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Registration number: 06957888

Livearth Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Livearth Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Livearth Ltd

Company Information

Directors

Mr M Plant

Mr J D Hobson

Registered office

The Old Vicarage 51
St. John Street
Ashbourne
Derbyshire
DE6 1GP

Accountants

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

 

Livearth Ltd

(Registration number: 06957888)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

25,581

11,432

Current assets

 

Stocks

4,957

1,500

Debtors

5

16,815

13,495

Cash at bank and in hand

 

31,216

19,492

 

52,988

34,487

Creditors: Amounts falling due within one year

6

(61,885)

(32,794)

Net current (liabilities)/assets

 

(8,897)

1,693

Total assets less current liabilities

 

16,684

13,125

Creditors: Amounts falling due after more than one year

6

(2,078)

(4,580)

Provisions for liabilities

(4,860)

(2,394)

Net assets

 

9,746

6,151

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

8,746

5,151

Shareholders' funds

 

9,746

6,151

 

Livearth Ltd

(Registration number: 06957888)
Balance Sheet as at 31 July 2024 (continued)

For the financial year ending 31 July 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

Approved and authorised by the Board on 5 November 2024 and signed on its behalf by:
 

.........................................
Mr M Plant
Director

   
     
 

Livearth Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital incorporated in England and Wales registration number: 06957888.

The address of its registered office is:
The Old Vicarage 51
St. John Street
Ashbourne
Derbyshire
DE6 1GP
United Kingdom

These financial statements were authorised for issue by the Board on 5 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is £ sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Livearth Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Government grants

Government grants received are only recognised when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received. Government grants are recognised in the profit and loss account on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grants are intended to compensate.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance method & 33% straight line method

 

Livearth Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Livearth Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 August 2023

2,798

35,146

37,944

Additions

632

17,763

18,395

Disposals

-

(6,603)

(6,603)

At 31 July 2024

3,430

46,306

49,736

Depreciation

At 1 August 2023

2,046

24,466

26,512

Charge for the year

597

2,543

3,140

Eliminated on disposal

-

(5,497)

(5,497)

At 31 July 2024

2,643

21,512

24,155

Carrying amount

At 31 July 2024

787

24,794

25,581

At 31 July 2023

752

10,680

11,432

5

Debtors

Current

2024
£

2023
£

Trade debtors

13,370

8,656

Prepayments

1,436

2,003

Other debtors

2,009

2,836

 

16,815

13,495

 

Livearth Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

2,502

2,502

Trade creditors

 

5,090

8,216

Taxation and social security

 

15,728

6,520

Accruals and deferred income

 

658

3,023

Other creditors

 

37,907

12,533

 

61,885

32,794

Creditors includes the Coronavirus Bounce Back Loan scheme which is secured by the Government amounting to £2,502 (2023 - £2,502)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

2,078

4,580

Creditors includes the Coronavirus Bounce Back Loan scheme which is secured by the Government amounting to £2,078 (2023 - £4,580)

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

2,502

2,502

 

Livearth Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £10,245).