Livet Limited 11894458 false 2023-11-01 2024-10-31 2024-10-31 The principal activity of the company is letting and operating of own or leased real estate Digita Accounts Production Advanced 6.30.9574.0 true 11894458 2023-11-01 2024-10-31 11894458 2024-10-31 11894458 core:RevaluationPropertyDeferredTax 2024-10-31 11894458 core:CurrentFinancialInstruments 2024-10-31 11894458 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 11894458 bus:SmallEntities 2023-11-01 2024-10-31 11894458 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 11894458 bus:FilletedAccounts 2023-11-01 2024-10-31 11894458 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 11894458 bus:RegisteredOffice 2023-11-01 2024-10-31 11894458 bus:Director1 2023-11-01 2024-10-31 11894458 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 11894458 core:ParentEntities 2023-11-01 2024-10-31 11894458 countries:EnglandWales 2023-11-01 2024-10-31 11894458 2023-10-31 11894458 2022-11-01 2023-10-31 11894458 2023-10-31 11894458 core:RevaluationPropertyDeferredTax 2023-10-31 11894458 core:CurrentFinancialInstruments 2023-10-31 11894458 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 iso4217:GBP xbrli:pure

Registration number: 11894458

Prepared for the registrar

Livet Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2024

 

Livet Limited

(Registration number: 11894458)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

834,000

834,000

Current assets

 

Debtors

5

2,575

2,397

Cash at bank and in hand

 

176,599

175,918

 

179,174

178,315

Creditors: Amounts falling due within one year

6

(633,239)

(658,897)

Net current liabilities

 

(454,065)

(480,582)

Total assets less current liabilities

 

379,935

353,418

Deferred tax liabilities

8

(47,500)

(47,500)

Net assets

 

332,435

305,918

Capital and reserves

 

Called up share capital

4

4

Capital redemption reserve

122,400

107,000

Retained earnings

210,031

198,914

Shareholders' funds

 

332,435

305,918

For the financial year ending 31 October 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 April 2025 and signed on its behalf by:
 

Mrs C A Jefferson
Director

   
     
 

Livet Limited

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

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lakeside House
Lakeside Business Park
South Cerney
Cirencester
GL7 5XL

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements and key sources of estimation uncertainty

No significant judgements or key sources of estimation uncertainty have been made by management in preparing these financial statements.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Livet Limited

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

4

Investment properties

£

At 1 November 2023

834,000

At 31 October 2024

834,000

There has been no valuation of investment property by an independent valuer. The original cost of the investment properties was £644,000 (2023: £644,000).

 

5

Debtors

2024
£

2023
£

Prepayments

2,375

2,397

Other debtors

200

-

2,575

2,397

 

Livet Limited

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

 

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

413,360

428,571

Amounts due to related parties

 

210,000

210,000

Taxation and social security

 

8,229

18,936

Accruals and deferred income

 

1,400

1,390

Other creditors

 

250

-

 

633,239

658,897

 

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Redeemable preference shares

411,600

427,000

Other borrowings

1,760

1,571

413,360

428,571

Preference shares

The redeemable preference shares are redeemable annually on 31 March, at the rate of £1 per share in multiples of 100 shares, at the option of the company. Interest is payable at 0.25%. No premium is payable on redemption.

 

8

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Capital gains/(losses)

47,500

2023

Liability
£

Capital gains/(losses)

47,500

 

Livet Limited

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

 

9

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 £32,250 (2023: £42,105). The amount due in under one year is £10,750 (2023: £8,958) and amount due in over one year is £21,500 (2023: £33,146).

 

10

Related party transactions


Other transactions with directors
At 31 October 2024, the company owed the directors £1,760 (2023: £1,571) in the form of a directors' loan account. The loan is interest free, repayable on demand and has no fixed repayment terms.

Summary of transactions with parent

At 31 October 2024, the company owed Bedok Limited £210,000 (2023: £210,000) in the form of a loan. The loan is interest free, repayable on demand and has no fixed repayment terms. Livet Limited is a 100% subsidiary of Bedok Limited.
 

 

11

Parent and ultimate parent undertaking

The ultimate parent is Bedok Limited, incorporated in England and Wales.