Authentic Living Limited - Filleted accounts

Authentic Living Limited - Filleted accounts

AUTHENTIC LIVING LIMITED - Company Information

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Registered number
05117105
Authentic Living Limited
Unaudited Filleted Accounts
31 July 2021
Authentic Living Limited
Registered number: 05117105
Balance Sheet
as at 31 July 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 1,876 2,866
Current assets
Debtors 4 4,167 16,960
Cash at bank and in hand 64,399 56,622
68,566 73,582
Creditors: amounts falling due within one year 5 (20,405) (20,162)
Net current assets 48,161 53,420
Net assets 50,037 56,286
Capital and reserves
Called up share capital 1 1
Profit and loss account 50,036 56,285
Shareholders' funds 50,037 56,286
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
L Chalmers
Director
Approved by the board on 18 January 2022
Authentic Living Limited
Notes to the Accounts
for the year ended 31 July 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going Concern
The financial statements have been prepared on the going concern basis. The directors have considered a period of twelve months from the date of signature of the accounts and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. It is therefore considered appropriate to continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Turnover
Turnover 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
Interest income is recognised in Profit and Loss Account using the effective interest method.
Pensions
Defined contribution pension plan

The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tangible fixed assets
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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:
Fixtures & fittings 20% on cost
Computer equipment 25% on cost
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 Profit and Loss Account.
Debtors
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.
Creditors
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.
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.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Dividends
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.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixtures & fittings Computer equipment Total
£ £ £
Cost
At 1 August 2020 811 12,496 13,307
At 31 July 2021 811 12,496 13,307
Depreciation
At 1 August 2020 811 9,630 10,441
Charge for the year - 990 990
At 31 July 2021 811 10,620 11,431
Net book value
At 31 July 2021 - 1,876 1,876
At 31 July 2020 - 2,866 2,866
4 Debtors 2021 2020
£ £
Trade debtors 4,167 16,815
Other debtors - 145
4,167 16,960
5 Creditors: amounts falling due within one year 2021 2020
£ £
Trade creditors - 13
Taxation and social security costs 10,952 14,403
Other creditors 9,453 5,746
20,405 20,162
6 Loans from directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
L Chalmers
Loan from director (interest free) (5,746) 48,061 (48,268) (5,953)
(5,746) 48,061 (48,268) (5,953)
7 Other information
Authentic Living Limited is a private company limited by shares and incorporated in England. Its registered office is:
International House
24 Holborn Viaduct
London
England
EC1A 2BN
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