LED Live Limited - Limited company accounts 20.1

REGISTERED NUMBER: 08965730 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 30 September 2021

for

LED Live Limited

Page

Company Information

1

Report of the Director

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTOR:

Mr R S Smith

REGISTERED OFFICE:

210 Ordnance Business Park

Aerodrome Road

Gosport

Hampshire

PO13 0FG

REGISTERED NUMBER:

08965730 (England and Wales)

ACCOUNTANTS:

Henry Thomas Advisory

Chartered Certified Accountants

Unit 6

St Georges Square

Portsmouth

Hampshire

PO1 3EY

The Directors present their report and the unaudited Financial Statements (the "Financial Statements") of the LED Live Limited ("Company") for the year ended 30 September 2021.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of renting and leasing of recreational and sports goods.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR

Mr R S Smith held office during the whole of the period from 1 October 2020 to the date of this report.

BREXIT

Following the UK's referendum vote to leave the EU (commonly referred to as Brexit) and the subsequent departure, there continues to be uncertainty surrounding the potential impact this could have on the United Kingdom. It has brought change and challenges, but also the potential for economic and financial benefits, not least for businesses and exporters looking to move into or expand in the UK. Given the uncertainties and complexities involved in Brexit, it is especially important to analyse economic, financial and business news and data carefully before drawing conclusions.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr R S Smith - Director

23 June 2022

TURNOVER

-

OPERATING PROFIT and

PROFIT BEFORE TAXATION

-

Tax on profit

-

PROFIT FOR THE FINANCIAL YEAR

-

CURRENT ASSETS

Debtors

4

405,574

Cash at bank

4,316

409,890

CREDITORS

Amounts falling due within one year

5

685,797

NET CURRENT LIABILITIES

(275,907

)

(275,907

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(275,907

)

(275,907

)

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

(276,007

)

(276,007

)

(275,907

)

(275,907

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 23 June 2022 and were signed by:

Mr R S Smith - Director

1.	STATUTORY INFORMATION

LED Live Limited 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and subsequently measured at amortised cost using the effective interest

method. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Equity instruments

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

Taxation

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the Financial Statements and their inclusion in tax assessments.

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.

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Current and deferred tax assets and liabilities are not discounted.

Going concern

The directors have taken consideration of the impact of COVID-19 on the business and the withdrawal of the United Kingdom from the European Union.

The directors note that the company is trading adequately and has sufficiently working capital and other finance available to continue trading for a period of not less than 12 months from the date of signing these financial statements. There are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

Amounts owed by group undertakings

100

Other debtors

405,474

405,574

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

Amounts owed to group undertakings

683,047

Other creditors

2,750

685,797

6.	RELATED PARTY DISCLOSURES

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

7.	POST BALANCE SHEET EVENTS

There are no reportable events between the date of the Financial Statements and the date of the signing these Financial Statements.

8.	ULTIMATE CONTROLLING PARTY

The Company is controlled by Challenger Europe Limited, a company registered in England and Wales, by virtue of its 100% holding in the company's issued share capital. The ultimate controlling party is Richard Stuart Smith by virtue of his shareholding in the parent company, Challenger Europe Limited.