LIVEWELLO LIMITED
Company registration number 10824133 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LIVEWELLO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LIVEWELLO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
685
1,435
Current assets
Debtors
4
83,078
89,214
Cash at bank and in hand
1,808
5
84,886
89,219
Creditors: amounts falling due within one year
5
(48,539)
(38,121)
Net current assets
36,347
51,098
Total assets less current liabilities
37,032
52,533
Creditors: amounts falling due after more than one year
6
(34,679)
(51,563)
Net assets
2,353
970
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,253
870
Total equity
2,353
970

For the financial year ended 31 December 2023 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 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 Companies Act 2006 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 18 February 2025 and are signed on its behalf by:
Dr K N Iwegbue
Director
Company registration number 10824133 (England and Wales)
LIVEWELLO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Livewello Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Brassey Road, Old Potts Way, Shrewsbury, Shropshire, SY3 7FA.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The management of the company have made the assessment that the business is to be treated as a Going Concern. This assessment is supported by the financials for the following period.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
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.

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:

Fixtures and fittings
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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

LIVEWELLO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
LIVEWELLO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2023 and 31 December 2023
2,998
Depreciation and impairment
At 1 January 2023
1,563
Depreciation charged in the year
750
At 31 December 2023
2,313
Carrying amount
At 31 December 2023
685
At 31 December 2022
1,435
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
83,078
89,214
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,591
-
0
Taxation and social security
39,426
32,881
Other creditors
2,522
5,240
48,539
38,121

The amount of £6,591 included in creditors due within more than one year is subject to a UK Government guarantee. The facility is provided through the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy. The BBLS guarantee is provided to the lender.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
34,679
51,563
LIVEWELLO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Creditors: amounts falling due after more than one year
(Continued)
- 5 -

The amount of £34,679 included in creditors due within more than one year (2022: £51,563) is subject to a UK Government guarantee. The facility is provided through the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy. The BBLS guarantee is provided to the lender.

 

 

 

 

7
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Directors loan account
-
45,508
(6,140)
39,368
45,508
(6,140)
39,368
2023-12-312023-01-01falsefalsefalse19 February 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityDr K N IwegbueMrs U F Iwegbue108241332023-01-012023-12-31108241332023-12-31108241332022-12-3110824133core:FurnitureFittings2023-12-3110824133core:FurnitureFittings2022-12-3110824133core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3110824133core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3110824133core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3110824133core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3110824133core:CurrentFinancialInstruments2023-12-3110824133core:CurrentFinancialInstruments2022-12-3110824133core:ShareCapital2023-12-3110824133core:ShareCapital2022-12-3110824133core:RetainedEarningsAccumulatedLosses2023-12-3110824133core:RetainedEarningsAccumulatedLosses2022-12-3110824133bus:Director12023-01-012023-12-3110824133core:FurnitureFittings2023-01-012023-12-31108241332022-01-012022-12-3110824133core:FurnitureFittings2022-12-3110824133core:WithinOneYear2023-12-3110824133core:WithinOneYear2022-12-3110824133core:Non-currentFinancialInstruments2023-12-3110824133core:Non-currentFinancialInstruments2022-12-3110824133bus:PrivateLimitedCompanyLtd2023-01-012023-12-3110824133bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3110824133bus:FRS1022023-01-012023-12-3110824133bus:AuditExemptWithAccountantsReport2023-01-012023-12-3110824133bus:Director22023-01-012023-12-3110824133bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP