
Debtors 8 509,760 492,104
Cash at bank and in hand 108,265 208,659
663,025 800,763
Creditors: Amounts Falling Due Within One Year 9 (507,370 ) (519,343 )
NET CURRENT ASSETS (LIABILITIES) 155,655 281,420
TOTAL ASSETS LESS CURRENT LIABILITIES 411,128 375,839
Creditors: Amounts Falling Due After More Than One Year 10 - (51,129 )
NET ASSETS 411,128 324,710
CAPITAL AND RESERVES
Called up share capital 12 2 2
Profit and Loss Account 411,126 324,708
SHAREHOLDERS' FUNDS 411,128 324,710
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For the year ending 29 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Peter Gallagher
Director
23 August 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Land of Living Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09775383 . The registered office is 16 Queen Street, Ilkeston, DE7 5GT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% straight line
Motor Vehicles 25% straight line
Fixtures & Fittings 20% straight line
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 30 September 2022 11,833 80,000 - 91,833
Additions 33,625 - 1,613 35,238
Disposals - (80,000 ) - (80,000 )
As at 29 September 2023 45,458 - 1,613 47,071
Depreciation
As at 30 September 2022 9,464 20,000 - 29,464
Provided during the period 4,050 - 134 4,184
Disposals - (20,000 ) - (20,000 )
As at 29 September 2023 13,514 - 134 13,648
Net Book Value
As at 29 September 2023 31,944 - 1,479 33,423
As at 30 September 2022 2,369 60,000 - 62,369
5. Investment Property
2023
£
Fair Value
As at 30 September 2022 -
Additions 190,000
As at 29 September 2023 190,000
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6. Investments
Unlisted
£
Cost
As at 30 September 2022 32,050
As at 29 September 2023 32,050
Provision
As at 30 September 2022 -
As at 29 September 2023 -
Net Book Value
As at 29 September 2023 32,050
As at 30 September 2022 32,050
7. Stocks
2023 2022
£ £
Stock 45,000 100,000
8. Debtors
2023 2022
£ £
Due within one year
Trade debtors 16,268 -
Other debtors 361,468 484,141
Other debtors (1) 121,995 -
VAT - 2,485
Other taxes and social security 10,029 5,478
509,760 492,104
9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts - 11,897
Trade creditors 13,158 9,957
Bank loans and overdrafts 194,092 266,422
Corporation tax 266,518 221,455
VAT 11,160 -
Other creditors 12,500 -
Accruals and deferred income 9,942 9,612
507,370 519,343
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10. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts - 51,129
- 51,129
11. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 11,897
Later than one year and not later than five years - 51,129
- 63,026
- 63,026
12. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
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