Company registration number 05886917 (England and Wales)
LIME MODERN LIVING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
LIME MODERN LIVING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
LIME MODERN LIVING LIMITED (REGISTERED NUMBER: 05886917)
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
10,944
19,849
Current assets
Stocks
194,113
191,061
Debtors
5
156,193
243,406
Cash at bank and in hand
12,185
140,686
362,491
575,153
Creditors: amounts falling due within one year
6
(372,365)
(539,914)
Net current (liabilities)/assets
(9,874)
35,239
Total assets less current liabilities
1,070
55,088
Creditors: amounts falling due after more than one year
7
(3,449)
Net assets
1,070
51,639
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
970
51,539
Total equity
1,070
51,639
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 January 2024 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 members have 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.
LIME MODERN LIVING LIMITED (REGISTERED NUMBER: 05886917)
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 October 2024 and are signed on its behalf by:
P A White
Director
LIME MODERN LIVING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Lime Modern Living Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Upper Grosvenor Road, Tunbridge Wells, England, TN1 2EP.
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Software
33% straight line
1.5
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.
LIME MODERN LIVING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
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:
Leasehold improvements
10% straight line
Plant and equipment
25% straight line
Fixtures and fittings
25% reducing balance
Computers
33% straight line
Motor vehicles
25% straight line
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.
1.6
Stocks
Stocks are valued at the lower of cost and net realisable value.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
11
LIME MODERN LIVING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
3
Intangible fixed assets
Other
£
Cost
At 1 February 2023 and 31 January 2024
9,846
Amortisation and impairment
At 1 February 2023 and 31 January 2024
9,846
Carrying amount
At 31 January 2024
At 31 January 2023
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2023
3,770
6,867
29,191
8,875
56,543
105,246
Additions
875
875
Disposals
(3,113)
(3,113)
At 31 January 2024
3,770
6,867
29,191
6,637
56,543
103,008
Depreciation and impairment
At 1 February 2023
1,885
4,299
25,919
5,130
48,164
85,397
Depreciation charged in the year
377
1,610
818
1,531
4,610
8,946
Eliminated in respect of disposals
(2,279)
(2,279)
At 31 January 2024
2,262
5,909
26,737
4,382
52,774
92,064
Carrying amount
At 31 January 2024
1,508
958
2,454
2,255
3,769
10,944
At 31 January 2023
1,885
2,568
3,272
3,745
8,379
19,849
LIME MODERN LIVING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
105,398
181,149
Other debtors
50,795
62,257
156,193
243,406
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
70,740
121,579
Taxation and social security
135,153
160,397
Other creditors
166,472
257,938
372,365
539,914
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
3,449
8
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
3,449
3,449
In two to five years
3,449
3,449
6,898
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
Liabilities for obligations under finance leases totalling £3,449 (2023 - £6,898) are secured against the assets to which each finance lease relates.
LIME MODERN LIVING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
59,500
127,933
10
Director's transactions
As at the balance sheet date, balances of £5,087 (2023 - £5,087) and £5,000 (2023 - £5,000) were owed by the directors. These balances are included in other debtors.