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Registered number: 11997097
Living To Learn North East Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
A & P Service
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11997097
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 102,539 114,184
102,539 114,184
CURRENT ASSETS
Debtors 5 50,379 16,855
Cash at bank and in hand 88,925 75,105
139,304 91,960
Creditors: Amounts Falling Due Within One Year 6 (96,571 ) (111,278 )
NET CURRENT ASSETS (LIABILITIES) 42,733 (19,318 )
TOTAL ASSETS LESS CURRENT LIABILITIES 145,272 94,866
Creditors: Amounts Falling Due After More Than One Year 7 (40,544 ) (28,622 )
NET ASSETS 104,728 66,244
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 104,628 66,144
SHAREHOLDERS' FUNDS 104,728 66,244
Page 1
Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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
Mrs Jennifer Haddock
Director
23/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Living To Learn North East Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11997097 . The registered office is 31 Stirling Drive, North Shields, NE29 8DJ.
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:
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
2.4. 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. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
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. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 3)
13 3
Page 3
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4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 June 2023 173,006 3,912 176,918
Disposals (11,645 ) - (11,645 )
As at 31 May 2024 161,361 3,912 165,273
Depreciation
As at 1 June 2023 61,074 1,660 62,734
As at 31 May 2024 61,074 1,660 62,734
Net Book Value
As at 31 May 2024 100,287 2,252 102,539
As at 1 June 2023 111,932 2,252 114,184
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 7,581 (620 )
Other debtors 32,798 17,475
Kirsty Hayball 10,000 -
50,379 16,855
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 37,796 92,220
Corporation tax 32,892 4,285
Other taxes and social security 15,462 6,907
VAT 8,266 5,711
Other creditors 241 241
Accruals and deferred income 1,914 1,914
96,571 111,278
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 17,985 28,622
Other creditors 22,559 -
40,544 28,622
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5