Registered number
08763188
Living From Properties Ltd
Filleted Accounts
31 December 2023
Living From Properties Ltd
Registered number: 08763188
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 60,845 60,845
Current assets
Debtors 4 4,061 3,726
Cash at bank and in hand 6,747 2,047
10,808 5,773
Creditors: amounts falling due within one year 5 (35,103) (32,150)
Net current liabilities (24,295) (26,377)
Total assets less current liabilities 36,550 34,468
Creditors: amounts falling due after more than one year 6 (75,000) (75,000)
Net liabilities (38,450) (40,532)
Capital and reserves
Called up share capital 1 1
Profit and loss account (38,451) (40,533)
Shareholder's funds (38,450) (40,532)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms. A Ali
Director
Approved by the board on 31 August 2024
Living From Properties Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the rental of property and is recognised on receipt.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings nil
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2023 60,845
At 31 December 2023 60,845
Depreciation
At 31 December 2023 -
Net book value
At 31 December 2023 60,845
At 31 December 2022 60,845
4 Debtors 2023 2022
£ £
Trade debtors 462 3,703
to much later 3,599 23
4,061 3,726
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 4,795 1,995
Other creditors 30,308 30,155
35,103 32,150
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 75,000 75,000
Included in creditors is £81,424 (2022: £79,644) owing to the director, of which £75,000 (2022:£75,000) is a long-term loan. The loans are interest-free and there is no fixed date of repayment. The director has confirmed that the loans will only be repaid as and when cash flow permits.
7 Going concern
The company is dependent on its creditors to continue financial support to enable the company to continue trading for the foreseeable future.
8 Controlling party
The company is controlled by the director who owns the entire share capital of the company.
9 Other information
Living From Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Hubspace, Devonshire House
Manor Way
Borehamwood
Hertfordshire
WD6 1QQ
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