Company registration number 10082328 (England and Wales)
FOREVER LIVING ORIGINALS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
FOREVER LIVING ORIGINALS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FOREVER LIVING ORIGINALS LTD
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
482,850
120,331
Current assets
Debtors
4
375,898
155,230
Cash at bank and in hand
203,173
177,963
579,071
333,193
Creditors: amounts falling due within one year
5
(888,039)
(825,400)
Net current liabilities
(308,968)
(492,207)
Total assets less current liabilities
173,882
(371,876)
Creditors: amounts falling due after more than one year
6
(26,931)
(36,862)
Provisions for liabilities
7
(91,741)
(22,863)
Net assets/(liabilities)
55,210
(431,601)
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
54,210
(432,601)
Total equity
55,210
(431,601)
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 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
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FOREVER LIVING ORIGINALS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
The financial statements were approved and signed by the director and authorised for issue on 12 August 2024
Dean Josiah Cover
Director
Company registration number 10082328 (England and Wales)
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FOREVER LIVING ORIGINALS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
Company information
Forever Living Originals Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, The Bloomsbury Building, 10 Bloomsbury Way, Holborn, WC1A 2SL.
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
Turnover
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Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.
Royalty income is accounted for on a receivable basis to the extent that it can be quantified from amounts received from or declared by licensees and other parties.
1.3
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:
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
An impairment loss is recognised immediately in profit or loss.
1.5
Financial instruments
The company only has financial instruments which are classified as basic financial instruments.
Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.
FOREVER LIVING ORIGINALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
1.6
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.
1.7
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.
1.8
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.
1.9
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.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
14
14
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FOREVER LIVING ORIGINALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
173,159
Additions
480,104
At 31 March 2023
653,263
Depreciation and impairment
At 1 April 2022
52,828
Depreciation charged in the year
117,585
At 31 March 2023
170,413
Carrying amount
At 31 March 2023
482,850
At 31 March 2022
120,331
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
357,600
81,698
Corporation tax recoverable
72,586
Other debtors
18,298
946
375,898
155,230
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,931
9,841
Trade creditors
351,325
22,826
Corporation tax
93,862
73,086
Other taxation and social security
321,237
123,560
Other creditors
111,684
596,087
888,039
825,400
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FOREVER LIVING ORIGINALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
26,931
36,862
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
91,741
22,863
8
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
£
£
304,313
217,349
9
Related party transactions
The company director is also a director and shareholder of Forever Living Originals Publishing Limited and Gold Room Recordings Ltd.
At the Balance Sheet date, the amount owed by Forever Living Originals Publishing Limited to the company was £946 (2022: £946).
During the year, the company paid invoices on behalf of Gold Room Recordings Ltd totalling £16,552. At the Balance Sheet date, the company was owed £16,552 by Gold Room Recordings Ltd (2022: Nil).
During the period, Forever Living Originals paid personal expenses on behalf of the director totalling £1,767,196. During the year, the director invested funds totalling £1,277,116. At the reporting date the company owed the director £103,007 (2022: £593,087).
No interest has been charged on these balances.
10
Control
The company is controlled by the director, by virtue of his shareholding.
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