Livos Homes Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09729546 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2019

FOR

LIVOS HOMES LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

J Madigan

SECRETARY:

J Madigan

REGISTERED OFFICE:

28-30 Cricklewood Broadway

London

NW2 3HD

REGISTERED NUMBER:

09729546 (England and Wales)

ACCOUNTANTS:

Pittalis Gilchrist LLP

Chartered Certified Accountants

Global House

303 Ballards Lane

London

N12 8NP

FIXED ASSETS

Tangible assets

4

4,652

5,396

Investment property

5

648,689

648,689

653,341

654,085

CURRENT ASSETS

Debtors

6

378,300

-

CREDITORS

Amounts falling due within one year

7

597,321

715,140

NET CURRENT LIABILITIES

(219,021

)

(715,140

)

TOTAL ASSETS LESS CURRENT LIABILITIES

434,320

(61,055

)

CREDITORS

Amounts falling due after more than one year

8

500,899

-

NET LIABILITIES

(66,579

)

(61,055

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

9

(66,580

)

(61,056

)

(66,579

)

(61,055

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 4 March 2020 and were signed by:

J Madigan - Director

1.	STATUTORY INFORMATION

Livos Homes Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents rents receivable from the investment properties owned by company. Rents are

recognised up to the year end date.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Computer equipment

-

20% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is

probable that they will be recovered against the reversal of deferred tax liabilities or other future

taxable profits.

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received

assurance from the directors that they will continue to give financial support to the company for twelve

months from the date of signing these financial statements. On this basis, the directors consider it

appropriate to prepare the accounts on a going concern basis. However, should the financial support

mentioned above not be forthcoming, the going concern basis used in preparing the company's

accounts may be invalid and adjustments would have to be made to reduce the value of assets to the

their realisable amount and to provide for any further liabilities which might arise. The accounts do not

include any adjustment to the company's assets or liabilities that might be necessary should this basis

not continue to be appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 September 2018

6,493

659

7,152

Additions

858

-

858

At 31 August 2019

7,351

659

8,010

DEPRECIATION

At 1 September 2018

1,470

286

1,756

Charge for year

1,470

132

1,602

At 31 August 2019

2,940

418

3,358

NET BOOK VALUE

At 31 August 2019

4,411

241

4,652

At 31 August 2018

5,023

373

5,396

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2018

and 31 August 2019

648,689

NET BOOK VALUE

At 31 August 2019

648,689

At 31 August 2018

648,689

The fair value of the property at August 2019 has been arrived at on the basis of a valuation carried

out at the date by Mr Madigan, a director of the company who is not a professionally qualified valuer.

The valuation was arrived at by reference to market evidence of transaction prices for similar

properties in its location and takers takes into account the rental in the area where the properties are

situated.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Amounts owed by participating interests

378,300

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Trade creditors

187

11,063

Amounts owed to participating interests

595,485

11,633

Directors' current accounts

29

689,264

Accrued expenses

1,620

3,180

597,321

715,140

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.19

31.8.18

£

£

Bank loans more 5 yrs non-inst

500,899

-

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

500,899

-

The loans is secured by first legal charges over the property of the company and over the assets of

the company incorporating a fixed and floating charge.

9.

RESERVES

Retained

earnings

£

At 1 September 2018

(61,056

)

Deficit for the year

(5,524

)

At 31 August 2019

(66,580

)

10.	RELATED PARTY DISCLOSURES

As at year end the company owed Livos Energy Ltd, a company under common control, £595,485

(2018: £11,633).

The company was owed £378,300 (2018:£NIL) from Livos Group Ltd, a parent company.