Live Life Well Limited - Period Ending 2014-10-31

Registration number: 08271008

Live Life Well Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2014
 

Aston Hughes & Co
Chartered Accountants
Selby Towers
29 Princes Drive
Colwyn Bay
LL29 8PE

Live Life Well Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Live Life Well Limited
for the Year Ended 31 October 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Live Life Well Limited for the year ended 31 October 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Live Life Well Limited, as a body, in accordance with the terms of our engagement letterdated 23 July 2013. Our work has been undertaken solely to prepare for your approval the accounts of Live Life Well Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Live Life Well Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Live Life Well Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Live Life Well Limited. You consider that Live Life Well Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Live Life Well Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Aston Hughes & Co
Chartered Accountants
Selby Towers
29 Princes Drive
Colwyn Bay
LL29 8PE

24 July 2015

Page 1

Live Life Well Limited
(Registration number: 08271008)
Abbreviated Balance Sheet at 31 October 2014

		Note			31 October 2014 £			31 October 2013 £
Fixed assets
Intangible fixed assets					14,520			19,360
Tangible fixed assets					762			1,016
					15,282			20,376
Current assets
Debtors					4,627			1,614
Cash at bank and in hand					9,581			2,478
					14,208			4,092
Creditors: Amounts falling due within one year					(44,464)			(42,402)
Net current liabilities					(30,256)			(38,310)
Net liabilities					(14,974)			(17,934)
Capital and reserves
Called up share capital		3			100			100
Share premium account					1,400			-
Profit and loss account					(16,474)			(18,034)
Shareholders' deficit					(14,974)			(17,934)

For the year ending 31 October 2014 the company was entitled to exemption 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 31 July 2015 and signed on its behalf by:

.........................................
Mrs Lisa Rebecca Jones
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Live Life Well Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

The initial franchise fee is amortised over the life of the agreement or 5 years if the period of the agreement exceeds 5 years.

Asset class	Amortisation method and rate
Franchise contribution	5 years straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25% reducing balance
Computer equipment	25% reducing balance

Financial instruments

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 in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Live Life Well Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2014
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 November 2013		24,200			1,355			25,555
At 31 October 2014		24,200			1,355			25,555
Depreciation
At 1 November 2013		4,840			339			5,179
Charge for the year		4,840			254			5,094
At 31 October 2014		9,680			593			10,273
Net book value
At 31 October 2014		14,520			762			15,282
At 31 October 2013		19,360			1,016			20,376

3	Share capital

Allotted, called up and fully paid shares

	31 October 2014						31 October 2013
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

Page 4