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Company registration number: 12565074
Reverse Life Ltd
Unaudited filleted financial statements
30 November 2023
Reverse Life Ltd
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Reverse Life Ltd
Statement of financial position
30 November 2023
30/11/23 30/11/22
Note £ £ £ £
Current assets
Stocks 387,652 158,242
Debtors 5 340,576 455,723
Cash at bank and in hand 297,934 272,951
_______ _______
1,026,162 886,916
Creditors: amounts falling due
within one year 6 ( 636,245) ( 788,155)
_______ _______
Net current assets 389,917 98,761
_______ _______
Total assets less current liabilities 389,917 98,761
_______ _______
Net assets 389,917 98,761
_______ _______
Capital and reserves
Called up share capital 1,500 1,500
Profit and loss account 388,417 97,261
_______ _______
Shareholders funds 389,917 98,761
_______ _______
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mr Christopher Niebel
Director
Company registration number: 12565074
Reverse Life Ltd
Statement of changes in equity
Year ended 30 November 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 December 2021 1,500 ( 258,059) ( 256,559)
Profit for the year 355,320 355,320
_______ _______ _______
Total comprehensive income for the year - 355,320 355,320
_______ _______ _______
At 30 November 2022 and 1 December 2022 1,500 97,261 98,761
Profit for the year 291,155 291,155
_______ _______ _______
Total comprehensive income for the year - 291,155 291,155
_______ _______ _______
At 30 November 2023 1,500 388,417 389,917
_______ _______ _______
Reverse Life Ltd
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Deansfield House, 98 Lancaster Road, Newcastle under Lyme, Staffordshire, ST5 1DS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 11 ).
5. Debtors
30/11/23 30/11/22
£ £
Trade debtors 244,700 70,656
Other debtors 500 298,424
Amounts owed by related parties 75,820 21,500
Prepayments and accrued income 19,556 65,143
_______ _______
340,576 455,723
_______ _______
6. Creditors: amounts falling due within one year
30/11/23 30/11/22
£ £
Trade creditors 56,946 158,349
Amounts owed to related parties 860 143,447
Corporation tax 103,469 39,144
Social security and other taxes 225,243 401,034
Director's loan account - 1,149
Other creditors 220,261 5,327
Accruals and deferred income 29,466 39,705
_______ _______
636,245 788,155
_______ _______
7. Related party transactions
Mr C Niebel is considered to be a related party by virtue of his directorship and shareholding in the company. During the year Mr C Niebel withdrew net monies from the company amounting to £NIL (2022: £595). At the balance sheet date, the company owed Mr C Niebel £NIL (2022: £277). The loan was unsecured with no specific repayment terms.Mr M Shephard is considered to be a related party by virtue of his directorship and shareholding in the company. During the year Mr M Shephard withdrew net monies from the company amounting to £NIL (2022: £NIL). At the balance sheet date, the company owed Mr M Shephard £NIL (2022: £872). The loan was unsecured with no specific repayment terms.Ms C Niebel is considered to be a related party by virtue of her directorship and shareholding in the company. During the year Ms C Niebel received consultancy fees as a subcontractor in the sum of £7,168 (2022: £NIL).
8. Events after the reporting period
On 5th February 2024, the company repurchased 375 of its own shares from the director, Ms. Claire Powell, for a cash consideration of £130,000, using funds from its distributable reserves.