Company Registration No. 06641557 (England and Wales)
Living Source Limited
Unaudited accounts
for the year ended 31 March 2025
Living Source Limited
Unaudited accounts
Contents
Living Source Limited
Company Information
for the year ended 31 March 2025
Company Number
06641557 (England and Wales)
Registered Office
Congress House
Lyon Road
Harrow, England
HA1 2EN
Accountants
Balmoral Consultancy Services Limited
Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN
Living Source Limited
Statement of financial position
as at 31 March 2025
Tangible assets
54,660
66,557
Investments
157,350
179,000
Cash at bank and in hand
12,697
19,635
Creditors: amounts falling due within one year
(27,917)
(67,686)
Net current assets
160,383
167,399
Net assets
215,043
233,956
Called up share capital
1
1
Profit and loss account
215,042
233,955
Shareholders' funds
215,043
233,956
For the year ending 31 March 2025 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 director acknowledges her 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 16 December 2025 and were signed on its behalf by
Dr M Gaye
Director
Company Registration No. 06641557
Living Source Limited
Notes to the Accounts
for the year ended 31 March 2025
Living Source Limited is a private company, limited by shares, registered in England and Wales, registration number 06641557. The registered office is Congress House, Lyon Road, Harrow, England, HA1 2EN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Interest Income is recognised in profit or loss using the effective interest method.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Living Source Limited
Notes to the Accounts
for the year ended 31 March 2025
Tangible fixed assets and depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of retained earnings.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
Fixtures & fittings
25% on a reducing balance
Computer equipment
25% on a reducing balance
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any
impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any
impairment.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting
The average monthly number of employees, including directors, during the year was 1 (2023 - 1).
Investments in shares are included at fair value.
Living Source Limited
Notes to the Accounts
for the year ended 31 March 2025
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2024
103,225
5,722
108,947
At 31 March 2025
109,844
5,722
115,566
At 1 April 2024
38,077
4,313
42,390
Charge for the year
17,666
850
18,516
At 31 March 2025
55,743
5,163
60,906
At 31 March 2025
54,101
559
54,660
At 31 March 2024
65,148
1,409
66,557
Amounts falling due within one year
Trade debtors
18,180
31,069
Accrued income and prepayments
73
-
6
Investments held as current assets
2025
2024
Unlisted investments
157,350
179,000
7
Creditors: amounts falling due within one year
2025
2024
Taxes and social security
33
400
Loans from directors
25,573
59,722
8
Transactions with related parties
During the year under review the company paid dividends totaling £10,000 (2024: £10,000) to Dr M Gaye, the director of the company.
Included in other creditors is an amount of £25,573 (2024: £59,722) owed to the director of the Company. This loan is unsecured, interest free and repayable on demand.
Living Source Limited
Notes to the Accounts
for the year ended 31 March 2025
The company is controlled by the director by virtue of her sole shareholding.
10
Average number of employees
During the year the average number of employees was 1 (2024: 1).